China Mobile jetzt weltweit Nummer 1 !!! (Seite 260)

[TMag]

Hi @ll!

Betrifft jetzt nicht China Mobile ... aber ein vielleicht interessantes Investment auf dem chinesischen Markt. Hab in der FOCUS gelesen das der Münchener Vermögensverwalter Jens Ehrhardt die Aktie der Bäckereikette Saint Honore (BMG7774W1010) als " günstigen Substanzwert" eingestuft hat. Hat jemand Informationen? Vor allem hinsichtlich Dividende, KGV, Analysen, Unternehmennachrichten, Unternehmenskennzahlen usw.´

Wie ist die Meinung zu diesem Investment???

LG TMag

[asiate]

Hey

Citigroup cuts China Mobile (0941) call to "Sell"
2005/01/05 11:01

(Infocast News) Smith Barney Citigroup Research has downgraded its recommendation on China Mobile (0941) from "Hold" to "Sell", with a target price of $22. The research unit suggests selling the stock on strength and switch to other telecom plays like China Telecom (0728) or China Netcom (0906), while the unit`s China strategist advised switching to other H shares like Sinopec (0386) or China Merchants (0144).

The unit`s report gave 4 reasons for the downgrade which include: (i) competitive pressures are not easing; (ii) capital expenditure risk is chronic and rising again; (iii) dividend upside not attractive enough; and (iv) valuations look stretched.

The unit noted that the group`s 7.1% quarter-on-quarter decline in
revenue per minute in the third quarter of 2004 proves that Doc. 204 has been ineffective in easing competitive pressures.

On the other hand, with prices still falling, network utilization is rising again ¡V implying a risk of rising capex. Accordingly, the unit has revised the capex assumptions for the group up by 15-20% and cut the 2005 and 2006 EPS estimates by 7-9%, placing the unit`s forecasts 9-10% below the market consensus. The unit expects the group to see a climb in 2004 net profit to $36.86 billion due to the asset acquisition from its parent, while the 2005 profit is anticipated to decline to $35.98 billion.

The unit`s valuation for the stock has been lowered by 5.8% to $22.13 on a discounted cash flow basis, and the new target price is $22, which represents a 12x estimated 2005 P/E ratio and equals the stock`s normalized historical average since its IPO. While the research unit expects the group to raise its 2004 full-year dividend payout ratio to 30%, the dividend yield will only be 2.1%, which cannot compensate for the deteriorating fundamentals.


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© Copyright by Chong Hing Securities Ltd. All Rights Reserved.

Bis dann

[Mich@elo]

