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A Wright Investors' Service Research Report: China Mobile Limited COMPANY PROFILE Figures in Hong Kong Dollars Wright Quality Rating:AAA19 440 Wheelers Farms Road Milford, CT 06461 U. S. A. Key Data Ticker: 941 2006 Sales: 288,358,015,400 Major Industry: Utilities Sub Industry: Telecommunications Country: Hong Kong Currency: Hong Kong Dollars Fiscal Year Ends: December China Mobile Limited Formerly known as China Mobile (Hong Kong) Limited. The Group's principal activity is the operation of mobile telecommunications. It also provides telecommunication network planning design and consulting services; network and business coordination center; optimizing construction-testing of its network structure, technology support, development and training of Nokia GSM900/1800 mobile communication system; roaming clearance; technology platform and maintenance; mobile data solution, system integration and development. Other activity includes investment holding. Operations are carried out in the People's Republic of China, the British Virgin Islands and the Cayman Islands. Stock Chart Officers Executive Chairman & Chief Executive Wang Jianzhou Joint Vice President & Chief Financial Officer Xue Taohai Secretary Grace Wong Wai Lan Stock Price (11/2/07): 152. 20 Recent stock performance 1 Week -1. 3% 4 Weeks 17. 2% 13 Weeks 71. 8% 52 Weeks 128. 9% Earnings / Dividends (as of 6/30/07) Earnings Dividends Most Recent Qtr 1. 90 Last 12 Months 3. 68 Ratio Analysis Price / Earnings Ratio 41. 6 Dividend Yield 1. 15% Price / Sales Ratio Price / Book Ratio 10. 56 Payout Ratio 47. 55% 9. 01 % Held by Insiders 74. 42% Address Phone +852 3121 8888 Home Page https://www. chinamobilehk. com Employees 111,998 Exchanges: HKG OTH Share Type: Ordinary 0. 84 1. 75 Market Capitalization: 3,045,322,844,017 Total Shares Outstanding: 20,008,691,485 Closely Held Shares: 14,890,119,842 99 Queen's Road Central HONG KONG Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. COMPARATIVE BUSINESS ANALYSIS: Data as of: 11/2/07 China Mobile Limited Company Description China Mobile Limited Formerly known as China Mobile (Hong Kong) Limited. The Group's principal activity is the operation of mobile telecommunications. It also provides telecommunication network planning design and consulting services; network and business coordination center; optimizing construction-testing of its network structure, technology support, development and training of Nokia GSM900/1800 mobile communication system; roaming clearance; technology platform and maintenance; mobile data solution, system integration and development. Other activity includes investment holding. Operations are carried out in the People's Republic of China, the British Virgin Islands and the Cayman Islands. Competitor Analysis China Mobile Limited operates within the Radiotelephone communications sector. This analysis compares China Mobile Limited with three other telecommunications providers in Asia: KDDI Corporation of Japan (2006 sales of 3. 06 trillion Japanese Yen [US$26. 75 billion] of which 81% was Mobile Phones), SK Telecom Company Limited of South Korea (11. 03 trillion Korean Won [US$12. 13 billion] ), and NTT DoCoMo Incorporated which is based in Japan (4. 77 trillion Japanese Yen [US$41. 65 billion] of which 98% was Mobile Phone Business). Sales Analysis During the year ended December of 2006, sales at China Mobile Limited were HK$288. 36 billion (US$37. 13 billion). This is an increase of 24. % versus 2005, when the company's sales were HK$231. 00 billion. This was the fifth consecutive year of sales increases at China Mobile Limited (and since 2001, sales have increased a total of 205%). Recent Sales at China Mobile Limited 288 231 181 149 121 95 2001 2002 2003 2004 2005 2006 (Figures in Billions of Hong Kong Dollars) The company's sales increased faster in 2006 than at all three comparable companies. While China Mobile Limited enjoyed a sales increase of 24. 8%, the other companies saw smaller increases: KDDI Corporation sales were up 4. 8%, SK Telecom Company Limited increased 2. %, and NTT DoCoMo Incorporated experienced a sales decline of 1. 6%. The company currently employs 111,998. With sales of HK$288. 36 billion (US$37. 13 billion) , this equates to sales of US$331,566 per employee. This is a great deal lower than the three comparable companies, which had sales between US$1,863,178 and US$2,789,325 per employee. Note that some of the figures stated herein could be distorted based on exact classification of employees and subcontractors. Sales Comparisons (Fiscal Year ending 2006) Company Year Ended Sales Sales Sales/ (US$blns) Growth Emp (US$) Largest Region China Mobile Limited KDDI Corporation SK Telecom Company Limited NTT DoCoMo Incorporated Dec Mar Dec Mar 2006 2006 2006 2006 37. 135 26. 752 12. 131 41. 654 24. 8% 331,566 N/A 4. 8% 1,863,178 N/A 2. 9% 2,789,325 N/A -1. 6% 1,929,217 N/A Recent Stock Performance During each of the previous 4 years, this stock has increased in value (at the end of 2002, the stock was at HK$18. 55). The stock price has more than doubled recently: For the 52 weeks ending 11/2/07, the stock of this company was up 128. 9% to HK$152. 20. During the past 13 weeks, the stock has increased 71. %. During the past 52 weeks, the stock of China Mobile Limited has outperformed (by a large margin) the three comparable companies, which saw changes between -6. 