CFA Netherlands winning report 2008
25
1 China Mobile 0941.HKB B BUY Elephant Can Run Our valuation is based on DCF. The target price we obtained is HK$136.6 which maintains our decision – BUY. Catalysts • Strong Increase in subscribers leads by rural market. Value-added services revenue increases substantially. MOU increment offsets the decreasing tariffs. The restructure announcement places a positive impact because it removes the uncertainty that is negatively affecting the stock. The appreciation of Renminibi leads to a higher valuation in Hong Kong Dollar. Investment Fundamentals RMB 20 07A 2008 E 20 09E 2010E 2011E Total Revenue m 356,959 438,520 501,994 546,517 568,428 EBITDA m 191,422 233,292 264,551 282,549 288,193 EBITDA growth 22% 22% 13% 7% 2% Profit m 87,179 1 06,092 119,678 126,752 128,356 EPS 4.35 5.31 5.99 6.3 4 6.42 EPS gr owth 31.6% 21.9% 12.8% 5.9 % 1.3% DPS 2.00 2.60 3. 09 3. 35 3. 75 Dividend Yield 1.8% 2.3% 2.7% 3.0% 3.3% ROA 15.4% 17.5% 18.9% 18.2% 16.5% ROE 23 .2% 26.8% 29.5% 28.2% 24.8% Price/book 6.04 5.66 5.52 4.93 4.24 Price/Earning 23.94 17.66 14.92 13.86 13.69 Source: Company data, HKBU Estimates U Stock Data Price (Mar 25 2008) HK$112.5 Target Price: HK$136.6 Upside/downside 21.4% U DCF Valuation - Beta 1.23 - Market Risk Premium 7.6% - Risk Free Rate 4.0% - Terminal Growth Rate 3% U Price Performance 50 70 90 110 130 150 170 Mar-07 May- 07 Jul-07 Sep-07 Nov-07 Jan-0 8 P r i c e H K $ 941.HK H SI (rebase d) Source: Reuters U HKBU Research Team Amy Lee Andy Chau Angela Yuen Sophia Zhang
-
Upload
pecuniasuper -
Category
Documents
-
view
218 -
download
0
Transcript of CFA Netherlands winning report 2008
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 1/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 2/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 3/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 4/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 5/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 6/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 7/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 8/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 9/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 10/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 11/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 12/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 13/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 14/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 15/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 16/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 17/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 18/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 19/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 20/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 21/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 22/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 23/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 24/25
8/7/2019 CFA Netherlands winning report 2008
http://slidepdf.com/reader/full/cfa-netherlands-winning-report-2008 25/25
