According to the research report released by Citi, China Mobile (00941) is listed as the top pick due to its high dividend and defensiveness. The rating is maintained as "buy", and the target price is raised from HKD 76 to HKD 82.3. However, the profit forecast for the company from 2024 to 2026 is lowered by 1% to reflect lower revenue and cost budgets.

The report states that the company's performance in the first half of the year was generally in line with expectations. It is expected that the revenue and EBITDA growth will accelerate in the second half of the year, and the control of capital expenditure will improve according to actual needs. The YoY drop of 15% in free cash flow was mainly due to the high growth of accounts receivable and the post-cash collection from government-related enterprises. The free cash flow will stabilize in the second half of the year.