0805 GMT - China Mobile is likely to post stronger revenue growth in 2H than 1H, OCBC's research team says in a note. CM's 1H revenue was weighed by soft demand from the government and muted digitalization initiatives amid a weak macro environment, it says. CM could see stronger 2H revenue as it has been committed to growing other business segments to offset the impacts, the analysts say. OCBC likes Chinese telecom stocks, especially CM and China Telecom, which are "quality defensive yield plays," in volatile markets amid geopolitical tensions. OCBC thinks Chinese telecom names are "well positioned to capitalize on the increasing demand for cloud and digital services in China." The bank maintains a buy rating on CM and keeps its H-share fair value estimate at HK$93.10. Shares are last at HK$76.10. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
December 27, 2024 03:05 ET (08:05 GMT)
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