China Mobile Future Growth
Future criteria checks 0/6
China Mobile is forecast to grow earnings and revenue by 2.9% and 1.4% per annum respectively. EPS is expected to grow by 2.8% per annum. Return on equity is forecast to be 9.8% in 3 years.
Key information
2.9%
Earnings growth rate
2.82%
EPS growth rate
| Wireless Telecom earnings growth | -6.4% |
| Revenue growth rate | 1.4% |
| Future return on equity | 9.84% |
| Analyst coverage | Good |
| Last updated | 27 May 2026 |
Recent future growth updates
Analysis Article • Apr 23
China Mobile Limited (HKG:941) First-Quarter Results: Here's What Analysts Are Forecasting For This Year
As you might know, China Mobile Limited ( HKG:941 ) just kicked off its latest first-quarter results with some very...Analysis Article • Mar 30
Analyst Estimates: Here's What Brokers Think Of China Mobile Limited (HKG:941) After Its Annual Report
Last week saw the newest annual earnings release from China Mobile Limited ( HKG:941 ), an important milestone in the...Recent updates
Narrative Update • May 18
941: Dividend Policy And 2025 Payout Outlook Will Support Future Upside Repricing
Analysts have marginally adjusted the fair value estimate for China Mobile to HK$96.76, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board recommended a final dividend of HK$2.52 per share for the year ended December 31, 2025, with total 2025 dividends of HK$5.27 per share and a stated payout ratio of 75%, subject to shareholder approval at the 2026 AGM (Key Developments).
New Narrative • May 17
China Mobile’s strategy is centered on communications, computing, AI
Investment Memorandum – China Mobile Limited Executive Summary China Mobile Limited (“China Mobile” or “the Company”) remains the world’s largest telecommunications operator by subscriber base and a leading integrated provider of communications, computing, and AI services. The Company demonstrates resilient financial performance , strong cash generation, and a clear strategic pivot toward high-growth digital infrastructure and AI-driven services.Narrative Update • Apr 26
941: Dividend Policy And CEO Transition Will Support Future Upside Repricing
Analysts have lowered their fair value estimate for China Mobile from HK$98.38 to HK$96.01. This reflects updated views on slightly higher projected revenue growth, a marginally stronger profit margin, and a lower assumed future P/E multiple.Analysis Article • Apr 23
China Mobile Limited (HKG:941) First-Quarter Results: Here's What Analysts Are Forecasting For This Year
As you might know, China Mobile Limited ( HKG:941 ) just kicked off its latest first-quarter results with some very...Narrative Update • Apr 12
941: Dividend Commitment And CEO Transition Will Support Future Upside Repricing
Analysts have slightly reduced their fair value estimate for China Mobile to HK$98.38 from HK$98.52, reflecting updated assumptions for a lower discount rate, more moderate revenue growth, a small change in profit margin, and a slightly higher future P/E multiple. What's in the News The board recommends a final dividend of HK$2.52 per share for 2025, bringing the full year 2025 dividend to HK$5.27 per share with a 75% payout ratio, subject to shareholder approval at the 2026 AGM on 21 May 2026.Analysis Article • Apr 02
China Mobile's (HKG:941) Profits May Not Reveal Underlying Issues
China Mobile Limited's ( HKG:941 ) healthy profit numbers didn't contain any surprises for investors. We think this is...Analysis Article • Mar 30
Analyst Estimates: Here's What Brokers Think Of China Mobile Limited (HKG:941) After Its Annual Report
Last week saw the newest annual earnings release from China Mobile Limited ( HKG:941 ), an important milestone in the...Narrative Update • Mar 27
941: Connected Agreements And CEO Transition Will Support Future Upside Repricing
Analysts have adjusted their HK$ fair value estimate for China Mobile from about HK$99.77 to about HK$98.52. This reflects updated assumptions for slightly lower revenue growth, a small improvement in profit margin, and a marginally softer future P/E multiple.Narrative Update • Mar 12
