Morgan Stanley: "Synchronize with the broader market" rating for China Mobile Limited (00941) with a target price of 80 Hong Kong dollars.

Morgan Stanley released a research report stating that China Mobile Limited's first-quarter performance exceeded expectations, driven by non-operating projects. In the first quarter, service revenue dropped by 1.1% year-on-year to 219.85 billion yuan, slightly higher than the bank's expectations; EBITDA dropped by 5% year-on-year to 76.66 billion yuan, slightly lower than expected; net profit dropped by 4.2% year-on-year to 29.34 billion yuan, 4.5% higher than the bank's expectations, mainly driven by interest income and contributions from associated companies. The bank maintains a "in sync with the market" rating on China Mobile, with a target price of 80 Hong Kong dollars.