• META now has more than 3.4bn daily active users, guiding for CAPEX of US$64bn–US$72bn for FY25e to boost AI-related investment for long-term growth opportunities.
• AI driving better ad performance, leading to higher average ad prices (+10% YoY). Solid growth momentum in WhatsApp and Threads is predicted to have a bigger revenue contribution.
• We increase our FY25e revenue forecast by 5% due to resilient ad revenue and expanding margins. We maintain our ACCUMULATE rating, while our DCF target price is raised to US$720 (prev. US$640). Our growth rate assumption is also increased to 6% (prev. 5%). We believe META’s efforts to build stronger AI infrastructure and LLM development to utilise AI technology for product improvement fully present great monetisation opportunities in the long run.

China Mobile (941 HK) announced its FY2024 full-year results on March 20, 2025, and its 1Q2025 results on April 22, 2025. Overall, the company delivered stable and improving performance, with sustained profitability and continued momentum in its digital transformation strategy. Key growth drivers include expanding DICT and cloud services, along with AI-led innovation. Revenue and Profitability: Core Services Remain Resilient, Digital Business Accelerates In FY2024, China Mobile recorded operating revenue of RMB 1,040.8 billion, up 3.1% YoY. telecommunications services revenue...
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China Unicom (00762.HK) demonstrated robust financial performance and a continuously optimizing business structure in 2024. Its annual results not only slightly exceeded market expectations but also underscored the strategic effectiveness of the company's two core businesses: Connectivity and Communications (CC) and Computing and Digital Smart Applications (CDSA). Final dividend of RMB0.1562 per share (pre-tax), which, together with the interim dividend, brings the full-year dividend to RMB0.4043 per share (pre-tax). This represents a year-on-year increase of 20.1%, significantly higher than the...
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