1% and 12. 1%. During the 12 months ending 6/30/07, earnings per share totaled HK$3. 68 per share. Thus, the Price / Earnings ratio is 41. 36. Some Wall Street research analysts are hesitant to recommend stocks that have sales of over US$1 billion and a P/E ratio of over 40. This is because companies already this large may have some difficulty expanding quickly enough to justify such a high P/E ratio. These 12 month earnings are greater than the earnings per share achieved during the last fiscal year of the company, which ended in December of 2006, when the company reported earnings of 3. 18 per share. Earnings per share rose 24. 0% in 2006 from 2005. Note that the earnings number includes a 0. 14 pre-tax charge in 2006. The 41. 4 P/E ratio of this company is much higher than the P/E ratio of all three comparable companies, which are currently trading between 10. 4 and 18. 7 times earnings. This company is currently trading at 10. 56 times sales. This is at a much higher ratio than all three comparable companies, which are trading between 1. 20 and 1. 52 times sales. China Mobile Limited is trading at 9. 01 times book value. The company's price to book ratio is significantly higher than that of all three comparable companies, which are trading between 1. 61 and 2. 24 times book value. Therefore, the market is valuing this company at higher book, sales and earnings multiples than the three comparable companies. Summary of Company Valuations (as of 11/2/07) Company P/E Price/ Price/ Book Sales 52 Wk Pr Chg China Mobile Limited KDDI Corporation SK Telecom Company Limited NTT DoCoMo Incorporated 41. 4 18. 7 10. 4 18. 5 9. 01 2. 24 1. 61 1. 70 10. 56 128. 90% 1. 20 12. 14% 1. 52 -3. 50% 1. 52 -6. 15% The market capitalization of this company is HK$3. 05 trillion (US$392. 18 billion) . Closely held shares (i. e. , those held by officers, directors, pension and benefit plans and those shareholders who own more than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to acquire a majority of the shares without the consent of management and other insiders. The capitalization of the floating stock (i. e. , that which is not closely held) is HK$779. 05 billion (US$100. 33 billion) . Dividend Analysis During the 12 months ending 6/30/07, China Mobile Limited paid dividends totalling HK$1. 75 per share. Since the stock is currently trading at HK$152. 20, this implies a dividend yield of 1. 1%. This company's dividend yield is lower than the three comparable companies (which are currently paying dividends between 1. 2% and 3. 9% of the stock price). The company has paid a dividend for 5 straight years. China Mobile Limited has increased its dividend during each of the past 4 fiscal years (in 2002, the dividends were HK$0. 32 per share). During the same 12 month period ended 6/30/07, the Company reported earnings of HK$3. 68 per share. Thus, the company paid 47. 6% of its profits as dividends. Profitability Analysis On the HK$288. 36 billion in sales reported by the company in 2006, the cost of services sold totaled HK$16. 45 billion, or 5. 7% of sales (i. e. , the gross profit was 94. 3% of sales). This gross profit margin is significantly better than the company achieved in 2005, when cost of services sold totaled 22. % of sales. There was a wide variation in the gross profit margins at the three comparable companies, from 21. 0% of sales to 95. 1% of sales. Some of this disparity may be due to different accounting standards. The company's earnings before interest, taxes, depreciation and amortization (EBITDA) were HK$159. 33 billion, or 55. 3% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2005, when the EBITDA ratio was 55. 9% of sales. The three comparable companies had EBITDA margins that were all less (between 20. 7% and 39. %) than that achieved by China Mobile Limited. In 2006, earnings before extraordinary items at China Mobile Limited were HK$64. 46 billion, or 22. 4% of sales. This profit margin is an improvement over the level the company achieved in 2005, when the profit margin was 22. 0% of sales. Earnings before extraordinary items have grown for each of the past 5 years (and since 2002, earnings before extraordinary items have grown a total of 109%). The company's return on equity in 2006 was 24. 6%. This was an improvement over the 23. 3% return the company achieved in 2005. Extraordinary items have been excluded). Profitability Comparison Gross Earnings Profit EBITDA before Year Margin Margin extra Company China Mobile Limited China Mobile Limited 2006 94. 3% 55. 3% 22. 4% 2005 77. 2% 55. 9% 22. 0% KDDI Corporation 2006 21. 0% 20. 7% 6. 2% SK Telecom Company Limited 2006 95. 1% 39. 2% 13. 2% NTT DoCoMo Incorporated 2006 61. 0% 33. 0% 12. 8% Financial Position As of December 2006, the company's long term debt was HK$33. 45 billion and total liabilities (i. e. , all monies owed) were HK$167. 59 billion. The long term debt to equity ratio of the company is 0. 1. As of December 2006, the accounts receivable for the company were HK$10. 