According to a research report published by Citibank, China Mobile's revenue for the third quarter was 242.3 billion yuan, down 3.4% year on year, 1.0% lower than the bank's forecast and 2.4% lower than market expectations. Net profit was $27.3 billion, down 12.4% year on year, 3.2% and 5.9% lower than the bank's and market expectations, respectively. EBITDA was 73.9 billion yuan, 1.3% and 3.7% lower than the bank's and market expectations, respectively, and the EBITDA profit margin was 30.5%. Although the number of mobile users, 5G and broadband business customers continued to grow steadily, profit margin expansion was limited due to continued weakening telecommunications business revenue and continuing cost pressure, and overall performance fell slightly short of expectations. Citi maintains China Mobile's “buy” rating. The target price for H shares is HK$97 and the target price for A shares is $118.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.