Oct 22nd by格隆汇｜Morgan Stanley pointed out that china mobile's third quarter service revenue increased by 1% year-on-year to 214 billion yuan, lower than the bank's forecast of 0.5%. Average revenue per user for mobile business dropped by 4.7% year-on-year to 46.5 yuan. Earnings before interest, taxes, depreciation, and amortization(EBITDA) decreased by 5% year-on-year to 81 billion yuan, worse than the bank's forecast of a 3.2% decrease year-on-year. Operating profit remained flat at 33 billion yuan year-on-year, compared to the bank's forecast of a 3.1% decrease year-on-year. Net income increased by 4.6% year-on-year to 31 billion yuan, in line with the bank's forecast. Operating cash flow increased by 20% year-on-year to 93 billion yuan, benefiting from better cash flow management. Morgan Stanley stated that it maintains a "shareholding" rating for china mobile with a target price of 80 Hong Kong dollars.