Glonghui, April 23 | Morgan Stanley released a report stating that China Mobile's first-quarter service revenue increased 4.5% year-on-year, which is basically in line with the bank's expectations. EBITDA fell 2.3% year-on-year, which is 3% lower than the bank's expectations. However, net profit increased 5.5% year-on-year, roughly in line with expectations, as weak EBITDA was offset by a reduction in depreciation and amortization (D&A) expenses. The bank maintains an “gain” rating on China Mobile, with a target price of HK$80.