Morgan Stanley Dean Witter upgrades China Mobile to Outperform

Morgan Stanley Dean Witter said it upgraded its rating on China Mobile (H.K.) Ltd. (0941) to Outperform from Neutral, and is also establishing a 12-month target price of HK$25. Morgan Stanley forecasts that China Mobile should turn free cash flow positive in 2001, and should produce free cash flow of US$2-3 billion each year in 2002-03. "This solid financial status is scarce among global cellular players, and should therefore merit a premium," it said.

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