Search

MORE NEWS
TELECOM & INTERNET | Staff Reporter, Hong Kong
Published: 24 Oct 12
354 views


China Mobile's surprising 3Q12 revenues not enough to offset profit-less 3G growth

China Mobile reported 6% growthyoy, about 3% pts above consensus.

CIMB notes that China Mobile’s 9M12 operating data showed 3Q12 earnings that were better than consensus expectations due to stronger revenue
growth which offset a fall in EBITDA margins. Net adds were also up strongly in September.

The slightly stronger numbers however, it said,  are not enough to change CIMB's forecast as weaker EBITDA margins are in line with their view of “profit-less” 3G growth.

Here's more from CIMB:

China Mobile reported 3Q revenue growth of 6% yoy, about 3% pts above our expectations, due to stronger subscriber growth in 3Q.

ARPU was Rmb67 for 3Q, down 4% yoy and 3% qoq. MOU of 512 was down 2% yoy and qoq. Data MOU rose to 37.6 MB, up 23% from 1H12 levels, which was stronger than expected.

EBITDA margin fell 2.0% pts yoy to 45.2%, in line with our expectations. Aided by higher revenue, net profit rose 1% yoy, better than our expectations of a 3% decline in 2H12.

China Mobile also released Sep subscriber data, showing net adds of 5.43m, down 8% yoy, up 6% mom but below the previous 12 months’ average of 5.46m.
TD-SCDMA net adds accounted for 63.6% of total, up from 61.7% in the previous month.

Despite being higher than expected, stronger subscriber growth is in line with our thesis of continuing high levels of net adds driven by 3G competition as well as ARPU and EBITDA margin erosion. Data MOU, however, was a surprise, rising more strongly than anticipated. But we cannot discern the trajectory as this is the first quarterly data MOU released. 

Higher data MOU growth with stable tariffs would be positive.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: China Mobile, China Mobile revenues, 3G network

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

Global ethernet services market headed for $50 bn by 2015.
179 views

LATEST TELECOM & INTERNET JOBS »
PRINT ISSUE »

Available at news stands now 

Subscribe Now
Cash-flush tourists in HK

91 views

Is Central Hong Kong a ghost town in the making?

191 views

As goes Singapore, so goes Hong Kong?

173 views

MOST READ EXCLUSIVES

Hong Kong’s 10 Most Expensive Credit Cards

Hong Kong’s 10 Most Expensive Credit Cards

It’s all about exclusivity.

by STAFF REPORTER
24 Jul 2014 | 8717 views
 

Hong Kong’s 10 most expensive hotel suites

Hong Kong’s 10 most expensive hotel suites

Guess which tops the list at HKD158,000 a night.

by KRISANA GALLEZO
26 May 2014 | 7860 views

Hong Kong’s 12 MBA Programmes under $300,000

Hong Kong’s 12 MBA Programmes under $300,000

The cheapest is at HKD61,600.

by KRISANA GALLEZO
9 Jul 2014 | 1885 views
 

Take a tour at Facebook Hong Kong’s new office

Take a tour at Facebook Hong Kong’s new office

See how the staff named the meeting rooms and spaces in colloquial terms.

by KRISANA GALLEZO
28 Jul 2014 | 1528 views

This startup could be a good buddy for small scale businesses

This startup could be a good buddy for small scale businesses

You’d be asking hundreds of people just to like your page no more.

by KRISANA GALLEZO
30 Jun 2014 | 893 views
 

Former investment banker launched HK's first financial comparison site

Former investment banker launched HK\'s first financial comparison site

The startup raised $3m funding in just one year.

by KRISANA GALLEZO
23 Jun 2014 | 598 views

See how this fashion startup aims to fill the gap where Pinterest has failed

See how this fashion startup aims to fill the gap where Pinterest has failed

It plans to be the go-to site for future brides.

by
13 May 2014 | 538 views
 

How a startup was born from a simple jam meetup of two strangers

How a startup was born from a simple jam meetup of two strangers

It helps businesses to design user experience integrating the online and offline worlds.

by KRISANA GALLEZO
7 Jul 2014 | 466 views

HK startup sets up a site enabling people to donate to charities using bitcoins

HK startup sets up a site enabling people to donate to charities using bitcoins

That’s at almost zero transaction fee.

by KRISANA GALLEZO
16 Jun 2014 | 412 views
 

HK startup develops an app that organizes photos and videos automatically

HK startup develops an app that organizes photos and videos automatically

This technology startup has raised over USD100K.

by KRISANA GALLEZO
24 Jul 2014 | 304 views

Hong Kong startup creates first intellectual property marketplace in APAC

Hong Kong startup creates first intellectual property marketplace in APAC

It has over 27,000 patents to date.

by KRISANA GALLEZO
6 Jun 2014 | 271 views
 

Hello SaaS providers: This may be the startup for you to ramp up your revenue

Hello SaaS providers: This may be the startup for you to ramp up your revenue

Japan’s OnLab / Digital Garage believed so much on this that it provided $150,000 funding.

by KRISANA GALLEZO
17 Jul 2014 | 269 views

See how Zyppos allows you to hire travel experts for worry-free flights

See how Zyppos allows you to hire travel experts for worry-free flights

It helps you find the best flights and lowest fares.

by KRISANA GALLEZO
29 May 2014 | 188 views
 

From photo to print: Your phone cover just how you want it

From photo to print: Your phone cover just how you want it

Will this self-funded startup be the leading online provider of customized products?

by KRISANA GALLEZO
1 Aug 2014 | 95 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter