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Equity Bottom-Up

The Chinese telcos have been reporting and in general they look ok. First to go was <a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27:1">China Mobile (941 HK)</a> which reported a slight slowdown in mobile and fixed service revenue growth trends in 3Q17, but relatively strong margins and earnings growth.  Consolidated service revenue growth grew a solid 7.4% YoY (2Q 7.6% YoY) with fixed revenues growing fast from rising subscribers and ARPUs. In mobile, voice declines were more than offset by rapid data growth.Voice declines offset by rise of data…

The Chinese telcos have been reporting and in general they look ok. First to go was China Mobile (941 HK) which reported a slight slowdown in mobile and fixed service revenue growth trends in 3Q17, but relatively strong margins and earnings growth.  Consolidated service revenue growth grew a solid 7.4% YoY (2Q 7.6% YoY) with fixed revenues growing fast from rising subscribers and ARPUs. In mobile, voice declines were more than offset by rapid data growth.Voice declines offset by rise of data…

Cost Controls Bolster China Mobile's Results As Strong Data Demand Offsets Declines in Voice