According to a report published by J.P. Morgan Chase, China Mobile's performance in the first quarter was mixed. Mobile and fixed network service revenue rebounded slightly, but operating expenses were high during the quarter, and EBITDA fell 2% year over year. Net profit maintained steady growth due to changes in accounting policies driving depreciation and amortization (D&A) savings, and operating cash flow/free cash flow declined due to a surge in accounts receivable.

The bank expects that China Mobile's stock price may decline slightly after the disclosure of quarterly results to reflect the trend of weak EBITDA and free cash flow, but maintains its “gain” rating and believes that it is the industry's first choice. It believes that its stock price is defensive, and dividend visibility is the best in the industry (the dividend rate will increase to over 75% by 2026), giving it a target price of HK$85.