According to a report published by Zhongtong Finance APP, Nomura stated that China Mobile (00941) is still a key defensive stock, and although its revenue growth may slow down in the second quarter of 2024, the company has a strong balance sheet and cash position, which may support its dividend payments and bring a sustainable high-single-digit dividend yield. The firm's target price for its Hong Kong stocks has been raised from HKD 79 to HKD 89, and maintains a "buy" rating.

The bank stated that it expects the company to achieve low single-digit service revenue growth, which is in line with industry average levels, and favorable profit growth due to robust cost control. The bank lowered its service revenue forecast for the 2024-2026 fiscal years by 0.3% to 0.7%, and profit forecast by 1.2% to 1.7% to reflect the slowdown in emerging market business growth. When ranking the telecommunications industry, the bank ranks China Telecom (00728), China Mobile and China Unicom (00762).