China Mobile (0941.HK) TP :HK$84

Goldman Sachs ups China Mobile (0941.HK) to Buy from Neutral, target to HK$84 from HK$73. Says tepid share performance in past 3 months likely due to regulatory pressure on tariffs, lower-than-expected EBITDA margins, gradual market recognition CM will bear TD-SCDMA burden, new competition will not be indefinitely delayed. But "we think these issues are now well understood and in the price". Says 2 key catalysts lie ahead: stabilization/recovery in operating trends, progress toward 2H07 A-share listing. Stock +0.2% at HK$73 yesterday.