1. technology and computing
2. consumer electronics
3. telephones
4. mobile phones

Ricky Lai 黎柏坚
公司报告：中国移动 (00941 HK)
+852 2509 2603
[email protected]
9 October 2014
Stronger than Expected 4G Subscriber Growth, “Accumulate”
高于预期的4G用户增长，“收集”
GTJA Research 国泰君安研究
Company Report: China Mobile (00941 HK)
Accumulate
Rating:
Upgraded
收集 (上调)
评级：



6-18m TP 目标价:
Stronger than expected 4G subscriber growth. There were 29.6 million 4G
subscriber net additions in the first eight months of 2014. We revise up
FY14-16 4G subscriber net additions estimations by 1.0%/2.5%/3.0%,
respectively.
Stronger than expected 4G network coverage. China Mobile has
completed the 500k 4G base stations year target and is expected to reach
700k 4G base stations by the end of FY14. Better network coverage supports
4G subscriber growth with better quality.
Upgrade the investment rating to “Accumulate” and raise the TP from
HK$80.00 to HK$99.00. Due to adjustments of subscribers’ estimations and
ARPU estimations, FY14-16 EPS is revised up by 15.0%/22.3%/25.8%,
respectively. The new TP represents 12.6x FY14 PER, 11.6x FY15 PER,
11.1x FY16 PER and 1.7x FY14 PBR. We upgrade the Company’s
investment rating to “Accumulate” in light of robust 4G subscriber growth with
stronger data traffic usage.
高于预期的 4G 用户增长。2014 年首八个月的 4G 净增数为 29.6 百万。我们上调 14-16
HK$91.950
Stock performance
股价表现
25.0
% of return
20.0
15.0
10.0
5.0
0.0
(5.0)
(10.0)
(15.0)
(20.0)
(25.0)
(30.0)
Oct-13
Jan-14
Apr-14
HSI Index
Jul-14
Sep-14
China Mobile
好于预期的 4G 网络覆。中国移动已经完成了 50 万个 4G 基站的全年目标，预计到 14 年
年底将达至 70 万个 4G 基站。更好的网络覆盖有更优质的服务将可支持 4G 用户增长。

HK$80.00
Share price 股价：
财年 4G 用户净增数预测 1.0%/2.5%/3.0%。

HK$99.00
Revised from 原目标价:
Change in Share Price
股价变动
上调公司的投资评级至“收集”及目标价从 80.00 港元上调至 99.00 港元。由于调整用户数
Abs. %
绝对变动 %
Rel. % to HS index
相对恒指变动 %
Avg. share price(HK$)
平均股价（港元）
及 ARPU 的预测，分别上调 14-16 财年每股盈利预测 15.0%/22.3%/25.8%。新目标价相
当于 12.6 倍 14 年市盈率、11.6 倍 15 年市盈率、11.1 倍 16 年市盈率及 1.7 倍 14 年市净
率。我们上调公司的投资评级至“收集”，因 4G 用户増长强劲及更高的数据使用。
1M
1 个月
3M
3 个月
1Y
1年
(8.2)
22.1
10.1
(1.2)
22.6
9.1
95.8
90.0
80.1
Source: Bloomberg, Guot ai Junan Internat ional.
Year End
年结
Net Profit
EPS
EPS
PER
BPS
PBR
DPS
Yield
ROE
收入
股东净利
每股净利
每股净利变动
市盈率
每股净资产
市净率
每股股息
股息率
净资产收益率
(RMB m)
(RMB m)
(RMB)
(△%)
(x)
(RMB)
(x)
(RMB)
(%)
(%)
2012A
581,835
129,274
6.431
2.5
11.5
35.991
2.1
2.777
3.8
18.8
2013A
630,177
121,692
6.054
(5.9)
11.8
39.241
1.8
2.621
3.7
16.1
2014F
718,436
123,279
6.133
1.3
11.7
45.207
1.6
2.655
3.7
14.5
2015F
797,037
133,629
6.648
8.4
10.8
49.703
1.4
2.878
4.0
14.0
2016F
857,742
139,509
6.940
4.4
10.3
52.909
1.4
3.004
4.2
13.5
Shares in issue (m) 总股数 (m)
Market cap. (HK$ m) 市值 (HK$ m)
3 month average vol. 3 个月平均成交股数 (‘000)
52 Weeks high/low (HK$) 52 周高/低
20,379.5
1,873,895.0
22,552.5
101.700/64.500
Major shareholder 大股东
China Mobile Group 74.2%
Free float (%) 自由流通比率 (%)
25.8
FY14 Net gearing (%) FY14 净负债/股东资金 (%)
Net Cash
FY14 Est. NAV (HK$) FY14 每股估值（港元）
107.0
Company Report
12/31
Turnover
Source: the Company, Guotai Junan International.