39 billion, which is equivalent to 13 days of sales. This is an improvement over the end of 2005, when China Mobile Limited had 13 days of sales in accounts receivable. The 13 days of accounts receivable at China Mobile Limited are lower than all three comparable companies: KDDI Corporation had 47 days, SK Telecom Company Limited had 105 days, while NTT DoCoMo Incorporated had 46 days outstanding at the end of the fiscal year 2006. Financial Position Company LT Debt/ Days Year Equity AR China Mobile Limited 2006 0. 11 13 KDDI Corporation 2006 SK Telecom Company Limited 2006 NTT DoCoMo Incorporated 2006 0. 40 47 0. 25 105 0. 15 46 Important Legal Notice THIS REPORT IS PROVIDED FOR GENERAL INFORMATION ONLY, IS NOT TO BE CONSIDERED AS INVESTMENT ADVICE AND SHOULD NOT BE RELIED UPON FOR INVESTMENT DECISIONS. NO REPRESENTATION OR WARRANTY IS MADE REGARDING THE ACCURACY, RELIABILITY OR TIMELINESS OF THE CONTENT. THE REPORTS ARE COMPUTER GENERATED AND MAY BE SUBJECT TO PROGRAMMATIC AND/OR CONTENT ERRORS. VISITORS SHOULD VERIFY INFORMATION WITH OTHER RELIABLE SOURCES. THIS REPORT IS PROVIDED AS IS, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. IN NO EVENT WILL WRIGHT INVESTORS’ SERVICE, ITS PARENT CORPORATION OR ANY OF THEIR DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, NO MATTER WHAT THE CAUSE. THE CONTENT OF THIS REPORT IS PROTECTED BY APPLICABLE COPYRIGHT LAWS. CONTENT MAY NOT BE REPRODUCED, DISTRIBUTED, MODIFIED OR FRAMED WITHOUT PRIOR WRITTEN PERMISSION. Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. SUMMARY ANALYSIS: China Mobile Limited Equity Capital % % Profit Book Earned Rate Value Growth (ROE) Begin Yr 12. 8% 10. % 30. 1% 33. 5% 22. 8% 16. 3% 14. 3% 13. 9% 12. 4% n/a 12. 8% 10. 3% 30. 1% 33. 5% 28. 5% 20. 7% 21. 2% 23. 1% 24. 1% n/a 4. 32 3. 64 3. 91 4. 24 5. 66 8. 25 9. 48 11. 11 13. 22 15. 92 Earnings 12 Month Earnings % Per Share Change AF ABF AF BF AF ABF AF BF AF Per Share- Hong Kong Dollars Value Ratios Price/ Price/ Earnings Book Dividend Ratio Ratio Yield 24. 3 129. 6 36. 2 19. 3 11. 5 14. 0 13. 1 14. 3 21. 1 41. 4 3. 1 13. 4 10. 9 6. 5 3. 3 2. 9 2. 8 3. 3 5. 1 9. 0 0. 0% 0. 0% 0. 0% 0. 0% 1. 7% 1. 5% 2. 5% 2. 8% 2. 3% 1. 1% Dividends % 12 Month Payout Dividends Ratio Per Share 0. % 0. 0% 0. 0% 0. 0% 19. 9% 21. 1% 32. 8% 39. 8% 48. 5% 47. 6% C Year Fiscal Yr Ends: December 1998 1999 2000 2001 2002 2003 2004 2005 2006 11/2/07 CD CD CDE D CD D D Price Market Price Last 13. 40 48. 60 42. 60 27. 45 18. 55 23. 85 26. 35 36. 70 67. 20 152. 20 0. 55 14. 0% 0. 00 0. 00 0. 00 0. 00 0. 32 0. 36 0. 66 1. 02 1. 54 1. 75 0. 37 -32. 1% 1. 18 213. 6% 1. 42 1. 61 1. 70 2. 01 2. 56 3. 18 3. 68 21. 0% 13. 3% 5. 7% 18. 1% 27. 4% 24. 0% n/c (A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0. 14 PRETAX CHG IN 2006, INCLS 0. 28 PRETAX CHG IN 2004, INCLS 0. 3 PRETAX CHG IN 2003, INCLS 0. 01 PRETAX CHG IN 2002, INCLS 0. 10 PRETAX CHG IN 2000, INCLS 0. 64 PRETAX CHG IN 1999, INCLS 0. 13 PRETAX CR IN 1998 (B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED HKFRS INCLUDING HKAS & INTERPRETATIONS IN 2005, INCREASING EARNINGS BY 0. 02, - ADOPTED SSAP 12 (REV) DEFERRED TAX LIABILITIES. EARNINGS IMPACT NOT SPECIFIED, ADOPTED SSAP 9 (REVISED) AND SSAP 30 IN 2001, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SSAP 1 (REVISED) FOR PRESENTATION OF FINANCIAL STATEMENTS IN 1999 (C): INCLUDES EXTRA CASH DIVIDENDS - 0. 6 IN 2006, ANHUI MOBILE (BVI) LTD, JIANGXI MOBILE (BVI) LTD, CHONGQING MOBILE (BVI) LTD, SICHUAN MOBILE (BVI) LTD, HUBEI MOBILE (BVI) LTD, HUNAN MOBILE (BVI) LTD, SHAANXI MOBILE (BVI) LTD & SHAANXI MOBILE COMMUNICATION LTD IN 2002, BEIJING MOBILE COMMUNICATION COMPANY LIMITED, SHANGHAI MOBILE COMMUNICATION COMPANY LIMITED, TIANJIN MOBILE COMMUNICATION COMPANY LIMITED, HEBEI MOBILE COMMUNICATION COMPANY LIMITED, LIAONING MOBILE COMMUNICATION COMPANY LIMITED, SHANDONG MOBILE COMMUNICATION COMPANY LIMITED AND GUANGXI MOBILE COMMUNICATION COMPANY LIMITED IN 2000, FUJIAN MOBILE (BVI) LIMITED, HENAN MOBILE (BVI) LIMITED & HAINAN MOBILE (BVI) LIMITED IN 1999, CHINA TELECOM JIANGSU MOBILE (BVI) LIMITED IN 1998, GUANGDONG MOBILE & ZHEJIANG MOBILE IN 1997 (D): 0. 93862 & 0. 94088 IN 2004, 0. 93789 & 0. 94059 IN 2003, 0. 94220 & 0. 94228 IN 2002, 0. 94229 AND 0. 94228 IN 2001, 0. 94236 AND 0. 94139 IN 2000, 0. 93890 AND 0. 93730 IN 1999, 0. 93580 AND 0. 93528 IN 1998, 0. 93251 AND 0. 93124 IN 1997, 0. 92871 AND 0. 92740 IN 1996 (E): NAME CHANGED FROM CHINA TELECOM (HONGKONG) LTD IN 2000 (F): BASED ON AVERAGE SHARES OUTSTANDING - (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2006 WERE 3. 29, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2005 WERE 2. 0, (U ): BASED ON AVERAGE SHARES OUTSTANDING FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2004 WERE 2. 13, MOS ENDED DEC 1998 WERE 0. 54, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 1998 WERE 0. 55 (G): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. SALES ANALYSIS: China Mobile Limited Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in millions 8,203 13,229 13,310 34,823 57,630 74,097 88,007 102,727 129,243 159,327 Figures in millions of Hong Kong Dollars Sales Amount Year-toin year millions Growth 14,423 24,640 36,201 61,175 94,540 50. 0% 70. 8% 46. 9% 69. 0% 54. 5% 28. 1% 23. 1% 21. 3% 27. 6% 24. 8% Cost of Goods Sold Amount in % of millions Sales 6,960 48. 3% 13,206 53. 6% 11,651 32. 2% 16,762 27. 4% 21,998 23. 3% 23,534 19. 4% 23,924 16. 0% 24,089 13. 3% 52,696 22. 8% 16,454 5. 