China Mobile (941) – This stock will be an outperformer as neither a US
recession nor China’s credit tightening will have a significant impact on
the company. Our worst-case DCF value is HK$139, which is 27.6%
above yesterday’s closing price. This scenario assumes there will be
severe competition in the mobile industry, which will result in much
slower subscriber growth and a continued downtrend in tariffs. For more
details, please refer to the separate note on China Mobile.
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