941: Connected Agreements And CEO Transition Will Support Future Share Rerating
Analysts have slightly reduced their HK$ fair value estimate for China Mobile to HK$99.77 from about HK$100.04, reflecting updated assumptions for revenue growth, profit margin and future P/E, while leaving their overall view broadly unchanged. What's in the News China Mobile announced that Chief Executive Officer Mr. He Biao has resigned due to a work reassignment, effective 12 February 2026.Narrative Update • Feb 26
941: Connected Agreements And CEO Transition Will Support Future Share Revaluation
Analysts have slightly reduced their fair value estimate for China Mobile to HK$100.04 from HK$100.76, reflecting more cautious assumptions on revenue growth, profit margins and future P/E levels. What's in the News CEO change: Mr. He Biao resigned as Chief Executive Officer of China Mobile effective 12 February 2026 due to a work reassignment, with no reported disagreement with the Board or issues requiring shareholder attention (company announcement).Narrative Update • Feb 10
941: Connected Construction Agreements Will Support Margins And Future Share Revaluation
Analysts have lowered their fair value estimate for China Mobile from ¥105.55 to ¥100.76, citing revised views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News China Mobile entered into a 2026 Telecommunication Facilities Construction Services Agreement with CMCC, covering planning, design, consultation, construction and maintenance services for telecommunication facilities and equipment for one year from January 1, 2026 to December 31, 2026 (Key Developments).Analysis Article • Feb 04
We Think China Mobile (HKG:941) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Narrative Update • Jan 25
941: Connected Construction Agreements Will Support Margins And Stronger Future Share Performance
Analysts have made a small upward adjustment to their price target for China Mobile, lifting it from HK$105.24 to HK$105.55. This reflects minor tweaks to fair value assumptions and future P/E estimates, while keeping growth and margin expectations broadly unchanged.Narrative Update • Jan 11
941: Connected Construction Agreement Will Support Higher Margins And Stronger Share Performance
Analysts have nudged their price target for China Mobile higher from HK$103.22 to around HK$105.24. This reflects updated views on fair value, profit margin assumptions and future P/E levels.Narrative Update • Dec 14
941: Higher Profit Margins Will Support Stronger Share Performance Ahead
Analysts have nudged their price target for China Mobile slightly higher to approximately $103.22 from about $102.15, citing improved profit margin expectations that more than offset modestly lower growth assumptions and a slightly higher discount rate. Valuation Changes Fair Value: nudged higher from HK$102.15 to HK$103.22, reflecting a modest upward revision.Analysis Article • Dec 03
Here's What To Make Of China Mobile's (HKG:941) Decelerating Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to...Analysis Article • Nov 11
Some Shareholders Feeling Restless Over China Mobile Limited's (HKG:941) P/E Ratio
With a median price-to-earnings (or "P/E") ratio of close to 13x in Hong Kong, you could be forgiven for feeling...Narrative Update • Sep 25
Digital Transformation And Advanced Networks Will Empower Telecom Expansion
China Mobile’s consensus price target was only slightly raised, as a higher future P/E multiple was offset by lower revenue growth expectations. What's in the News China Mobile announced an interim cash dividend of HKD 2.75 per share for the first half of 2025, payable on 17 September.Analysis Article • Aug 12
China Mobile (HKG:941) Has Announced That It Will Be Increasing Its Dividend To CN¥2.75
China Mobile Limited ( HKG:941 ) will increase its dividend from last year's comparable payment on the 17th of...Analysis Article • Jul 20
Risks To Shareholder Returns Are Elevated At These Prices For China Mobile Limited (HKG:941)
With a median price-to-earnings (or "P/E") ratio of close to 12x in Hong Kong, you could be forgiven for feeling...Analysis Article • Jun 23
