Goldman maintains mobile buying rating of HK $90

On the morning of April 21, Goldman Sachs published a study today to maintain China Mobile's "buy" rating of HK $90, and pointed out that its March boarding volume continued to increase, although the overall and no surprise, but its prospects are consolidated. Goldman Sachs published a study today in which China Mobile reported its first-quarter earnings, EBITDA and net profit year-on-year growth of 7.7%, 3.3% and 1.1% per cent, below the original forecast of 1.7%, 2.8% and 1.7% per cent, and was pleasantly surprised by its monthly monthly average use minutes (MOU) Improvement　　, and refers to the continued increase in the volume of boarding in March, although the overall and no surprises, but its prospects are consolidated.　　Goldman Sachs said it maintained a "buy" investment rating, and a target price of HK $90, which would benefit from the industry's future, forecast 2011 and 2012 capital expenditure to be reduced by 27% and 25% per year, and a strong cash flow, which is more defensive than that of China Telecom. Goldman Sachs estimates that mobile forecasts for 2010 and 2011 earnings per share were 5.95 and 6.22 Yuan, up 3.7% and 4.5% year-on-year. (Roy)