CHINA MOBILE (HONG KONG) LIMITED
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
(Stock Code: 941)
CONTINUING CONNECTED TRANSACTIONS
The Company entered into the Continuing Connected Transaction Agreements with its ultimate controlling shareholder, CMCC on 30 December 2004.
Since each of the relevant percentage ratios (other than the profit ratio) set out in Rule 14.07 of the Listing Rules in respect of the charges payable
under each of the Continuing Connected Transaction Agreement is, on an annual basis, less than 2.5%, each of the Continuing Connected Transaction
is classified as a continuing connected transaction under Rule 14A.34 of the Listing Rules and is exempt from the independent shareholders’ approval
requirements under the Listing Rules.
Details of the Continuing Connected Transactions will be included in the annual report and accounts of the Company in accordance with Rules 14A.45
and 14A.46 of the Listing Rules.
The board of directors (the ‘‘Board’’) of China Mobile (Hong Kong) Limited
(the ‘‘Company’’, together with its subsidiaries, the ‘‘Group’’) announces that
on 30 December 2004, the Company entered into two agreements with its
ultimate controlling shareholder, China Mobile Communications Corporation
(‘‘CMCC’’) (the ultimate controlling shareholder of the Company holding
indirectly approximately 75.6% of the total issued and outstanding share
capital of the Company). These two agreements are (i) the property leasing and
management services agreement (the ‘‘Property Leasing Agreement’’); and
(ii) the telecommunications services agreement (the ‘‘Telecommunications
Services Agreement, which together with the Property Leasing Agreement, are
collectively referred to as the ‘‘Continuing Connected Transaction
Agreements’’).
Each of the transactions under the Continuing Connected Transaction
Agreements (each a ‘‘Continuing Connected Transaction’’) involves the
provision of goods and services which is carried out on a continuing or
recurring basis in the ordinary and usual course of business of the Company
and constitutes a continuing connected transaction under the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited (the
‘‘Listing Rules’’).
The Continuing Connected Transactions were previously subject matters of
connected transaction agreements entered into between certain subsidiaries of
the Company and certain subsidiaries of CMCC and The Stock Exchange of
Hong Kong Limited (the ‘‘Stock Exchange’’) has previously granted waivers
to the Company, subject to certain conditions, from strict compliance with the
relevant disclosure and shareholders’ approval requirements of the Listing
Rules. The connected transactions under such connected transaction
agreements previously entered into have been approved by the independent
shareholders of the Company and the waivers previously granted by the Stock
Exchange will expire on 31 December 2004. Such connected transaction
agreements previously entered into will terminate upon the Continuing
Connected Transaction Agreements becoming effective on 1 January 2005.
The Company had acquired provincial mobile telecommunications companies
which were subsidiaries of CMCC in 1998, 1999, 2000, 2002 and 2004. During
year 2001, the Company operated in thirteen provinces, autonomous regions
and directly administered municipalities of the People’s Republic of China (the
‘‘PRC’’). The Company expanded its geographical coverage to twenty-one
provinces, autonomous regions and directly administered municipalities of the
PRC following the completion of its acquisition of eight provincial mobile
telecommunications operators previously owned by CMCC on 1 July 2002.
Following the completion of the acquisition by the Company of, among other
things, ten provincial mobile telecommunications operators previously owned
by CMCC on 1 July 2004, the Company operates in all thirty-one provinces,
autonomous regions and directly administered municipalities of the PRC. As
the provincial mobile telecommunications subsidiaries previously owned by
CMCC are now members of the Group, the transactions previously entered into
between subsidiaries of the Company and prior subsidiaries of CMCC which
have been acquired by the Company no longer constitute connected
transactions under the Listing Rules. Only those transactions between the
Company or its subsidiaries and subsidiaries of CMCC (which have not been
acquired by the Company) remain as connected transactions under the Listing
Rules. Accordingly, the Company has decided to consolidate the agreements
between the Group and CMCC and its subsidiaries by entering into the
Continuing Connected Transaction Agreements, which will streamline the
management of the Continuing Connected Transactions by the Company.
Details of the Continuing Connected Transaction Agreements are set out
below.
THE PROPERTY LEASING AGREEMENT
The Company entered into the Property Leasing Agreement with CMCC
pursuant to which the Company rents from CMCC various properties for use as
business premises and offices, retail outlets and warehouses, of the Group, and
CMCC and its subsidiaries provide property management services in relation to
the properties let or sub-let under the agreement.
The properties to be rented under the Property Leasing Agreement include (i)
properties owned by CMCC and its subsidiaries; and (ii) properties let to
CMCC and its subsidiaries from third parties and sub-let by CMCC and its
subsidiaries to the Company.
The charges payable by the Company in respect of properties owned by CMCC
and its subsidiaries are determined with reference to market rates; whilst the
charges payable in respect of properties which CMCC or its subsidiaries lease
from third parties and sub-let to the Company or its subsidiaries are
determined according to the actual rent payable by CMCC or its subsidiaries
to such third parties together with the amount of any tax payable. The
Company has the right to adjust the number of leased properties under the
Property Leasing Agreement to suit its business needs.
The aggregate rental and property management service charges paid by the
Group for the years ended 31 December 2001, 31 December 2002 and 31
December 2003 were RMB138 million (equivalent to approximately HK$130
million), RMB189 million (equivalent to approximately HK$179 million) and
RMB264 million (equivalent to approximately HK$249 million), respectively.
These historical rental and property management service charges reflect the
actual amount paid by the Company and the subsidiaries that the Company
owned during the relevant financial year. As the Company only held all its
existing subsidiaries since 1 July 2004, these historical figures do not reflect
the aggregate annual amounts that would have been payable by the Company
and all its existing subsidiaries with respect to the leasing and management of
properties under the Property Leasing Agreement.
To enhance the Group’s leading position in PRC’s mobile telecommunications
industry, the Group will continue to strengthen and expand its sales networks
