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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Mobile Ltd.    0941   HK0941009539

CHINA MOBILE LTD.

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China Mobile Ltd. : China says poor performing SOEs to be 'severely dealt with'

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12/29/2013 | 05:20am EDT
A worker welds a wheel for tramcar inside a factory in Huaibei

SHANGHAI (Reuters) - China will evaluate the performance of its state-owned enterprises in 2014 and "severely deal with" companies that perform poorly, are continuously loss-making or do not meet safety standards, state news agency Xinhua said on Sunday.

Beijing hopes to move towards a more efficient model for such enterprises where the state retains ownership but management is more focused on getting returns on investment than meeting policy goals.

The government is also seeking to alleviate entrenched industrial overcapacity aggravated by state firms over-investing.

Huang Shuhe, deputy head of the State-owned Assets Supervision and Administration Commission (SASAC), said the agency is working on policy changes to make the SOEs more competitive on the global stage, more profit-driven and make bigger contributions to the economy.

SASAC is a ministerial-level body run by China's cabinet and is directly responsible for more than 100 state-owned companies, including Sinopec (>> China Petroleum & Chemical Corp), Asia's top oil refiner, and China Mobile (>> China Mobile Ltd.), which runs the world's biggest network of mobile phone users.

Xinhua said China's state-owned enterprises made about 1.3 trillion yuan ($214.22 billion) of net profit in 2013 and the number of loss-making firms had dropped significantly.

However, out of more than a hundred large SOEs that SASAC administers, only 11 posted a profit of more than 5 billion yuan. Many others remain deep in the red.

Huang said SASAC is determined to "severely deal with" companies that post persistent losses and SOEs that fail to adhere to higher environmental and safety standards will face tough punishment.

Analysts have said China needs to make sweeping reforms of its SOEs, while a senior policy researcher has said that most state enterprises would be turned into companies with diversified shareholders by 2020.

($1 = 6.0686 Chinese yuan)

(Reporting by Fayen Wong and Ruby Lian; Editing by Paul Tait)

Stocks treated in this article : China Mobile Ltd., China Petroleum & Chemical Corp
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOBILE LTD. -0.33% 75.45 End-of-day quote.1.34%
CHINA PETROLEUM & CHEMICAL CORP -1.02% 5.82 End-of-day quote.16.44%
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Financials (CNY)
Sales 2019 755 B
EBIT 2019 123 B
Net income 2019 119 B
Finance 2019 378 B
Yield 2019 4,44%
P/E ratio 2019 11,13
P/E ratio 2020 10,74
EV / Sales 2019 1,25x
EV / Sales 2020 1,17x
Capitalization 1 322 B
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 75,0  CNY
Spread / Average Target 16%
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Managers
NameTitle
Yue Li Chief Executive Officer & Executive Director
Bing Shang Chairman
Xin Dong Chief Financial Officer, Executive Director & VP
Mo Chi Cheng Independent Non-Executive Director
Man Yiu Chow Independent Non-Executive Director
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