Glonghui, May 31 | Goldman Sachs published a report stating that it maintains China Mobile's (0941.HK) “buy” rating, with a target price of HK$82.5, and believes that the valuation is still attractive. According to the report, in an online conference at China Mobile, the company's management maintained expectations for steady revenue and profit growth in 2024. EBITDA profit margins continued to decline due to increased R&D and marketing of corporate business (cloud, artificial intelligence, industrial Internet, etc.), but the slowdown in depreciation cost growth helped support the trend of stable net profit margins. Management expects the dividend payout ratio to increase from 71% to the target of 75% in 2026. Goldman Sachs believes that steady business growth and stable capital expenditure should help China Mobile support a gradual increase in dividends. Goldman Sachs believes that based on 3.4 times the 2024 embedded value (EV) and EBITDA, the company has strong EBITDA growth prospects in the next few years, but its current valuation is still below the 15-year average.