by increasing the number of retail outlets.
Based on the number of properties that are currently rented by the Group from
CMCC and its subsidiaries, which number is expected to increase in the next
few years in line with the growth of the Company’s business and as a result of
the Group’s plan to expand its sales networks, the historical rental and
property management service charges payable by the Group under the existing
property leasing and property management service arrangement with CMCC
and its subsidiaries, and taking into account the anticipated trend of increase in
market rental of properties in the PRC in the next few years, the aggregate
annual rental and property management service charges payable by the Group
for the three years ending 31 December 2005, 31 December 2006 and 31
December 2007 are expected not to exceed RMB800 million (equivalent to
approximately HK$755 million), RMB900 million (equivalent to approximately
HK$849 million) and RMB1,000 million (equivalent to approximately HK$943
million), respectively. Accordingly, the maximum aggregate annual values of
the transaction under the Property Leasing Agreement for the three years
ending 31 December 2005, 31 December 2006 and 31 December 2007 are set
at RMB800 million (equivalent to approximately HK$755 million), RMB900
million (equivalent to approximately HK$849 million) and RMB1,000 million
(equivalent to approximately HK$943 million), respectively.
THE TELECOMMUNICATIONS SERVICES AGREEMENT
The Company entered into the Telecommunications Services Agreement with
CMCC pursuant to which subsidiaries of the Company obtain certain
telecommunications equipment and services from CMCC and its subsidiaries
(the ‘‘Telecommunications Services’’).
Services provided under the Telecommunications Services Agreement include
(i) telecommunications project planning, design and construction services; (ii)
telecommunications line and pipeline construction services; and (iii)
telecommunications line maintenance services.
Pursuant to the Telecommunications Services Agreement, subsidiaries of
CMCC sell transmission towers and spare parts and provide related
installation and maintenance services to subsidiaries of the Company.
The charges payable for the services provided under the agreement, and the
price of transmission towers and spare parts and the charges payable for
related installation and maintenance services are determined with reference to
and cannot exceed relevant standards laid down and revised from time to time
by the government of the PRC. Where there are no government standards, the
prices and charges are determined according to market rates.
The aggregate amounts paid by the Group for the Telecommunications
Services for the years ended 31 December 2001, 31 December 2002 and 31
December 2003 were RMB262 million (equivalent to approximately HK$247
million), RMB386 million (equivalent to approximately HK$364 million) and
RMB497 million (equivalent to approximately HK$469 million), respectively.
These historical amounts only reflect the actual amount paid by the Company
and the subsidiaries that the Company owned during the relevant financial
year. As the Company only held all its existing subsidiaries since 1 July 2004,
these historical figures do not reflect the aggregate annual amounts that would
have been payable by the Company and all its existing subsidiaries under the
Telecommunications Services Agreement.
Given the robust development of its businesses, the demands on the Group’s
network resources continue to increase. Appraising the growing market demand
for telecommunications services, the Group will incur appropriate capital
expenditures to sustain optimal network performance and ensure that quality of
service is kept to the Group’s high standard, to provide a solid foundation for
future development.
Based on the historical level of service charges paid by the Group for
Telecommunications Services and the amounts paid by the Group for the
purchase of transmission towers and spare parts, and the extent and volume of
the services and transmission towers and spare parts the Company expects the
subsidiaries of CMCC to provide in the next few years, which is expected to
increase in line with the growth of the Company’s business, the aggregate
annual amounts payable by the Group under the Telecommunications Services
Agreement for each of the years ending 31 December 2005, 31 December 2006
and 31 December 2007 are expected not to exceed RMB2,500 million
(equivalent to approximately HK$2,358 million). Accordingly, the maximum
aggregate annual value of the transactions under the Telecommunications
Services Agreement is set at RMB2,500 million (equivalent to approximately
HK$2,358 million).
COMPLIANCE WITH LISTING RULES
Since each of the relevant percentage ratios (other than the profit ratio) set out
in Rule 14.07 of the Listing Rules in respect of the rental and property
management charges payable by the Company under the Property Leasing
Agreement and the amounts payable under the Telecommunications Services
Agreement is, on an annual basis, less than 2.5%, each of the Continuing
Connected Transaction is classified as a continuing connected transaction
under Rule 14A.34 of the Listing Rules and is exempt from the independent
shareholders’ approval requirements under the Listing Rules. Details of the
Continuing Connected Transactions will be included in the annual report and
accounts of the Company in accordance with Rules 14A.45 and 14A.46 of the
Listing Rules.
Each of the Continuing Connected Transaction Agreements has a fixed term of
three years, and will be effective from 1 January 2005 to 31 December 2007.
The directors (including independent non-executive directors) of the Company
are of the view that the Continuing Connected Transaction Agreements were
entered into after arm’s length negotiation between the Company and CMCC
and reflect normal commercial terms. The terms are fair and reasonable and in
the interests of the shareholders of the Company and the Company as a whole.
GENERAL INFORMATION
CMCC is a State-owned company established under the laws of the PRC and
the ultimate controlling shareholder of the Company. Through the Group,
CMCC is the leading provider of mobile telecommunications services in the
PRC.
This announcement contains translations between Renminbi and Hong Kong
dollars at RMB1.06=HK$1.00. The translations are not representations that the
Renminbi and Hong Kong dollar amounts could actually be converted at such
rate, if at all.
As at the date of this announcement, the Board of directors of the Company
comprises Mr. Wang Jianzhou, Mr. Li Yue, Mr. Lu Xiangdong, Mr. Xue
Taohai, Mr. Zhang Chenshuang, Madam Li Mofang, Mr. He Ning, Mr. Li Gang
and Mr. Xu Long as executive directors, Dr. Lo Ka Shui, Mr. Frank Wong
Kwong Shing and Mr. Moses Cheng Mo Chi as independent non-executive
directors and Dr. J. Brian Clark as a non-executive director.
By Order of the Board
China Mobile (Hong Kong) Limited
Wang Jianzhou
Chairman and Chief Executive Officer
Hong Kong, 30 December 2004

