CHL - China Mobile: Recovering From COVID-19 Stable Dividend

China Mobile (CHL) saw meaningful mobile subscriber loss in February during the peak of the pandemic in China while fixed line was stable. But, the network operator is seeing stores reopen and subscribers back into growth mode in March. In addition, 5G subscriber numbers were appealing. Dividend outlook is stable in 2020E which is an important support for the stock.

Data by YCharts

1Q20 weak as expected

The company reported 2% yoy service revenue growth which is down from a rising trend. This was mainly due to mobile subscriber net loss of 7.3mn

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