Last Update: 5:35 AM ET Jun 14, 2007
This market research report on China Mobile (Hong Kong) Ltd. ("China Mobile") provides a comprehensive analysis of strategies, operational and financial metrics of China's largest wireless operator. The report covers the key strategic issues facing China Mobile, including the importance of subscriber growth in China's rural markets to future prospects for China Mobile, TD-SCDMA roll out scenarios, 3G licensing in China, and the impact of overseas acquisitions on China Mobile's operations. The report also covers key operational data such as rural revenue growth, data usage, subscriber growth and our capex estimates. We also cover some key aspects of China Mobile's financials and provide forecasts for 2007 and 2008.
Content Outline: Strategic Outlook Rural Market will be a key driver for growth at China Mobile Demand dynamics are ripe for leaping fixed line as primary mode of communication Rural taxes in China are coming down, creating greater disposable income for consumers Cheap handsets and service credits also driving rural demand growth China Mobile has an advantage over fixed line operators Unicom cannot compete on price, coverage or brand in the short term in rural China TD-SCDMA rollout scenario, 3G licensing and regulatory impacts on China Mobile 2009 will likely see some regulatory action against China Mobile China Mobile relatively cautious about overseas acquisitions China Mobile will not aggregate VAS alone Operational Summary and Forecasts Rural, data and usage drove revenue growth Pricing will stabilize going forward IEMR raises subscriber growth and capex estimates for 2006 - 2008 Financial Summary and Forecasts China Mobile continues to be the dominant player in the China market Has accounting at China Mobile become more conservative? IEMR Revising up 2006 and 2007 net profit estimates List of Tables Table 1: Reported operating metrics, 1H04 - 1H06 Table 2: Key revenue breakdown Table 3: IEMR Estimates and Valuations Table 4: Write-off and depreciation analysis Table A1: Key Operational Data and Forecasts, 2004 - 2008 Table A2: Key Performance Metrics and Forecasts, 2004 - 2008
SOURCE: Research and Markets Ltd.
$53.83 (06/25/07)