7% After Tax Income before Extraordinary Charges and Credits Amount in millions Employees Sales Per Employee n/a 1,966,503 1,788,346 1,595,475 2,439,865 2,031,433 2,336,105 2,053,938 2,330,917 2,574,671 After Tax Income Per Employee n/a 515,026 222,114 442,595 681,273 517,367 523,710 448,452 513,569 575,557 Year 1997 1998 1999 2000 2001 % of Sales 56. 9% 53. 7% 36. 8% 56. 9% 61. 0% 61. 2% 59. 0% 56. 8% 55. 9% 55. 3% % of Sales Number n/a 12,530 20,243 38,343 38,748 59,633 63,859 88,127 99,104 4,615 32. 0% 6,453 26. 2% 4,496 12. 4% 16,970 27. 7% 26,398 27. 9% 30,852 25. 5% 33,444 22. 4% 39,521 21. 8% 50,897 22. 0% 2002 121,140 2003 149,181 2004 181,007 2005 231,003 2006 288,358 64,461 22. 4% 111,998 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. PRICE ANALYSIS: China Mobile Limited High Price Low Price Closing Price 15. 700 13. 450 12. 200 13. 400 12. 900 21. 550 23. 950 48. 600 68. 250 68. 750 51. 750 42. 600 34. 300 41. 200 24. 00 27. 450 24. 100 23. 100 18. 000 18. 550 15. 450 18. 400 20. 400 23. 850 23. 100 23. 600 23. 700 26. 350 25. 500 28. 950 38. 000 36. 700 Quarterly 12 months %Change %Change n/a -14. 3% -9. 3% 9. 8% -3. 7% 67. 1% 11. 1% 102. 9% 40. 4% 0. 7% -24. 7% -17. 7% -19. 5% 20. 1% -39. 8% 10. 7% -12. 2% -4. 1% -22. 1% 3. 1% -16. 7% 19. 1% 10. 9% 16. 9% -3. 1% 2. 2% 0. 4% 11. 2% -3. 2% 13. 5% 31. 3% -3. 4% n/a n/a n/a n/a -17. 8% 60. 2% 96. 3% 262. 7% 429. 1% 219. 0% 116. 1% -12. 3% -49. 7% -40. 1% -52. 1% -35. 6% -29. 7% -43. 9% -27. 4% -32. 4% -35. 9% -20. 3% 13. 3% 28. 6% 49. 5% 28. 3% 16. 2% 10. 5% 10. 4% 22. 7% 60. 3% 39. 3% Per Share- Hong Kong Dollars Quarter 1998 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 1999 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2000 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2001 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2002 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2003 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2004 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2005 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 16. 250 10. 300 16. 150 11. 400 13. 700 8. 900 15. 900 11. 650 15. 800 12. 600 22. 750 12. 800 27. 350 20. 850 49. 000 23. 900 80. 000 39. 000 73. 750 47. 200 76. 250 46. 800 59. 500 39. 600 51. 000 32. 800 42. 900 29. 600 42. 400 18. 150 30. 300 20. 950 28. 550 21. 250 27. 500 22. 150 23. 800 17. 550 21. 850 17. 900 20. 200 15. 300 19. 800 14. 550 21. 600 18. 300 24. 100 20. 550 28. 100 22. 050 23. 950 19. 150 24. 750 21. 000 27. 200 22. 100 26. 750 23. 300 30. 100 25. 000 38. 550 27. 250 39. 900 33. 250 2006 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 42. 250 35. 050 47. 550 39. 250 56. 700 43. 300 69. 00 54. 350 79. 850 64. 500 86. 500 69. 650 40. 750 44. 400 55. 050 67. 200 71. 050 83. 950 11. 0% 9. 0% 24. 0% 22. 1% 5. 7% 18. 2% 51. 6% 71. 8% 59. 8% 53. 4% 44. 9% 83. 1% 74. 4% 89. 1% 131. 2% 128. 9% 2007 Jan - Mar Apr - Jun Jul - Sep 130. 200 75. 600 127. 300 152. 200 11/2/07 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. EARNINGS AND DIVIDENDS ANALYSIS: Per Share- Hong Kong Dollars Fiscal Year Ends in December Earnings Per Share 12 Months Fiscal Years 1996 1997 1998 1999 2000 CDE CD CD CD China Mobile Limited Dividends Per Share 12 Months % Dividends Change 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 32 0. 36 0. 66 1. 02 C 1. 54 n/a n/c n/c n/c n/c n/c n/c n/c 12. 5% 83. 3% 54. 5% 51. 2% n/c Quarterly Reported Dividends Q1 Mar. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Jun. n/a n/a n/a n/a n/a n/a n/a 0. 16 0. 20 0. 45 0. 62 0. 84 Q3 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Dec. 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 2 % Payout 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% Quarterly Reported Earnings Q1 Mar. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Jun. n/a n/a 0. 27 0. 32 0. 56 0. 70 0. 77 0. 84 0. 90 1. 15 1. 46 1. 90 Q3 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Dec. n/a n/a 0. 28 0. 06 0. 61 0. 73 0. 84 0. 87 1. 11 1. 42 1. 72 n/a % Earnings Change 0. 46 F 0. 48 AF 0. 55 -2. 9% 4. 3% 14. 0% ABF 0. 37 -32. 1% AF 1. 18 213. 6% 2001 2002 2003 2004 2005 2006 2007 (A): D CD D D BF 1. 42 AF 1. 61 ABF 1. 70 AF 2. 01 BF 2. 56 AF 3. 18 n/a 21. 0% 13. 3% 5. 7% 18. 1% 27. 4% 24. 0% n/c 0. 20 28. 2% 0. 46 19. 9% 0. 57 35. 3% 0. 76 39. 6% n/a n/c INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0. 14 PRETAX CHG IN 2006, INCLS 0. 28 PRETAX CHG IN 2004, INCLS 0. 03 PRETAX CHG IN 2003, INCLS 0. 01 PRETAX CHG IN 2002, INCLS 0. 10 PRETAX CHG IN 2000, INCLS 0. 64 PRETAX CHG IN 1999, INCLS 0. 13 PRETAX CR IN 1998 INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED HKFRS INCLUDING HKAS & INTERPRETATIONS IN 2005, INCREASING EARNINGS BY 0. 02, - ADOPTED SSAP 12 (REV) DEFERRED TAX LIABILITIES. EARNINGS IMPACT NOT SPECIFIED, ADOPTED SSAP 9 (REVISED) AND SSAP 30 IN 2001, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SSAP 1 (REVISED) FOR PRESENTATION OF FINANCIAL STATEMENTS IN 1999 (B): INCLUDES EXTRA CASH DIVIDENDS - 0. 6 IN 2006, ANHUI MOBILE (BVI) LTD, JIANGXI MOBILE (BVI) LTD, CHONGQING MOBILE (BVI) LTD, SICHUAN MOBILE (BVI) LTD, HUBEI MOBILE (BVI) LTD, HUNAN MOBILE (BVI) LTD, SHAANXI MOBILE (BVI) LTD & SHAANXI MOBILE COMMUNICATION LTD IN 2002, BEIJING MOBILE COMMUNICATION COMPANY LIMITED, SHANGHAI MOBILE COMMUNICATION COMPANY LIMITED, TIANJIN MOBILE COMMUNICATION COMPANY LIMITED, HEBEI MOBILE COMMUNICATION COMPANY LIMITED, LIAONING MOBILE COMMUNICATION COMPANY LIMITED, SHANDONG MOBILE COMMUNICATION COMPANY LIMITED AND GUANGXI MOBILE COMMUNICATION COMPANY LIMITED IN 2000, FUJIAN MOBILE (BVI) LIMITED, HENAN MOBILE (BVI) LIMITED & HAINAN MOBILE (BVI) LIMITED IN 1999, CHINA TELECOM JIANGSU MOBILE (BVI) LIMITED IN 1998, GUANGDONG MOBILE & ZHEJIANG MOBILE IN 1997 (C): 0. 