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HSBC cuts Chin Mobile (00941) to HK$82

  HSBC Global Research cut its target price for China
Mobile (00941) to HK$82 from HK$86, and reiterated its "buy" rating.
  The research house said the requirement to eliminate provincial and national price 
differences (data "roaming") will hit China Mobile harder than peers: data revenues were 
55% of the total in 2017. HSBC took a conservative approach and reduced its 2018-20
revenue estimates by 5% and its EBITDA forecasts by 3%.
  Despite this, the research house still expects EBITDA growth, compounded at the net
income line by flat D&A and solid earnings from associates. It reduced its sales estimates
by 2.7% for 2018 and 6.4% for 2019 and its EBITDA estimates by 0.5% and 3.7%. HSBC expects
5G capex to begin in earnest in 2020, not 2019.

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