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China Mobile (CHL) has strong cash position

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cash1There is a moderate increase in average cash position from previous years. The increase in operating revenue is contributed to an increase in all fee items (usage, services) except revenue from monthly fees. Monthly fees to keep a phone line activated without having to use the line is usually waived for active users if the usage is above a certain amount. The main contributor for the increase is a 24% increase in value-added services provided by China Mobile such as SMS, call waiting, call holding (“Color Ring”), WAP and MMS.

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All expenses contributing to operations have increased as in the previous years. However, a steady decrease in leased lines for internet was met with an increase in 2008. However, the increase as per operating revenue and operating expense remains steady.

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As of April 2009, China Mobile’s share of mobile subscribers currently outweighs China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU) subscribers by approximately 14:1 and 4:1 respectively. China Telecom’s primary businesses were local access lines and broadband services and has only re-ventured into the mobile telecommunications sector (CHL was previously under China Telecom before its incorporation in 1997) due to the restructuring by the Chinese government in allocating 3G licenses.

China Mobile (NYSE:CHL) ability to maintain its market share relies on how successfully it can migrate current GSM subscribers to use mobile phones under the TDSCMA technology. Unless it is able to find a handset provider to provide such needs, China Unicom might be able to gain some market share through its venture with iPhone.



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