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China Mobile Ltd (0941) Fair Value & Analysis

Communication Services · HK · Market cap HK$1.7T (≈ $219B) · ISIN HK0941009539

What is China Mobile Ltd really worth?

CM China Mobile Ltd 0941 · HK
PriceHK$79.65
Fair ValueHK$130.54
Upside+63.9%
Quality58/100

A solid business, trading 39% below our fair value of HK$130.54.

As of Aug 20, 2026, the fair value of China Mobile Ltd is HK$130.54 per share against a price of HK$79.65, so the fair value sits 64% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Solidly profitable · 12.9% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (12/15)

Risks

!Mixed Growth (revenue 5y +5.9 %/yr)
!Moderate moat 61/100
!Weak on future: 5 out of 100

For context

·5.95% dividend yield
Evidence: High Range HK$85.02 – HK$163.10

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 17 days ago

Share price −3.7% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (HK$85.02). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$85.02 to HK$163.10) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$86.21 HK$32.89 Fair Value HK$130.54 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range HK$32.89 – HK$86.21 · fair‑value band HK$85.02 – HK$163.10 · the HK$79.65 price screens below the HK$130.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

China Mobile Ltd (0941) currently trades at HK$79.65, while our model-based Fair Value estimate is HK$130.54, implying the stock looks roughly 39.0% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of HK$129.37 per share, and 18 of the 26 models we run sit above the HK$79.65 price. Bear case: the Asset-Based group reads lowest at HK$46.16, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, China Mobile Ltd generated revenue of HK$1.1T at a net margin of 12.9%. Revenue grew 1.0% year over year. It earns a return on equity of 9.6%. The balance sheet holds a net cash position of HK$5.8B. Fundamentals as of Aug 20, 2026

Our scenario range runs from HK$85.02 (bear case) to HK$163.10 (bull case); at HK$79.65, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 64%, 0941 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.6849 per share, which is 0.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$49.32 HK$78.59 HK$126.82 79
Growth DCF HK$50.03 HK$75.64 HK$115.02 78
Residual Income HK$60.92 HK$67.13 HK$92.42 76
All 26 models by family
DCF Models
FCF DCF HK$49.32 HK$78.59 HK$126.82 79
Owner Earnings HK$103.13 HK$167.31 HK$273.09 75
5Y Revenue Exit HK$60.21 HK$99.74 HK$151.32 72
5Y EBITDA Exit HK$106.79 HK$188.80 HK$287.10 74
5Y P/E Exit HK$83.14 HK$143.58 HK$208.68 70
10Y Revenue Exit HK$54.02 HK$90.10 HK$140.76 65
10Y EBITDA Exit HK$86.74 HK$154.11 HK$248.98 67
10Y P/E Exit HK$71.18 HK$121.61 HK$186.48 63
Earnings-Based
Graham-Dodd HK$43.78 HK$150.71 HK$202.36 64
Lynch FV HK$34.79 HK$49.71 HK$64.62 61
PEG = 1.0 HK$34.79 HK$49.71 HK$64.62 57
EPV HK$56.20 HK$65.37 HK$73.52 74
Dividend Discount
Gordon GGM HK$47.96 HK$104.70 HK$176.16 65
DDM Multi-Stage HK$47.96 HK$84.78 HK$109.11 66
Multiples
P/E Multiple HK$106.24 HK$141.65 HK$177.06 63
P/S Multiple HK$82.09 HK$109.45 HK$136.82 58
P/B Multiple HK$82.09 HK$109.45 HK$136.82 55
EV/EBIT HK$88.20 HK$116.19 HK$144.19 66
EV/EBITDA HK$149.65 HK$198.12 HK$246.60 67
EV/Revenue HK$67.91 HK$95.20 HK$122.49 54
Asset-Based
NCAV (Graham) HK$34.45 HK$46.16 HK$68.90 54
Growth DCF
Growth DCF HK$50.03 HK$75.64 HK$115.02 78
Rev-Margin DCF HK$60.21 HK$99.11 HK$144.90 72
Economic Profit
Residual Income HK$60.92 HK$67.13 HK$92.42 76
ROIC Compounder HK$56.20 HK$65.37 HK$79.76 72
Growth Earnings
Growth-Adj P/E HK$90.56 HK$129.37 HK$168.19 67

Widest divergence: Growth Earnings (HK$129.37) versus Asset-Based (HK$46.16). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 11.3 as of Jun 7, 2026
P/S ratio 1.47 P/E × margin
EPS (TTM) HK$5.74 price ÷ EPS = P/E 11.3
Dividend yield 5.9% payout 82.5%
Net margin 13.1% FY2025
Return on equity 9.6% TTM
More key figures
Profitability
Return on assets (EBIT) 8.1% avg 5y
Operating margin 11.0% TTM
Growth
Revenue (TTM) HK$1.1T TTM
Revenue growth (YoY) +1.0% 3y avg +3.0%
EPS growth (YoY) −4.9%
Balance sheet & cash flow
Free cash flow HK$76.0B FY2025
Net cash HK$5.8B FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 57