93862 & 0. 94088 IN 2004, 0. 93789 & 0. 94059 IN 2003, 0. 94220 & 0. 94228 IN 2002, 0. 94229 AND 0. 4228 IN 2001, 0. 94236 AND 0. 94139 IN 2000, 0. 93890 AND 0. 93730 IN 1999, 0. 93580 AND 0. 93528 IN 1998, 0. 93251 AND 0. 93124 IN 1997 (D): (E): (F): NAME CHANGED FROM CHINA TELECOM (HONGKONG) LTD IN 2000 BASED ON AVERAGE SHARES OUTSTANDING - (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2006 WERE 3. 29, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2005 WERE 2. 70, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2004 WERE 2. 13, MOS ENDED DEC 1998 WERE 0. 54, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 1998 WERE 0. 5 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. Income Statement - (Common Size): China Mobile Limited 2005 2004 2003 2002 Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Hong Kong Dollars. Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings 2006 288,358. 0 231,003. 2 181,007. 4 149,181. 3 121,140. 5 5. 7% 21. 9% 72. 4% 22. 8% 23. 2% 54. 0% 13. 3% 24. 1% 62. 6% 16. 0% 24. 3% 59. 7% 27. 3% 41. 3% 68. 9% 31. 1% 0. 0% 1. 0% 0. 9% 0. 0% 0. 0% 2. 3% 55. 3% 23. 7% 69. 7% 30. 3% 0. 0% 0. 0% 0. 7% 0. 0% 0. 0% 1. 8% 55. 9% 32. 6% 70. 0% 30. 0% 0. 0% 3. 1% 0. 5% 0. 0% 0. 0% 5. 2% 56. 8% 0. 0% 67. 6% 32. % 0. 0% 0. 4% 0. 5% 0. 0% 0. 0% 2. 2% 59. 0% 19. 4% 21. 6% 58. 9% 21. 7% 0. 0% 62. 8% 37. 2% 0. 0% 0. 1% 0. 6% 0. 0% 0. 0% 1. 8% 61. 2% 33. 3% 0. 5% 0. 0% 32. 8% 10. 4% 0. 0% 0. 0% 32. 8% 0. 6% 0. 0% 32. 2% 10. 2% 0. 0% 0. 0% 32. 7% 0. 9% 0. 0% 31. 8% 10. 0% 0. 0% 0. 0% 34. 7% 1. 4% 0. 1% 33. 4% 11. 0% -0. 0% 0. 0% 39. 5% 1. 6% 0. 1% 38. 1% 12. 6% 0. 0% 0. 0% After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 22. 4% 0. % 0. 0% 22. 4% 22. 0% 0. 0% 0. 0% 22. 0% 21. 8% 0. 0% 0. 0% 21. 8% 22. 4% 0. 0% 0. 0% 22. 4% 25. 5% 0. 0% 0. 0% 25. 5% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, Income Statement - (Year to Year Percent Change): China Figures are the Percent Changes from the Prior Year. Mobile Limited 2004 21. 3% 0. 7% 20. 3% 27. 3% 2003 23. 1% 1. 7% 38. 2% 24. 7% 54. 8% 2002 28. 1% 7. 0% 57. 1% 27. 8% 52. 8% Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense 2006 24. 8% 2005 27. 6% -68. 8% 118. 8% 18. 0% 67. 3% 23. 0% 10. 0% 117. 5% 23. 4% 28. 1% -7. 3% 27. 1% 28. 8% 25. 5% 12. 6% 32. 7% 7. 1% 36. 0% 16. 7% 782. 2% 595. 6% 100. 0% 65. 6% 60. 9% 25. 7% 13. 0% -16. 8% 61. 7% 23. 3% 27. 0% 15. 2% -56. 3% 179. 5% 25. 8% 27. 9% 16. 7% 14. 3% 51. 3% 18. 8% 8. 1% 10. 5% 48. 2% 28. 6% 17. 0% 11. 2% -19. 8% -24. 7% -89. 5% 100. 0% -16. 2% 105. 7% 7. 9% 7. 1% 549. 2% 17. 4% 18. 5% 27. 2% 28. 2% 126. 0% 29. 2% 30. 0% 83. 7% 15. 6% 10. 2% Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common 26. 7% 28. 8% 18. 2% 8. 4% 16. 9% 26. 7% 28. 8% 18. 2% 8. 4% 16. 9% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Income Statement - (5 Year Averages): China Figures in millions of Hong Kong Dollars. Mobile Limited 2005 2004 2003 2002 Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense 2006 194,138. 1 155,374. 5 121,408. 9 92,447. 7 67,539. 5 28,139. 4 44,559. 8 121,438. 8 29,248. 4 35,247. 7 90,878. 4 22,061. 7 19,574. 0 17,430. 4 26,372. 7 19,050. 4 12,666. 4 72,974. 5 53,823. 4 37,442. 7 19,806. 8 46,524. 1 22,733. 3 11,794. 3 0. 0 -0. 0 132,631. 9 104,081. 0 61,506. 2 0. 0 1,812. 0 1,292. 4 0. 0 0. 0 5,134. 0 110,680. 4 51,293. 5 0. 0 1,254. 2 945. 5 0. 0 0. 0 4,108. 4 90,340. 9 79,071. 9 58,431. 1 41,756. 5 42,337. 0 34,016. 6 25,783. 0 0. 0 1,541. 3 827. 9 0. 0 0. 0 3,460. 6 0. 0 1,976. 1 780. 9 0. 0 0. 0 1,701. 7 0. 0 0. 0 1,088. 5 301. 1 1,850. 3 71,456. 9 53,573. 4 38,617. 7 66,120. 5 1,676. 3 65. 64,510. 0 20,647. 5 27. 6 0. 0 0. 0 55,093. 2 1,725. 9 82. 3 53,449. 6 17,217. 1 10. 2 0. 0 0. 0 45,084. 2 34,523. 0 25,951. 3 1,647. 6 104. 7 1,419. 7 128. 5 1,053. 7 127. 4 43,541. 3 33,231. 8 25,025. 0 14,101. 7 10,801. 2 2. 6 0. 0 0. 0 -1. 5 0. 0 0. 0 7,990. 7 0. 3 0. 0 0. 0 Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common 43,834. 9 0. 0 0. 0 43,834. 9 36,222. 2 0. 0 0. 0 36,222. 2 29,437. 0 22,432. 1 17,034. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 29,437. 0 22,432. 1 17,034. 0 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Balance Sheet - (Common Size): China Mobile Limited 2005 12/31/05 2004 12/31/04 2003 12/31/03 2002 12/31/02 Figures are expressed as Percent of Total Assets. Total Assets are in millions of Hong Kong Dollars. Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment Gross Accumulated Depreciation Property Plant and Equipment – Net Other Assets Deferred Charges 2006 12/31/06 485,817. 5 398,174. 0 342,299. 7 285,156. 1 268,004. 1 31. 5% 14. 6% 16. 9% 2. 1% 0. 6% 25. 7% 15. 6% 10. 1% 2. 1% 0. 6% 17. 9% 10. 4% 7. 5% 2. 5% 0. 7% 18. 5% 11. 0% 7. 5% 2. 9% 0. 7% 15. 3% 9. 7% 5. 7% 3. 1% 0. 6% 0. 9% 35. 2% 0. 0% 0. 0% 0. 0% 95. 1% 39. 6% 55. 5% 9. 3% 1. 6% 0. 9% 29. 2% 0. 0% 0. 0% 0. 0% 96. 1% 35. 6% 60. 5% 10. 3% 1. 7% 0. 8% 21. 9% 0. 0% 0. 0% 0. 0% 102. 9% 34. 5% 68. 4% 9. 7% 0. 0% 0. 7% 22. 8% 0. 0% 0. 