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World Class Benchmarking: China Mobile (941 HK)

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China Mobile Limited is a leading telecom service provider, operating in China and Hong Kong. It has the world’s largest mobile network and the world’s largest mobile customer base of 837m as of June 2016. The company is also the No. 1 mobile operator in China, with 63% mobile subscribers and 69% revenue market share.

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World Class Benchmarking: China Mobile (941 HK)

  1. 1. Presented by: Dr. Andrew Stotz, CFA China Mobile Limited
  2. 2. 216 October 2016 Revenue breakdown, by segment 2015 (Others 16%) China Mobile Limited (941 HK) Sources: A. Stotz Investment Research, company data, Thomson Reuters  China Mobile is China’s and the world’s largest telecom operator based on number of subscribers  Its Voice business includes calls and voice value-added services. The data business includes SMS, MMS, wireless data traffic services, wireline broadband services, and applications and information services. The company also offers certain Internet-related services, including mobile Internet and digital services  It has recently upgraded to 4G and it is the first 4G service provider in China. As of June 2016, the company had 1.3m 4G base stations and approximately 430m 4G subscribers, making it the world’s largest 4G customer base. The company also offers fixed broadband services to almost 66m customers  China Mobile holds a 38% stake in China Tower Company, which is gearing up for a potential IPO in 2017. China Tower was formed by China Mobile, China Unicom (762 HK) and China Telecom (728 HK) to jointly establish a telecom tower company Voice 39%Data 45% Customer breakdown by type as of 1H16 4G 51%2G 33% 3G 16% Stock information: Name: China Mobile Limited Ticker: 941 HK Price (HKD): 93.9 Mcap: US$247,670m 3MADTO: US$168m Beta: 0.9x Sector: Telecommunication Services Industry: Telecommunication Services Major shareholders: 73% Government of China 1% The Vanguard Group, Inc. 26% Free float Background: China Mobile Limited is a leading telecom service provider, operating in China and Hong Kong. It has the world’s largest mobile network and the world’s largest mobile customer base of 837m as of June 2016. The company is also the No. 1 mobile operator in China, with 63% mobile subscribers and 69% revenue market share. 20 40 60 80 100 120 140 50 70 90 110 130 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 941 HK (LHS) Price relative to local index (HKD) (%)
  3. 3. 316 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters Background: China Mobile Limited is a leading telecom service provider, operating in China and Hong Kong. It has the world’s largest mobile network and the world’s largest mobile customer base of 837m as of June 2016. The company is also the No. 1 mobile operator in China, with 63% mobile subscribers and 69% revenue market share. China Mobile Limited (941 HK)
  4. 4. 416 October 2016 20 40 60 80 100 120 140 50 70 90 110 130 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 941 HK (LHS) Price relative to local index (HKD) (%) Stock information: Name: China Mobile Limited Ticker: 941 HK Price (HKD): 93.9 Mcap: US$247,670m 3MADTO: US$168m Beta: 0.9x Sector: Telecommunication Services Industry: Telecommunication Services Major shareholders: 73% Government of China 1% The Vanguard Group, Inc. 26% Free float Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters China Mobile Limited (941 HK)
  5. 5. 516 October 2016 Revenue breakdown, by segment 2015 (Others 16%) China Mobile Limited (941 HK) Sources: A. Stotz Investment Research, company data, Thomson Reuters  China Mobile is China’s and the world’s largest telecom operator based on number of subscribers  Its Voice business includes calls and voice value-added services. The data business includes SMS, MMS, wireless data traffic services, wireline broadband services, and applications and information services. The company also offers certain Internet-related services, including mobile Internet and digital services  It has recently upgraded to 4G and it is the first 4G service provider in China. As of June 2016, the company had 1.3m 4G base stations and approximately 430m 4G subscribers, making it the world’s largest 4G customer base. The company also offers fixed broadband services to almost 66m customers  China Mobile holds a 38% stake in China Tower Company, which is gearing up for a potential IPO in 2017. China Tower was formed by China Mobile, China Unicom (762 HK) and China Telecom (728 HK) to jointly establish a telecom tower company Voice 39%Data 45% Customer breakdown by type as of 1H16 4G 51%2G 33% 3G 16% Stock information: Name: China Mobile Limited Ticker: 941 HK Price (HKD): 93.9 Mcap: US$247,670m 3MADTO: US$168m Beta: 0.9x Sector: Telecommunication Services Industry: Telecommunication Services Major shareholders: 73% Government of China 1% The Vanguard Group, Inc. 26% Free float Background: China Mobile Limited is a leading telecom service provider, operating in China and Hong Kong. It has the world’s largest mobile network and the world’s largest mobile customer base of 837m as of June 2016. The company is also the No. 1 mobile operator in China, with 63% mobile subscribers and 69% revenue market share. 20 40 60 80 100 120 140 50 70 90 110 130 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 941 HK (LHS) Price relative to local index (HKD) (%)
  6. 6. 616 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters  China Mobile is China’s and the world’s largest telecom operator based on number of subscribers China Mobile Limited (941 HK)
