On August 12, Lyon released a research report stating that China Mobile's revenue in the first half of the year was lower than expected, but net income and dividends met expectations. The Group's total service revenue increased by 2.5% annually, which was 1.6% lower than the bank's forecast; DICT revenue only increased by 8% annually, while last year it recorded a growth of 23%. In addition, the Group promised a dividend payout ratio of over 70% in the 2024 fiscal year, providing a return of about 7% on dividends. The bank has lowered its forecasts for the Group's net income in fiscal years 2024 and 2025 by 2%, and maintains a "outperform the market" rating.
大行评级｜里昂：维持中国移动“跑赢大市”评级 下调2024及25财年盈测
Lyon maintains a "outperform" rating on China Mobile, but lowers its earnings forecast for fiscal year 2024 and 2025.
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