0% 0. 0% 98. 0% 32. 2% 65. 8% 11. 4% 0. 0% 1. 8% 20. 8% 0. 0% 0. 0% 0. 0% 89. 4% 23. 2% 66. 2% 12. 9% 0. 1% Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock 0. 0% 7. 7% 100. 0% 0. 0% 8. 5% 100. 0% 0. 0% 9. 7% 100. 0% 0. 0% 11. 3% 100. 0% 0. 0% 12. 8% 100. 0% 485,817. 5 398,174. 0 342,299. 7 285,156. 1 268,004. 1 12. 2% 0. 6% 10. 4% 0. 0% 9. 6% 2. 7% 8. 3% 5. 0% 6. 8% 3. 3% 2. 0% 2. 2% 1. 8% 1. 5% 2. 3% 14. 0% 28. 8% 6. 9% 6. 9% 0. 0% 0. 0% 0. 2% -1. 4% 0. 0% 1. 5% 13. 8% 26. % 8. 8% 8. 8% 0. 0% 0. 0% 0. 3% -1. 6% 0. 0% 1. 6% 12. 6% 26. 8% 10. 0% 10. 0% 0. 0% 10. 9% 25. 7% 6. 4% 6. 4% 0. 0% 8. 7% 21. 1% 12. 8% 12. 8% 0. 0% 0. 3% -1. 1% 0. 0% 1. 1% 0. 2% -1. 0% 0. 0% 1. 1% 0. 3% -0. 2% 0. 0% 34. 5% 0. 0% 0. 1% 0. 0% 0. 0% 34. 1% 0. 0% 0. 1% 0. 0% 0. 0% 36. 0% 0. 0% 0. 1% 0. 0% 3. 3% 34. 6% 0. 0% 0. 1% 0. 0% 5. 3% 39. 4% 0. 0% 0. 1% 0. 0% Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 65. 4% 100. 0% 65. 8% 100. 0% 63. 9% 100. 0% 65. 4% 100. 0% 60. 5% 100. 0% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Balance Sheet - (Year to Year Percent Change): China Figures are the Percent Changes from the Prior Year. Mobile Limited 2004 2003 2002 12/31/02 Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment Gross Accumulated Depreciation Property Plant and Equipment – Net Other Assets Deferred Charges Tangible Other Assets 2006 12/31/06 2005 12/31/05 12/31/04 12/31/03 22. 0% 49. 6% 14. 5% 103. 6% 23. 7% 31. 9% 16. 3% 66. 5% 73. 4% 56. 8% -0. 8% -3. 1% 20. 0% 16. 2% 13. 9% 19. 5% 1. 2% 22. 0% 6. 4% 28. 5% 20. 7% 42. 0% 0. 8% 28. 7% 65. 1% 18. 6% 53. 1% -14. 5% 18. 8% 54. 1% 33. 5% 46. 9% 23. 3% 55. 1% 39. 9% 15. 1% -59. 1% 16. 8% 229. 4% 26. 5% -100. 0% 3. 7% 20. 7% 35. 5% 12. 0% 10. 3% 2. 4% 8. 7% 20. 1% 2. 9% 23. 0% 0. 1% 26. 0% 28. 6% 24. 8% 2. 6% -32. 8% -0. 5% -0. 5% 16. 6% 48. 0% 5. 6% -0. 0% -0. 0% 55. 0% 69. 5% 50. 5% -6. 4% 20,293. 6% -25. 1% 5. 5% 9. 9% 7,623. 4% Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock 10. 4% 22. 0% 2. 4% 16. 3% 2. 8% 20. 0% -6. 3% 6. 4% 65. 1% 22. 0% 42. 4% 4,572. 7% 16. 3% 26. 5% -99. 3% 20. 0% 39. 0% -34. 7% 6. 4% 30. 4% 60. 2% 65. 1% 50. % 73. 8% 10. 1% 42. 1% 47. 7% -31. 6% 9. 4% 23. 5% 32. 6% -4. 7% -4. 7% 27. 5% 15. 2% 2. 1% 2. 1% 38. 8% 25. 1% 88. 9% 88. 9% 33. 0% 29. 4% -46. 9% -46. 9% 124. 1% 70. 3% 62. 2% 68. 3% -100. 0% -27. 2% 43. 6% 37. 3% -21. 2% -79. 5% 105. 3% 11. 3% -5. 4% 66. 7% 8. 3% 24. 8% -100. 0% 23. 4% 10. 2% 25. 1% -34. 6% -6. 7% 85. 3% 35. 9% 19. 2% 33. 6% -5. 1% 496. 8% Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 21. 3% 22. 0% 19. 8% 16. 3% 17. 4% 20. 0% 14. 9% 6. 4% 54. 0% 65. 1% Balance Sheet - (5 Year Averages): China Figures in millions of Hong Kong Dollars. Mobile Limited 005 12/31/05 2004 12/31/04 2003 12/31/03 2002 12/31/02 Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment Gross Accumulated Depreciation Property Plant and Equipment – Net Other Assets Deferred Charges Tangible Other Assets 2006 12/31/06 355,890. 3 291,193. 0 240,468. 3 187,993. 8 143,013. 6 82,101. 3 45,179. 3 36,922. 0 8,786. 2,206. 2 58,452. 6 34,389. 6 24,062. 9 8,106. 6 1,800. 9 45,529. 7 26,006. 4 19,523. 4 8,331. 4 1,502. 5 38,428. 3 21,185. 2 17,243. 2 8,008. 0 1,072. 2 31,374. 3 16,774. 8 14,599. 5 6,913. 4 706. 7 3,540. 5 96,634. 0 0. 0 6. 0 73. 5 2,917. 2 71,277. 3 0. 0 9. 0 72. 7 2,471. 6 57,835. 2 0. 0 17. 7 69. 4 2,010. 4 49,519. 0 0. 0 26. 3 55. 0 1,611. 3 40,801. 4 0. 0 29. 0 40. 5 343,183. 3 281,708. 1 230,255. 0 172,893. 2 126,036. 6 121,240. 6 90,120. 6 67,811. 0 47,966. 5 30,886. 4 95,150. 2 6,992. 4 110. 2 0. 0 221,942. 8 191,587. 5 162,444. 0 124,926. 7 37,233. 9 3,002. 0 0. 0 28,246. 5 1,506. 4 0. 0 20,102. 0 145. 5 0. 0 13,466. 9 137. 0 0. 0 Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock 34,231. 9 26,740. 0 19,956. 5 13,329. 8 6,882. 2 355,890. 3 291,193. 0 240,468. 3 187,993. 8 143,013. 6 355,890. 3 291,193. 0 240,468. 3 187,993. 8 143,013. 6 35,103. 2 7,122. 9 25,662. 9 7,537. 3 19,716. 1 9,803. 8 14,604. 6 8,770. 7 10,988. 9 6,915. 2 7,070. 7 6,244. 4 5,736. 4 5,024. 0 ,420. 0 44,174. 9 93,471. 7 31,080. 2 31,080. 2 0. 0 32,658. 5 72,103. 2 28,611. 4 28,458. 4 153. 0 24,130. 2 59,386. 6 26,181. 5 25,795. 7 385. 8 16,702. 9 45,102. 1 20,672. 4 20,266. 5 405. 9 11,104. 2 33,428. 3 17,217. 6 16,811. 7 405. 9 909. 8 -4,057. 3 1,522. 9 -2,956. 2 1,957. 2 -2,275. 8 2,060. 1 -1,964. 9 2,259. 9 -1,399. 4 4,731. 0 4,731. 0 4,731. 0 89,980. 5 0. 0 125. 0 0. 0 4,731. 0 70,600. 9 0. 0 79. 4 0. 0 2,859. 8 54,366. 2 0. 0 48. 0 0. 0 126,135. 4 104,012. 4 0. 0 244. 1 0. 0 0. 0 176. 2 0. 0 Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 229,510. 8 187,004. 150,362. 8 117,313. 6 88,599. 4 355,890. 3 291,193. 0 240,468. 3 187,993. 8 143,013. 6 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Sources of Capital: China Mobile Limited 2006 12/31/06 2005 12/31/05 2004 12/31/04 2003 12/31/03 2002 12/31/02 Currency figures are in millions of Hong Kong Dollars. Year to year % changes pertain to reported Balance Sheet values. Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes Short Term Debt Long Term Debt 351,683. 4 297,526. 0 253,462. 1 204,827. 7 196,675. 8 0. 9% 9. 5% 0. 0% 47. 7% 0. 1% 0. 0% 45. 0% 90. 4% 100. 0% 0. % 11. 8% 0. 0% 45. 6% 0. 1% 0. 0% 42. 8% 88. 1% 100. 0% 3. 7% 13. 6% 0. 0% 48. 6% 0. 1% 0. 0% 40. 4% 86. 3% 100. 0% 7. 0% 8. 9% 4. 6% 48. 1% 0. 1% 0. 