  7. 7. 716 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters  Its voice business includes calls and voice value- added services  The data business includes SMS, MMS, wireless data traffic services, wireline broadband services, and applications and information services  The company also offers certain Internet-related services, including mobile Internet and digital services China Mobile Limited (941 HK)
  8. 8. 816 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters  It has recently upgraded to 4G and is the first 4G service provider in China  As of June 2016, the company had 1.3m 4G base stations and approximately 430m 4G subscribers, making it the world’s largest 4G customer base  The company also offers fixed broadband services to almost 66m customers China Mobile Limited (941 HK)
  9. 9. 916 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters  China Mobile holds a 38% stake in China Tower Company, which is gearing up for a potential IPO in 2017  China Tower was formed by China Mobile, China Unicom (762 HK) and China Telecom (728 HK) to jointly establish a telecom tower company China Mobile Limited (941 HK)
  10. 10. 1016 October 2016 Revenue breakdown, by segment 2015 (Others 16%) China Mobile Limited (941 HK) Sources: A. Stotz Investment Research, company data, Thomson Reuters  China Mobile is China’s and the world’s largest telecom operator based on number of subscribers  Its Voice business includes calls and voice value-added services. The data business includes SMS, MMS, wireless data traffic services, wireline broadband services, and applications and information services. The company also offers certain Internet-related services, including mobile Internet and digital services  It has recently upgraded to 4G and it is the first 4G service provider in China. As of June 2016, the company had 1.3m 4G base stations and approximately 430m 4G subscribers, making it the world’s largest 4G customer base. The company also offers fixed broadband services to almost 66m customers  China Mobile holds a 38% stake in China Tower Company, which is gearing up for a potential IPO in 2017. China Tower was formed by China Mobile, China Unicom (762 HK) and China Telecom (728 HK) to jointly establish a telecom tower company Voice 39%Data 45% Customer breakdown by type as of 1H16 4G 51%2G 33% 3G 16% Stock information: Name: China Mobile Limited Ticker: 941 HK Price (HKD): 93.9 Mcap: US$247,670m 3MADTO: US$168m Beta: 0.9x Sector: Telecommunication Services Industry: Telecommunication Services Major shareholders: 73% Government of China 1% The Vanguard Group, Inc. 26% Free float Background: China Mobile Limited is a leading telecom service provider, operating in China and Hong Kong. It has the world’s largest mobile network and the world’s largest mobile customer base of 837m as of June 2016. The company is also the No. 1 mobile operator in China, with 63% mobile subscribers and 69% revenue market share. 20 40 60 80 100 120 140 50 70 90 110 130 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 941 HK (LHS) Price relative to local index (HKD) (%)
  11. 11. 1116 October 2016 Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters Revenue breakdown, by segment 2015 (Others 16%) Data 45% Voice 39% 4G 51%2G 33% 3G 16% Customer breakdown by type as of 1H16
  12. 12. 1316 October 2016 China Mobile: Leadership Sources: A. Stotz Investment Research, company data, FactSet ChairmanCEO 2012 2013 2014 2015 Past 12 months Bing Shang Sep 2015 – Present Yue Li Mar 2003 – Present Guohua Xi Jul 2011 – Aug 2015
  13. 13. 1416 October 2016 '12 '13 '14 '15 PTM 2 3 4 4 3 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 2 2 3 3 3 6 6 7 6 5 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 6 6 6 7 7 1 2 2 2 2 4 2 5 6 5 6 9 8 6 6 Benchmarked against 140 large Telecom companies worldwide. Profitable Growth Asset utilization Profit margin Sales growth Margin change Profitability Growth CEO, 2003 – Present Yue Li Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data. Profitable Growth returned to top 3 in PTM Ranks among the best 42 of 140 large Telecoms China Mobile: A. Stotz Profitable Growth
  14. 14. 1516 October 2016 '12 '13 '14 '15 PTM 2 3 4 4 3 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 2 2 3 3 3 6 6 7 6 5 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 6 6 6 7 7 1 2 2 2 2 4 2 5 6 5 6 9 8 6 6 Benchmarked against 140 large Telecom companies worldwide. Profitable Growth Asset utilization Profit margin Sales growth Margin change Profitability Growth Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data. Profitable Growth returned to top 3 in PTM Ranks among the best 42 of 140 large Telecoms Profitability is strong, Growth is now average China Mobile: A. Stotz Profitable Growth CEO, 2003 – Present Yue Li
  15. 15. 1616 October 2016 '12 '13 '14 '15 PTM 2 3 4 4 3 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 2 2 3 3 3 6 6 7 6 5 '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM 6 6 6 7 7 1 2 2 2 2 4 2 5 6 5 6 9 8 6 6 Benchmarked against 140 large Telecom companies worldwide. Profitable Growth Asset utilization Profit margin Sales growth Margin change Profitability Growth Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data. Profitable Growth returned to top 3 in PTM Ranks among the best 42 of 140 large Telecoms Profitability is strong, Growth is now average Profit margin is driving the profitability Sales growth has improved in PTM, but Margin change ranks below sector average China Mobile: A. Stotz Profitable Growth CEO, 2003 – Present Yue Li
  16. 16. 1716 October 2016  Do YOU want to see the Profitable Growth rank for a company in YOUR portfolio?  Leave a comment below with company name and country of listing…and I’ll post it if I have it

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