《券商觀點》料中移動<00941.hk>上半年盈利僅升1.4%
大華繼顯表示，中移動<00941.hk>第二季復甦及流動電話收費持平，預測今年上半年中移動營業額按年增長8%至人民幣2121億元。另一方面，因09年第二季流動電話市場競爭增加，中移動未計利息、稅項、折舊及攤銷前的利潤率下調至52.5%，所以相信中移動上半年盈利只升1.4%至556億元人民幣。基於中移動最有可能持續交付平穩經營表現，重拾高盈利增長，和有機會今年終落實發行A股，該行將中移動列為流動電話服務供應商首選。目標價98.2元，相當於2010年市盈率15.3倍，維持「買入」建議。(wr/w)
Bilibala comments:
Due to slow down in new subscribers and the poosibility of lower ARPU than prior year, I think (I hope I am wrong) China Mobile's 1H09 EPS will drop down to RMB$2.72 from RMB$2.74 in 1H08, or 1% down.
Given that this is my estimation, I will also lower China Mobile's fair value from HK$125 to $116.9. But I will still keep my "buy & hold" approach.
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