0% 38. 9% 91. 0% 100. 0% 4. 5% 17. 4% 7. 3% 53. 7% 0. 1% 0. 0% 32. 2% 82. 5% 100. 0% 298. 8 -166. 0 0. 0 3,182. 6 9. 8 0. 0 3,091. 5 5,572. 0 5,415. 7 -925. 0 72. 9 0. 0 1,254. 0 4. 4 0. 0 2,482. 6 4,329. 1 4,406. 4 -495. 7 1,618. 3 -935. 6 2,469. 2 5. 7 0. 0 2,264. 9 3,239. 4 4,863. 4 536. 2 -1,604. 5 -494. 2 -704. 5 -0. 9 0. 0 1,642. 7 2,420. 7 815. 2 378. 4 1,313. 7 1,429. 9 4,860. 3 15. 0 0. 0 2,421. 5 5,692. 0 7,020. 7 4,572. 7% -4. 7% -99. 3% 2. 1% -34. 7% 88. 9% 60. 2% -46. 9% 73. 8% 62. 2% Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities 146,836. 5 125,075. 2 24. 3% 21. 3% 18. 2% 24. 2% 19. 8% 17. 4% 23. 4% 35. 9% 10. 2% 19. 2% -100. 0% 25. 1% 33. 6% -34. 6% -6. 7% -5. 1% 85. 3% 496. 8% 28. 4% 17. 4% 23. 7% 25. 9% 14. 9% 4. 1% 61. 9% 54. 0% 55. 5% 167,587. 9 135,761. 9 123,222. 0 19. 0% 9. 2% 20. 0% 98,530. 0 105,575. 4 -7. 2% 46. 0% 317,860. 0 262,140. 2 218,849. 6 186,455. 3 162,248. 7 17. % 16. 5% 14. 8% 13. 0% 35. 1% 96,686. 7 78,631. 4 64,805. 3 6,584. 7 61,256. 7 -21,647. 5 -22,372. 2 -21,091. 7 -20,738. 1 118,435. 0 84,244. 9 69,930. 9 51,728. 7 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this Accounting Ratios: China Fiscal Year Fiscal Year End Date Receivables Turnover Mobile Limited 2006 2005 2004 2003 2002 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02 27. 8 11. 9 6. 2 58. 4 0. 6 1. 1 27. 5 13. 3 22. 8 16. 0 0. 6 1. 0 21. 4 17. 0 11. 3 32. 3 0. 5 0. 8 17. 8 20. 4 14. 0 26. 1 0. 5 0. 8 14. 6 23. 0 19. 1 19. 1 0. 5 0. 7 Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change 13. 7% 14. 0% 12. 4% 13. 0% 10. 9% 966. 6 18. 0% 1,001. 6 23. 0% 734. 0 20. 3% 1,001. 9 38. 2% 952. 0 57. 1% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, Asset Utilization: China Mobile Limited 2006 12/31/06 2005 12/31/05 2004 12/31/04 2003 12/31/03 2002 12/31/02 Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Hong Kong Dollars. Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment Gross Accumulated Depreciation Property Plant & Equipment Net Other Assets Total Assets 288,358. 0 231,003. 2 181,007. 4 149,181. 3 121,140. 5 53. 0% 28. 4% 3. 6% 1. 0% 1. 6% 59. 3% 0. 0% 0. 0% 0. 0% 0. 0% 160. 2% 66. 7% 93. 5% 15. 6% 168. 5% 44. 3% 17. 4% 3. 6% 1. 0% 1. 5% 50. 4% 0. 0% 0. 0% 0. % 0. 0% 165. 7% 61. 4% 104. 3% 17. 7% 172. 4% 33. 9% 14. 2% 4. 7% 1. 3% 1. 5% 41. 4% 0. 0% 0. 0% 0. 0% 0. 0% 194. 5% 65. 3% 129. 3% 18. 4% 189. 1% 35. 4% 14. 4% 5. 6% 1. 3% 1. 3% 43. 7% 0. 1% 0. 0% 0. 0% 0. 0% 187. 3% 61. 6% 125. 7% 21. 7% 191. 1% 33. 9% 12. 5% 6. 9% 1. 2% 4. 0% 46. 1% 0. 1% 0. 0% 0. 0% 0. 1% 197. 8% 51. 3% 146. 5% 28. 6% 221. 2% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. 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Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, Employee Efficiency: China Fiscal Year Fiscal Year End Date Employees Values per Employee Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Year to Year % Change per Employee Employees Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Mobile Limited 2006 12/31/06 111,998 2005 12/31/05 99,104 2004 12/31/04 88,127 2003 12/31/03 63,859 2002 12/31/02 59,633 Values per Employee are in Hong Kong Dollars. 2,574,671 2,330,917 2,053,938 2,336,105 2,031,433 575,557 513,569 448,452 523,710 517,367 956,201 -14,157 723,702 1,220,580 1,155,335 1,043,000 1,124,381 274,910 325,960 107,831 368,149 -189,126 495,868 -127,673 508,519 3,140,087 3,002,160 2,876,101 3,207,499 3,298,103 4,337,734 4,017,739 3,884,164 4,465,402 4,494,224 13. 0% 10. 5% 12. 1% 5. 6% 154. 9% -11. 5% 4. 6% 8. 0% 12. 5% 13. % 14. 5% 10. 8% 38. 0% -12. 1% -14. 4% -7. 2% 7. 1% 15. 0% 1. 2% 17. 6% 53. 9% -16. 7% -24. 1% -18. 6% -105. 1% -25. 8% 4. 4% 3. 4% -2. 5% -10. 3% -13. 0% -29. 7% -2. 7% -0. 6% 6. 9% 1. 0% 7. 3% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Fixed Charges Coverage: China Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest Mobile Limited 2006 2005 2004 2003 2002 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02 65. 2 59. 1 37. 1 92. 3 65. 2 3. 8 3. 8 108. 1 59. 1 4. 2 4. 2 101. 0 37. 1 7. 5 7. 5 64. 4 160. 3 108. 1 6. 2 6. 2 101. 0 7. 2 7. 2 64. 4 13. 1 13. 1 24. 5 38. 1 24. 5 5. 5 5. 5 41. 6 64. 8 41. 6 9. 3 9. 3 38. 7 59. 6 38. 7 25. 0 38. 5 25. 0 EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd) Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages n this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Leverage Analysis: China Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA Mobile Limited 2006 2005 2004 2003 2002 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02 34. 8% 21. 0% 6. 9% 9. 5% 10. 5% 38. 0% 22. 9% 7. 5% 10. 4% 10. 3% 11. 5% 0. 4% 0. 2% 0. 1% 0. 1% 0. 1% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 65. 4% 90. 4% 72. 4% 26. 1% 46. % 27. 2% 8. 8% 11. 8% 13. 4% 48. 2% 28. 2% 9. 2% 12. 3% 12. 2% 13. 9% 0. 4% 0. 2% 0. 1% 0. 1% 0. 1% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 65. 8% 88. 1% 74. 7% 27. 2% 58. 1% 33. 5% 10. 0% 13. 6% 15. 7% 73. 9% 42. 5% 12. 8% 17. 2% 16. 6% 20. 0% 0. 4% 0. 2% 0. 1% 0. 1% 0. 1% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 63. 9% 86. 3% 74. 0% 30. 7% 35. 1% 20. 7% 6. 4% 8. 9% 9. 8% 62. 7% 36. 9% 11. 4% 15. 9% 14. 8% 17. 4% 0. 3% 0. 2% 0. 1% 0. 1% 0. 1% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 65. 4% 91. 0% 71. 8% 27. 7% 71. 5% 46. 2% 12. 8% 17. 4% 21. 1% 90. 1% 58. 