报告名称：China Mobile(00941.HK)FY15 slightly missed; Easing ARPU pressure in FY16
报告类型：港股研究
报告日期：2016-03-18
研究机构：招商证券(香港)
股票名称：中国移动
股票代码：CHL,00941
页数：8
简介：4Q15 results missed with revenue/EBITDA decline of -8.6%/-27% YoY, due to regulatory tariff cut and higher TowerCo/depr. expense
Outlook: continued 4G leadership, emerging wireline broadband biz, gradual CAPEX decline despite higher TowerCo fee
Expect gradual earnings recovery in FY16E; Maintain BUY with DCF-derived TP of HK$112.4
下载地址：China Mobile(00941.HK)FY15 slightly missed; Easing ARPU pressure in FY16