Profitability 39
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 74
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong. It offers communications services, including mobile communications, broadband networks, cellular IoT, and satellite Internet; computing services comprising data centers, cloud computing services, and cloud computing applications; and AI services, such as …

Full company description

China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong. It offers communications services, including mobile communications, broadband networks, cellular IoT, and satellite Internet; computing services comprising data centers, cloud computing services, and cloud computing applications; and AI services, such as data algorithms, embodied intelligence, digital intelligence culture, digital intelligence e-commerce, and industry digital intelligence services. The company was formerly known as China Mobile (Hong Kong) Limited and changed its name to China Mobile Limited in May 2006. The company was incorporated in 1997 and is based in Central, Hong Kong. China Mobile Limited operates as a subsidiary of China Mobile Hong Kong (BVI) Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Mobile Ltd reported revenue of 1.0T CNY in FY2025 versus 848B CNY in FY2021, a compound +4.8%/yr. Reported net income was 134B CNY in FY2025, compounding +3.6%/yr from FY2021.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$1.0T
Latest YoY
−1.7%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.0%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.9%
Avg. revenue growth/yr (28Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+9.0% · in HKD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+3.1%
Dividend yield5.9%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 3.1% vs 10Y 1.5%, steady
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14.7% (2020) → 14.2% (2025) · steady
Worst earnings drop16% (2014) · in HKD
Revenue +4.8%/yr
FY21 848B CNY
FY22 937B CNY
FY23 1.0T CNY
FY24 1.0T CNY
FY25 1.0T CNY
Net income +3.6%/yr
FY21 116B CNY
FY22 125B CNY
FY23 132B CNY
FY24 138B CNY
FY25 134B CNY
Character of growth · EPS growth decomposed (2014-2025) +1.8 % p.a.
Revenue per share +4.1 %

of which total revenue +4.7 % · buybacks/dilution −0.6 %

EBIT margin −0.5 %
Tax rate +0.3 %
Residual (interest, one-offs) −2.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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China Mobile Ltd · Fair Value
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Cite: Fair Value Calculator (2026). "China Mobile Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0941

Peer Group

Telecom Services · 249 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside +64% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth 1% · Below median
Dividend yield (TTM) 5.9% · Top 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than median
P/B 1.20× · Cheaper than median
P/S (TTM) 1.63× · Pricier than median
P/FCF 2.9× · Cheaper than median
EV/EBITDA 5.8× · Cheaper than median
PEG 51.90× · Pricier than 75% of peers

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must China Mobile Ltd deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+3.6 % per year
Achieved revenue growth, 5 years+5.9 % p.a.
Sector median revenue growth+1.6 %
FCF yield on price4.38 %
Discount rate (WACC) in the models8.1 %

The price demands roughly the growth the company recently delivered. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 28
FUTURE5 · sector 16
PAST39 · sector 28
HEALTH100 · sector 89
DIVIDEND100 · sector 74

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.49 $95.42 +260%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.00 $39.79 +73%
Singapore Telecommunications Limited Z77 4.53 SGD 3.03 SGD −33%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%
Telstra Group TLS A$4.80 A$3.31 −31%

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Frequently asked questions

Is China Mobile Ltd (0941) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of HK$130.54 versus a price of HK$79.65, about +64% upside (undervalued).
What is the fair value of 0941?
Our model-based fair value for China Mobile Ltd is HK$130.54 (as of Aug 20, 2026), built from audited fundamentals. The current price: HK$79.65.
What is the quality score of 0941?
China Mobile Ltd has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Mobile Ltd (0941)?
Our model-based price target is the fair value of HK$130.54 (as of Aug 20, 2026) from 26 valuation models. Cautious scenario HK$85.02, optimistic scenario HK$163.10. It is a calculation from audited fundamentals, not an analyst target.
What is the China Mobile Ltd stock forecast for 2026?
Our models put fair value at HK$130.54, about +64% upside versus a price of HK$79.65 (undervalued). Cautious scenario HK$85.02, optimistic scenario HK$163.10. The calculation is refreshed regularly with new filings.
What is the revenue of China Mobile Ltd (0941)?
China Mobile Ltd reported trailing-twelve-month revenue of about HK$1.1T (latest available figure, as of Aug 20, 2026).
What is the net profit margin of 0941?
The net profit margin of China Mobile Ltd is about 12.9%, meaning it keeps roughly 12.9% of revenue as net income. Based on the latest reported figures.
Does China Mobile Ltd pay a dividend?
China Mobile Ltd currently shows a dividend yield of about 5.95% relative to its recent price (as of Aug 20, 2026).
What growth is priced into China Mobile Ltd (0941)?
For today's price to be fair in a discounted-cash-flow model, China Mobile Ltd would have to grow free cash flow by +3.6 % per year for ten years (discount rate 8.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew +5.9 % per year. As of Aug 20, 2026.
What discount rate (WACC) does the fair value of 0941 use?
Our models discount China Mobile Ltd at 8.1 %: a base by market capitalisation (mega), damped by beta 0.25, country premium for Hong Kong. The same rate applies in all 26 models.
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