2% 16. 1% 21. 9% 21. 0% 26. 6% 0. 4% 0. 2% 0. 1% 0. 1% 0. 1% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 60. 5% 82. 5% 73. 4% 31. 9% Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT Preferred Stock % of EDITDA Preferred Stock % of Total Assets Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt 84. 9% 8. 8% 39. 6% 374. 5% 91. 9% 3. 6% 35. 3% 313. 8% 106. 9% -6. 6% 19. 9% 210. 3% 100. 6% -4. 0% 28. 2% 221. 1% 109. 4% -0. 4% 0. 0% 132. 1% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. 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Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, Liquidity Analysis: China Fiscal Year Fiscal Year End Date Mobile Limited 2006 12/31/06 59. 3% 41. 5% 89. 5% 1. 2 6. 1% 11. 9 1. 8% 58. 4 18,372. 5 2. 1% 1. 2 10. 3% 97. 6% 408. 6% 374. 5% 38. 9% 2005 12/31/05 50. 4% 53. 2% 87. 9% 1. 0 7. 2% 13. 3 2. 0% 16. 0 16,194. 1 2. 1% 1. 1 12. 2% 108. 4% 326. 1% 313. 8% 38. 5% 2004 2003 2002 12/31/04 12/31/03 12/31/02 41. 4% 47. 6% 81. 9% 0. 8 11. 3% 17. 0 3. 1% 32. 3 9,423. 2 2. 5% 0. 8 16. 6% 100. 3% 267. 3% 210. 3% 36. 3% 43. 7% 48. 1% 81. 1% 0. 8 12. 8% 20. 4 3. 0% 26. 1 9,896. 7 2. % 0. 9 14. 8% 98. 0% 394. 5% 221. 1% 35. 1% 46. 1% 46. 6% 73. 7% 0. 9 14. 9% 23. 0 2. 7% 19. 1 9,906. 6 3. 1% 1. 0 21. 0% 100. 7% 166. 5% 132. 1% 29. 0% Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover - number of days Inventories % of Current Assets Inventory Turnover - number of days Inventory to Cash & Equivalents number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds rom Operations % of Total Capital Cash Flow (in milllions of Hong Kong Dollars) Operating Activities Financing Activities 146,836. 5 125,075. 2 96,686. 7 78,631. 4 64,805. 3 -21,647. 5 -22,372. 2 21,091. 7 20,738. 1 6,584. 7 Investing Activities 118,435. 0 84,244. 9 69,930. 9 51,728. 7 61,256. 7 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, Per Share Data: China Mobile Limited 2006 2005 2004 2003 2002 Figures are expressed as per unit of respective shares. Figures are in Hong Kong Dollars. Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02 14. 44 4. 49 4. 74 4. 74 3. 23 0. 00 3. 23 3. 24 3. 21 1. 54 6. 87 15. 92 7. 92 24. 33 11. 65 3. 53 3. 75 3. 75 2. 57 0. 00 2. 57 2. 58 2. 57 1. 02 5. 80 13. 22 6. 41 20. 07 9. 19 2. 76 2. 92 2. 92 2. 01 0. 00 2. 01 2. 01 2. 00 0. 66 4. 67 11. 11 5. 20 17. 38 7. 58 2. 46 2. 53 2. 53 1. 70 0. 00 1. 70 1. 70 1. 70 0. 36 3. 65 9. 48 4. 05 14. 50 6. 16 2. 29 2. 35 2. 35 1. 57 0. 00 1. 57 1. 61 1. 61 0. 32 2. 98 8. 25 3. 22 13. 62 Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Profitability Analysis: China Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity - Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & 2006 12/31/06 72. 4% Mobile Limited 2005 12/31/05 54. 0% 2004 12/31/04 62. 6% 2003 12/31/03 59. % 2002 12/31/02 58. 9% Currency figures are in Hong Kong Dollars. 31. 1% 30. 3% 30. 0% 32. 4% 37. 2% 32. 8% 33. 3% 22. 4% 22. 2% 32. 2% 32. 8% 22. 0% 21. 2% 31. 8% 32. 7% 21. 8% 19. 5% 33. 4% 34. 7% 22. 4% 19. 2% 38. 1% 39. 5% 25. 5% 23. 1% 20. 0% 18. 4% 16. 9% 16. 4% 19. 0% 14. 8% 0. 6 11. 5% 14. 0% 0. 6 13. 9% 12. 9% 0. 5 20. 0% 12. 6% 0. 5 17. 4% 14. 9% 0. 5 26. 6% 1,474,213,000 1,279,332,620 1,594,791,600 2,117,268,090 1,915,655,240 31. 8% 47. 4% 31. 5% 49. 6% 31. 3% 50. 8% 32. 9% 48. 1% 33. 1% 47. 1% Administrative Expenses % of Sales Research & Development Expense Operating Income Return On Total Capital 27. 3% 21. 7% 18. 2% 17. 4% 23. 7% 4. 1% 55. 5% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Wright Quality Rating - Investment Acceptance: China Currency figures are in millions of U. S. Dollars. Wright Quality Rating Mobile Limited AAA19 AAA19 113,133 392,481 28,941 100,404 0 0 0. 0% 0. 0% HKG OTH 0 Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding 74. 4% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Wright Quality Rating - Financial Strength: China Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U. S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of Hong Kong Dollars) Lease Obligations (Millions of Hong Kong Dollars) Mobile Limited A A AA19 AA19 44,880 90. 9% 0. 0% 8. 9% 34,484 0 34,484 9. 7% 67. 1 -92. 6 1. 2 1. 0 Long Term Debt including Leases (Millions of Hong Kong Dollars) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Quick Ratio (Cash & Receivables / Current Liabilities) Current Ratio (Current Assets / Current Liabilities) Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. 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Information is believed reliable, but accuracy, completeness and opinions are not Wright Quality Rating - Profitability & Stability: China Wright Quality Rating Profitability & Stability Rating Mobile Limited AA AA A19 A19 23. 5% -0. 6% 45. 7% 0. 2% 48. 2% 16. 7% 19. 2% 18. 0% 29. 8% 19. 2% 18. 0% 29. 8% Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not Wright Quality Rating - Corporate Growth: China Figures are expressed on a Per Share Basis. Mobile Limited AAA AAA Wright Quality Rating Growth Rating Normal Earnings Growth Cash Earnings Growth Cash Earnings Stability Index Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth 19 19 20. 0% 20. 5% 97. 0% 15. 5% 25. 0% 15. 5% 17. 3% 20. 4% Copyright ©2000-2007 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

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