See the last page for disclaimer
China Mobile 中国移动 (00941 HK)

Page 1 of 6
Revise up FY14-16 4G subscriber net additions by 1.0%/2.5%/3.0%, respectively. 4G subscriber net additions in the first
eight months of 2014 were 29.6 million, better than expected. The 4G subscriber net additions kept rising in the first eight
Company has launched a series of low end multi-mode 4G smartphones with aggressive service plans to capture the
improving needs of the high speed data network. We expected the 4G subscribers can surpass the Company’s target of 50
million in FY14. Although China Mobile reduces handset subsidies in FY14, the availability of low end 4G smartphones can fill
9 October 2014
months showing the success of the Company’s service plan and the improving supplies of low end 4G smartphones. The
the subscriber growth. China Mobile’s 4G base stations have reached the FY14 target of 500k and is expected to reach 700k
by the end of FY14. We expect the better network coverage could support the Company’s subscriber growth and stimulate data
usage. We revise up FY14-16 4G subscriber net additions estimations by 1.0%/2.5%/3.0%, respectively. We expect China
Mobile’s mobile ARPU would be improved with higher 4G subscriber proportions. FY14-16 mobile ARPU is revised up by
2.5%/3.0%/3.3%, respectively.
Figure-1: China Mobile’s Monthly 4G Subscribers Net
Figure-2: China Mobile’s 4G Subscribers Estimations
Additions and MoM Growth
Million
Million
4G Subscriber Net Additions (LHS)
10
MoM Growth (RHS)
8
65.1%
7
100
80%
90
70%
80
95
9.1
76.2%
9
90%
6.5
60%
5.8
80
70
55
60
6
50%
50
40.6%
5
40%
38.0%
4
40
3.3
3
2.0
30
20%
20
10%
10
1
11.3%
8.4%
0
0%
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
0
FY14F
Aug-14
Source: the Company.
FY15F
FY16F
Source: the Company, Guotai Junan International.
Revise down FY14-16 3G subscriber net additions by 0.1%/0.6%/0.8%, respectively. 3G subscriber net additions in the
first eight months of 2014 were 50.6 million, lower than expected, which was due to the Company’s shift of marketing focus
from 3G to 4G. The recent monthly 3G subscriber net additions showed a decreasing trend in recent month. We revise down
FY14-16 3G subscriber net additions estimations by 0.1%/0.6%/0.8%, respectively.
Figure-3: China Mobile’s Monthly 3G Subscribers Net
Figure-4: China Mobile’s 3G Subscribers Estimations
Additions and MoM Growth
and YoY Growth
Million
3G Subscriber Net Additions (LHS)
Million
MoM Growth (RHS)
16
400
14.2
150%
100%
118.0%
10.8
9.5
9.6
35.6%
90%
20%
7.0%
0.4%
71.7%
5.1
-7.1%
2
-33.0%
-38.5% 2.2
-26.8%
-20%
2.4
1.3
-39.7%
-48.3%
0
Aug-13
Nov-13
Source: the Company.
See the last page for disclaimer
Feb-14
60%
44.4%
0%
4.3
-21.7%
191.6
200
7.0
6.5
26.9%
120%
60%
40%
8
336.6
276.6
300
10.5
10
4
316.6
80%
11.6
May-14
-60%
30%
14.5%
6.3%
-40%
-45.1%
Aug-14
100
87.9
0
0%
FY12
FY13
FY14F
FY15F
FY16F
Source: the Company, Guotai Junan International.