[firsttop]

Hallo gonzinho,

grundsätzlich sind solche Analysen eine nützliche Hilfe.
Bei dem Wert China Mobile heißt es auch Vergleichen mit Werten in Europa und den USA.
Hier sieht es im Bereich der Mobilfunktechnologie sehr gut aus, die Margen steigen und das ist ziemlich unabhängig von der Konjunktur.
Die Technik steht und die Konkurrenz im Blick und überschaubar.
Bei CM als Anbieter kommt eine "Fast-Monopol" in China dazu.
D.h. wachsender Markt, abgeschlossene Entwicklung, Vorteile eines Landesunternehmen (mit entsprechenden Kontakten) und der Einstieg ausl. Anbieter.
Langfrist auf jeden Fall ein Kauf.

Gruß

[gonzinho]

Tach Leute,

wie bewertet ihr denn die unterschiedlichen Perspektiven von China Mobile und China Unicom. Anbei habe ich einen interessanten Link über eine Asienstudie (schwerpunktmäßig China) der ABN Amro. Eure persönliche Meinung würde mich aber auch sehr interessieren.
http://emfis.com/uploads/tx_asiabeitrag/asienstudie.pdf

Gruß
Gonzinho

[WIZO]

Ich schätze mal, dass bezieht sich auch nicht auf die in Deutschland gehandelte Aktie, sondern auf die in Amerika.

[WIZO]

16 Dollar

http://www.finanznachrichten.de/nachrichten-2004-12/artikel-…

[womarcO]

Nein, EURO!
Hier der Text aus den DAB - News:

07.12.04 09:01
Goldman Sachs bewertet in einer Studie vom 6. Dezember die Aktie von China Mobile (Hong Kong) Ltd. mit dem Rating "In-Line". Das Kursziel liegt bei 16 Euro.


China Mobile habe am 6. Dezember ein Analystenmeeting abgehalten. Dieses sei das erste mit dem neuen Chairman Wang Jenzhou gewesen, der von China Unicom abgeworben worden und seit dem 1. November im Amt sei. Es sei kommuniziert worden, dass die Strategie des Unternehmens keine große Änderungen erfahre. Zur Entwicklung des 3G-Standards habe das Management keine Guidance abgeben können. Zurückhaltend habe sich das Management auch bezüglich der Dividendenpolitik gezeigt. Nach Meinung der Analysten führe das Unternehmen Gespräche mit Vodafone, um die vorhandene strategische Partnerschaft weiter auszubauen.


Insgesamt sind die Analysten dem Titel gegenüber weiter vorsichtig eingestellt. Fraglich sei, ob ein KGV-Aufschlag von 30 bis 50 Prozent gegenüber den Festnetzgesellschaften gerechtfertigt sei. Risiken für das Unternehmen seien derzeit ein sich verschärfender Wettbewerb, höhere Aufwendungen und Unsicherheiten im Restrukturierungsprozess der Mobilfunkbranche.


Dann wollen wir mal hoffen!
Ciao

[Mich@elo]

16 Dollar

@elo

[womarcO]

Habe ich richtig gelesen, dass Goldmann Sachs ein Kursziel von 16 EURO ausgegeben hat? Das kann doch nur ein Irrtum sein.