0347 GMT - China Mobile will continue to be "one of the most defensive plays" in the Hong Kong market, Nomura analysts say in a research note. The telecom company is supported by its strong balance sheet and cash flow generation, as well as declining capital expenditure, which should lead to sustainable dividend growth, the analysts say. With more government stimulus policies kicking in, the analysts expect demand from government and enterprise customers to gradually bottom out and show some signs of recovery in 2025. Nomura keeps a buy rating but trims its target price to HK$88.00 from HK$89.00. Shares are 0.3% lower at HK$75.20. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 22:47 ET (03:47 GMT)
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