Page 2 of 6
Company Report
105.9%
6
YoY Growth (RHS)
120%
14
12
3G Subscribers (LHS)
中国移动 (00941 HK)
1.5
1.3
China Mobile
2
30%
In-line 2G subscriber net losses. 2G subscriber net losses in the first eight months of 2014 were 51.3 million, in-line with
expectations. We maintain FY14-16 2G subscriber net losses to be 78 million/100 million/120 million, respectively. China
Figure-5: China Mobile’s Monthly 2G Subscribers Net
Figure-6: China Mobile’s 2G Subscribers Estimations
Additions and MoM Growth
and YoY Growth
Million
Million
0
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
YoY Growth (RHS)
700
10%
623.6
-1.1
-2
2G Subscribers (LHS)
9 October 2014
Mobile’s aggregate 2G subscribers in FY14-16 are expected to be 498.8 million/398.8 million/278.8 million, respectively.
576.8
600
4.2%
-2.4
0%
498.8
500
-4
398.8
-4.4
400
-4.9 -4.7
-6
-6.2 -6.0
-5.6 -5.5
-5.9
-7.1
-8
-8.0
278.8
-13.5%
300
-6.6
-10%
-7.5%
-20%
-20.0%
200
-30.1%
-30%
100
-9.6
0
-40%
FY12
-12
FY14F
FY15F
FY16F
Source: the Company, Guotai Junan International.
Table-1: China Mobile’s Subscriber Net Additions Estimations
OLD
Million
2014F
2015F
2016F
2014F
4G
54.5
78.0
92.2
55.0
NEW
2015F
80.0
2016F
95.0
2014F
1.0%
CHANGE
2015F
2.5%
2016F
3.0%
3G
90.0
100.0
125.0
85.0
40.0
20.0
(0.1%)
(0.6%)
(0.8%)
2G
(78.0)
(100.0)
(120.0)
(78.0)
(100.0)
(120.0)
0.0%
0.0%
0.0%
Source: Guotai Junan International.
Profit Revisions:
FY14-16 net profit is revised up by 15.0%/22.3%/25.8%, respectively. FY14-16 revenue is revised up by
8.4%/15.6%/19.9%, due to the adjustments to the mobile subscriber and ARPU estimations. FY14-16 net profit is revised up by
15.0%/22.3%/25.8%, accordingly.
中国移动 (00941 HK)
Source: the Company.
FY13
China Mobile
-10
Table-2: Financial Estimation Revisions
2014F
662,867
OLD
2015F
689,214
2016F
715,441
2014F
718,436
NEW
2015F
797,037
2016F
857,742
2014F
8.4%
CHANGE
2015F
15.6%
2016F
19.9%
Operating Profit
116,579
120,221
122,977
137,521
151,885
160,180
18.0%
26.3%
30.3%
Net Profit
107,212
109,311
110,921
123,279
133,629
139,509
15.0%
22.2%
25.8%
5.334
5.438
5.518
6.133
6.648
6.940
15.0%
22.3%
25.8%
RMB (Million)
Total Operating Revenue
EPS (RMB)
Source: Guotai Junan International.
Valuation:
Upgrade the Company’s investing rating to “Accumulate” and revise up the TP from HK$80.00 to HK$99.00. We
data traffic usage with higher 4G subscriber proportions. The new TP represents 12.6x FY14 PER, 11.6x FY15 PER, 11.1x
FY16 PER and 1.7x FY14 PBR.
