港股晨报

Investment Rating - The report maintains a "Buy" rating for China Mobile (941.HK) with a target price of HKD 86 based on a 12x PE for 2024 [6][8]. Core Insights - The report anticipates that the performance of leading internet companies in Hong Kong, such as Tencent and Alibaba, will provide a boost to the market [3][4]. - China Mobile reported a revenue of CNY 546.7 billion for H1 2024, representing a year-on-year growth of 3%, and a net profit of CNY 80.2 billion, up 5.3% year-on-year [6][7]. Summary by Sections Market Performance - The Hang Seng Index rose above 17,000 points, closing at 17,090 points, with a weekly increase of 144 points or 0.85% [3]. - Northbound trading saw a net inflow of HKD 2.278 billion, reversing the previous day's outflow [3]. Company Analysis: China Mobile - Revenue from the personal market decreased by 1.6% to CNY 255.2 billion, while the family market grew by 7.5% to CNY 69.8 billion [7]. - The enterprise market saw a revenue increase of 7.3% to CNY 112 billion, with mobile cloud revenue growing by 19.3% [7]. - Emerging markets contributed a revenue growth of 13.2% to CNY 26.6 billion [7]. - The company declared an interim dividend of HKD 2.60 per share, with a focus on increasing shareholder returns [6][8]. Financial Metrics - The company’s CAPEX for H1 2024 was CNY 64 billion, a decrease of 21.4% year-on-year, with a full-year guidance of less than CNY 173 billion [8]. - The adjusted depreciation period for 5G equipment has been extended from 7 years to 10 years, leading to reduced depreciation expenses [8]. - The report projects net profits of CNY 140.8 billion, CNY 150.1 billion, and CNY 159.9 billion for 2024, 2025, and 2026 respectively [8].