Goldman Sachs: raise target price of China Mobile (00941) to HK$94, maintain "Neutral" rating.

China Mobile's first quarter operating revenue is reported to have increased by 1% year-on-year to 266.5 billion RMB, in line with expectations, mainly driven by growth in mobile customers and expansion of AI services. However, the EBITDA for the first quarter decreased by 5% year-on-year, below expectations. Management emphasized that improving efficiency is one of the key ways to enhance competitiveness. Based on valuation models rolling over to 2027 and updated EBITDA forecasts, the target price for H shares has been raised from 88 Hong Kong dollars to 94 Hong Kong dollars, maintaining a "neutral" rating.