See the last page for disclaimer
Page 3 of 6
Company Report
upgrade the Company’s investment rating to “Accumulate” in light of the Company’s robust 4G subscriber growth and stronger
PER
Company
Ticker
Currency
China Unicom Hong Kong Ltd
762 HK
China Mobile Ltd
941 HK
China Telecom Corp Ltd-H
ROE(%)
D/Y (%)
EV/EBITDA
ROA(%)
14F
14F
14F
14F
0.9
5.7
2.0
3.6
2.5
1.5
13.3
3.3
4.7
9.0
1.0
0.9
6.5
2.2
3.8
3.6
3.3
3.1
2.7
23.7
4.8
6.7
4.2
15.0
3.4
3.2
3.0
17.4
3.2
3.9
5.5
16.3
14.4
1.3
1.3
1.3
7.1
4.0
7.5
4.1
16.9
14.8
13.1
2.0
1.9
1.7
12.3
3.2
5.0
4.8
14.2
13.7
12.6
1.6
1.5
1.4
11.6
3.0
4.5
7.4
Price
14F
15F
HKD
11.400
16.8
HKD
91.950
13.3
728 HK
HKD
4.680
8 HK
HKD
Smartone Telecom
315 HK
Hutchison Telecomm Hong Kong
215 HK
PB
16F
14F
15F
16F
14.3
11.7
0.9
0.9
13.4
12.6
1.7
1.6
16.0
14.6
12.8
1.0
4.940
16.0
14.1
12.3
HKD
10.460
20.2
16.2
HKD
3.080
18.8
Simple Average
Weighted Average
HK Listed Companies
Pccw Ltd
9 October 2014
Table-3: Peer Comparisons:
US Listed Companies
At&T Inc
T US
USD
35.150
13.5
13.0
12.5
1.9
1.9
1.9
14.5
5.3
6.1
6.0
Verizon Communications Inc
VZ US
USD
49.870
14.0
12.8
12.3
11.8
9.4
7.4
81.9
4.3
8.1
8.0
Centurylink Inc
CTL US
USD
40.820
15.5
15.7
15.8
1.4
1.5
1.5
8.2
5.3
6.1
5.1
Simple Average
14.3
13.8
13.5
5.1
4.3
3.6
34.9
4.9
6.8
6.4
Weighted Average
13.9
13.1
12.5
6.9
5.7
4.6
47.9
4.8
7.1
6.9
JP Listed Companies
Nippon Telegraph & Telephone
9432 JP
JPY
6378.000
12.5
12.0
10.8
0.8
0.8
0.8
7.0
3.0
3.8
2.9
Kddi Corp
Ntt Docomo Inc
9433 JP
9437 JP
JPY
JPY
6631.000
1742.500
16.6
15.5
12.8
14.3
11.5
13.3
2.0
1.3
1.8
1.2
1.7
1.2
12.9
8.4
2.2
3.7
5.2
4.2
7.1
6.3
Softbank Corp
9984 JP
JPY
7311.000
16.5
15.8
13.7
4.4
3.6
2.8
29.5
0.5
8.8
4.4
Simple Average
15.3
13.7
12.4
2.1
1.9
1.6
14.5
2.3
5.5
5.2
Weighted Average
15.3
13.9
12.5
2.3
1.9
1.7
15.2
2.3
5.7
5.1
VOD LN
GBp
204.300
0.9
30.7
29.9
0.8
0.8
0.8
83.3
6.3
7.3
45.6
Deutsche Telekom Ag-Reg
DTE GR
EUR
11.384
18.1
17.2
15.4
2.0
2.0
1.8
10.7
4.4
5.8
3.6
SCMN VX
CHF
544.000
16.8
16.5
16.3
4.3
4.0
3.7
27.1
4.0
8.2
8.0
Telenor Asa
TEL NO
NOK
135.800
15.2
13.0
11.8
2.6
2.5
2.4
17.7
5.6
6.4
9.0
Telecom Italia Spa
TIT IM
EUR
0.852
12.3
12.0
11.8
0.9
0.8
0.8
7.6
1.8
5.0
3.9
Simple Average
12.7
17.9
17.0
2.1
2.0
1.9
29.3
4.4
6.5
14.0
Weighted Average
10.6
21.1
20.1
1.8
1.8
1.7
40.5
5.0
6.7
20.6
11.0
Swisscom Ag-Reg
Other Developed Market
Telstra Corp Ltd
TLS AU
AUD
5.400
15.7
16.2
15.1
4.9
4.9
4.7
32.3
5.7
7.3
Singapore Telecom Ltd
ST SP
SGD
3.740
16.3
15.8
14.8
2.5
2.4
2.3
15.3
4.6
13.4
9.2
Simple Average
16.0
16.0
15.0
3.7
3.6
3.5
23.8
5.1
10.3
10.1
Weighted Average
16.0
16.0
15.0
3.8
3.8
3.6
24.8
5.2
10.0
10.2
Overall Average
15.0
15.2
14.2
3.0
2.7
2.5
22.9
4.0
6.8
8.1
Overall Weighted Average
14.0
15.5
14.5
3.3
2.9
2.6
28.0
4.1
6.8
10.0
China Mobile
Vodafone Group Plc
中国移动 (00941 HK)
EU Listed Companies
Company Report
Source: Bloomberg.
