DBS: Raises target price for China Mobile Limited (00941) to 110 Hong Kong dollars, maintains "buy" rating.

OCBC released a research report stating that it expects China Mobile Limited (00941) to see a 3% increase in revenue and a 4% increase in profit in the 2025 fiscal year, driven by strong growth in its digital transformation business. The expected dividend per share is also raised, with the dividend payout ratio expected to increase from 73% in the 2024 fiscal year to 75% in the 2026 fiscal year. With the expansion of cloud revenue, the average annual compound profit growth rate from 2024 to 2027 is expected to be 6%. Due to its defensive nature and attractive yield of around 6%, the "buy" rating is maintained with a target price raised from HK$98 to HK$110, equivalent to a forecasted P/E ratio of 15 times for this year.