China Mobile (HKG:941) Has More To Do To Multiply In Value Going Forward
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...New Narrative • Jun 22
Digital Transformation And Advanced Networks Will Empower Telecom Expansion
Rapid expansion in digital and AI-driven services, alongside leadership in next-gen networks, positions the company for higher-margin growth and broader market opportunities.Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2028 | 1,080,522 | 141,532 | 180,713 | 292,392 | 10 |
| 12/31/2027 | 1,075,713 | 138,773 | 186,418 | 305,481 | 14 |
| 12/31/2026 | 1,058,218 | 129,694 | 150,156 | 259,974 | 14 |
| 3/31/2026 | 1,052,905 | 135,806 | 122,081 | 273,049 | N/A |
| 12/31/2025 | 1,050,187 | 137,095 | 75,968 | 232,919 | N/A |
| 9/30/2025 | 1,043,967 | 142,845 | 96,474 | 252,713 | N/A |
| 6/30/2025 | 1,037,784 | 142,407 | 110,137 | 268,196 | N/A |
| 3/31/2025 | 1,040,812 | 139,395 | 132,271 | 290,154 | N/A |
| 12/31/2024 | 1,040,759 | 138,373 | 159,762 | 315,741 | N/A |
| 9/30/2024 | 1,025,207 | 137,141 | 112,995 | 290,177 | N/A |
| 6/30/2024 | 1,025,334 | 135,794 | 99,555 | 274,632 | N/A |
| 3/31/2024 | 1,022,270 | 133,308 | 106,984 | 285,479 | N/A |
| 12/31/2023 | 1,009,309 | 131,766 | 122,517 | 303,780 | N/A |
| 9/30/2023 | 989,332 | 132,433 | 116,905 | 290,836 | N/A |
| 6/30/2023 | 971,044 | 131,357 | 114,491 | 294,003 | N/A |
| 3/31/2023 | 960,685 | 127,902 | 92,215 | 278,185 | N/A |
| 12/31/2022 | 937,259 | 125,459 | 91,162 | 280,750 | N/A |
| 9/30/2022 | 923,115 | 127,507 | 79,135 | 293,240 | N/A |
| 6/30/2022 | 901,545 | 127,094 | 90,960 | 300,418 | N/A |
| 3/31/2022 | 877,149 | 117,505 | 101,842 | 316,262 | N/A |
| 12/31/2021 | 848,258 | 115,937 | 107,453 | 314,764 | N/A |
| 9/30/2021 | 842,300 | 113,205 | N/A | N/A | N/A |
| 6/30/2021 | 821,854 | 111,196 | 123,863 | 309,314 | N/A |
| 3/31/2021 | 785,199 | 108,399 | N/A | N/A | N/A |
| 12/31/2020 | 768,070 | 107,843 | 117,312 | 307,761 | N/A |
| 9/30/2020 | 753,617 | 106,441 | N/A | N/A | N/A |
| 6/30/2020 | 746,353 | 106,343 | 69,136 | 281,474 | N/A |
| 3/31/2020 | 742,217 | 106,441 | N/A | N/A | N/A |
| 12/31/2019 | 745,917 | 106,641 | N/A | 247,591 | N/A |
| 9/30/2019 | 735,819 | 104,581 | N/A | N/A | N/A |
| 6/30/2019 | 734,414 | 108,203 | N/A | 214,016 | N/A |
| 3/31/2019 | 736,319 | 115,681 | N/A | N/A | N/A |
| 12/31/2018 | 736,819 | 117,781 | N/A | 206,151 | N/A |
| 9/30/2018 | 738,714 | 117,179 | N/A | N/A | N/A |
| 6/30/2018 | 743,475 | 117,245 | N/A | 225,566 | N/A |
| 3/31/2018 | 742,014 | 115,279 | N/A | N/A | N/A |
| 12/31/2017 | 740,514 | 114,279 | N/A | 245,514 | N/A |
| 9/30/2017 | 735,221 | 112,741 | N/A | N/A | N/A |
| 6/30/2017 | 726,941 | 110,844 | N/A | 248,067 | N/A |
| 3/31/2017 | 714,921 | 109,641 | N/A | N/A | N/A |
| 12/31/2016 | 708,421 | 108,741 | N/A | 253,701 | N/A |
| 9/30/2016 | 690,835 | 111,239 | N/A | N/A | N/A |
| 6/30/2016 | 692,995 | 111,775 | N/A | 249,760 | N/A |
| 3/31/2016 | 682,535 | 108,639 | N/A | N/A | N/A |
| 12/31/2015 | 668,335 | 108,539 | N/A | 235,089 | N/A |
| 9/30/2015 | 683,614 | 111,138 | N/A | N/A | N/A |
| 6/30/2015 | 672,519 | 108,812 | N/A | 225,600 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: 941's forecast earnings growth (2.9% per year) is below the savings rate (3%).
Earnings vs Market: 941's earnings (2.9% per year) are forecast to grow slower than the Hong Kong market (12.8% per year).
High Growth Earnings: 941's earnings are forecast to grow, but not significantly.
Revenue vs Market: 941's revenue (1.4% per year) is forecast to grow slower than the Hong Kong market (8.7% per year).
High Growth Revenue: 941's revenue (1.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: 941's Return on Equity is forecast to be low in 3 years time (9.8%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/01 15:54 |
| End of Day Share Price | 2026/06/01 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
China Mobile Limited is covered by 48 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Anand Ramachandran | Barclays |
| Chris Lane | Bernstein |
| Bertram Lai | CGS International |