See the last page for disclaimer
Page 4 of 6
Financial Statements and Ratios
Balance Sheet
2014F
318,339
320,673
30,216
49,208
718,436
2015F
289,688
416,875
31,424
59,049
797,037
2016F
269,410
487,744
32,681
67,906
857,742
(9,909) (18,727) (21,553) (23,911)
(25,140) (25,998) (31,312) (34,622)
(100,848) (104,699) (135,784) (150,640)
(31,256) (34,376) (39,514) (43,837)
(80,232) (91,834) (94,115) (103,615)
(41,448) (61,363) (71,125) (80,501)
(140,272) (157,531) (187,512) (208,027)
(429,105) (494,528) (580,915) (645,152)
(25,732)
(37,101)
(162,113)
(47,176)
(111,506)
(90,063)
(223,871)
(697,562)
Year end Dec 31, RMB m
PP&E
Construction in progress
Land lease prepayments
Goodwill
Interest in associates and JCE
Deferred tax assets
Others
Total non-current assets
2012A
430,509
55,507
14,244
36,894
48,349
13,544
6,469
605,516
2013A
479,227
85,000
19,735
36,894
53,940
17,401
8,006
700,203
2014F
591,503
101,120
19,893
36,894
61,940
18,619
7,052
837,021
2015F
637,075
113,553
20,052
36,894
70,180
19,922
6,759
904,435
2016F
644,170
112,205
20,212
36,894
78,832
23,907
6,647
922,867
Inventories
Accounts receivable
Other receivables
Prepayment and other current assets
Deposits with banks
7,195
11,722
8,605
15,913
331,997
9,152
13,907
11,649
11,832
374,977
9,427
14,463
11,882
13,015
337,479
9,709
15,042
12,120
14,187
310,481
10,001
15,643
12,362
15,463
285,642
70,906
44,931
66,420
118,248
192,107
255
446,593
741
467,189
867
453,553
917
480,703
1,066
532,285
Cash and cash equivalents
Operating profit
Non-operating net income
152,730
615
135,649
910
137,521
1,037
151,885
1,151
160,180
1,239
Interest income
12,661
15,289
14,849
13,661
12,568
Finance costs
(390)
(331)
(112)
(100)
(109)
Share of P/L of associates
5,684
7,062
8,000
8,240
8,652
Profit before taxation
171,300
158,579
161,295
174,838
182,530
Taxation
Profit after taxation
(41,919)
129,381
(36,776)
121,803
(37,904)
123,391
(41,087)
133,751
(42,895)
139,636
Non-controlling interests
Net profit
EBITDA
EPS (RMB)
107
129,274
253,578
6.431
111
121,692
240,348
6.054
112
123,279
273,305
6.133
122
133,629
302,525
6.648
127
139,509
322,293
6.940
Cash Flow Statement
Year end Dec 31, RMB m
Profit before taxation
Net interest expenses (income)
Depreciation and amortization
2012A
171,300
(12,271)
101,241
2013A
158,579
(14,958)
105,085
2014F
161,295
(14,737)
136,170
2015F
174,838
(13,562)
151,029
2016F
182,530
(12,460)
162,502
Others
Change in working capital
Tax paid
Cash flow from operation
7,316
14,821
(41,919)
240,488
(62)
16,848
(36,776)
228,716
9,000
23,675
(37,904)
277,499
10,760
27,232
(41,087)
309,210
10,348
27,093
(42,895)
327,119
CAPEX
Bank deposit change
Others
(109,275) (184,900) (225,200) (210,000) (200,000)
(90,606) (44,378)
38,452
27,291
24,950
4,233
29,132 (12,403) (13,616) (14,688)
Cash flow from investment
(195,648) (200,146) (199,151) (196,324) (189,738)
Share issuance
Interest expense
Dividends paid
Others
Cash flow from finance
204
(390)
(55,821)
(4,000)
(60,007)
255
(331)
(52,675)
(1,600)
(54,351)
398
(100)
(57,842)
(3,300)
(60,843)
498
(109)
(60,387)
(3,299)
(63,296)
21,693
44,931
(205)
66,420
52,043
66,420
(215)
118,248
74,085
118,248
(225)
192,107
Total assets
Accounts payable
1,052,109 1,167,392 1,290,574 1,385,138 1,455,153
123,896
173,157
174,889
176,637
178,404
57,988
61,789
62,407
63,031
63,661
103,774
10,856
125,811
8,706
127,069
9,228
128,340
9,782
129,623
10,369
Others
Total current liabilities
1,282
297,796
1,450
370,913
891
374,484
1,119
378,910
2,687
384,744
Interest-bearing borrowings
Others
Total non-current liabilities
Total liabilities
28,619
385
29,004
326,800
4,989
766
5,755
376,668
4,490
860
5,351
379,608
4,041
952
4,993
383,753
3,637
901
4,538
388,822
Non-controlling interests
Share capital
Reserves
1,862
2,142
721,305
1,951
2,142
786,631
2,063
2,145
906,532
2,185
2,313
2,147
2,150
996,903 1,061,409
Shareholders' equity
Total equity
BPS (RMB)
723,447
725,309
35.991
788,773
790,724
39.241
908,677 999,050 1,063,558
910,740 1,001,236 1,065,871
45.207
49.703
52.909
Deferred revenue, current portion
Accrued expenses and other
payables
Current taxation
Key Financial Ratios
Year end Dec 31, RMB m
EBITDA margin (%)
Operating margin (%)
Net profit margin (%)
ROE (%)
ROA (%)
Current ratio (X)
Net gearing
2012A
44.0
26.2
22.2
18.8
12.9
1.5
Net cash
2013A
38.5
21.5
19.3
16.1
11.0
1.3
Net cash
2014F
38.5
19.1
17.2
14.5
10.0
1.2
Net cash
2015F
38.4
19.1
16.8
14.0
10.0
1.3
Net cash
2016F
38.0
18.7
16.3
13.5
9.8
1.4
Net cash
Company Report
Cash balance change
(15,167) (25,780)
Cash balance at beginning of year
86,259
70,906
Foreign exchange rate change
(186)
(195)
Cash balance at end of year
70,906
44,931
Source: the Company, Guotai Junan International.
319
(112)
(53,362)
(3,500)
(56,655)
Others
Total current assets
9 October 2014
2013A
355,686
206,886
28,239
39,366
630,177
China Mobile
Leased lines
Interconnection
Depreciation
Personnel
Selling expenses
Cost of products sold
Other operating expenses
Total operating expenses
2012A
368,025
166,348
26,040
21,422
581,835
中国移动 (00941 HK)
Income Statement
Year end Dec 31, RMB m
Voice services
Data services
Others
Sales of products
Total operating revenue
See the last page for disclaimer
Page 5 of 6
Company Rating Definition
The Benchmark: Hong Kong Hang Seng Index
Rating
Definition
Buy
Relative Performance >15%;
or the fundamental outlook of the company or sector is favorable.
Relative Performance is 5% to 15%;
or the fundamental outlook of the company or sector is favorable.
Accumulate
Neutral
Relative Performance is -5% to 5%;
or the fundamental outlook of the company or sector is neutral.
Reduce
Relative Performance is -5% to -15%;
or the fundamental outlook of the company or sector is unfavorable.
Sell
Relative Performance <-15%;
or the fundamental outlook of the company or sector is unfavorable.
9 October 2014
Time Horizon: 6 to 18 months
Sector Rating Definition
The Benchmark: Hong Kong Hang Seng Index
Time Horizon: 6 to 18 months
Rating
Outperform
Definition
Relative Performance >5%;
or the fundamental outlook of the sector is favorable.
Neutral
Relative Performance is -5% to 5%;
or the fundamental outlook of the sector is neutral.
Underperform
Relative Performance <-5%;
or the fundamental outlook of the sector is unfavorable.
(4)
The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.
The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.
Except for Shandong Chenming Paper Holdings Limited-H shares (01812), China All Access (Holdings) Limited (00633) and China U-Ton
Holdings Limited (06168), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the
issuer mentioned in this Research Report.
Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report
within the preceding 12 months.
DISCLAIMER
This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities
(Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research
reports, including investment banking, investment services and etc. (for example, the placing agent, lead manager, sponsor, underwriter or
invest proprietarily).
China Mobile
(1)
(2)
(3)
中国移动 (00941 HK)
DISCLOSURE OF INTERESTS
Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales
persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be
contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan.
Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does
not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking
estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable
situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where
necessary consult their own financial advisers prior to any investment decision.
This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in
any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject
Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction.
See the last page for disclaimer
Company Report
© 2014 Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved.
27/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong.
Tel.: (852) 2509-9118
Fax: (852) 2509-7793
Website: www.gtja.com.hk
Page 6 of 6