China Mobile Limited
Thesis
China Mobile is a dominant wireless carrier in China with over 750 million subscribers and a 66% market share. The company is expected to benefit from the increasing data usage as consumers migrate to smartphones, and its current valuation implies low growth, which does not reflect its potential for double-digit growth in free cash flows.
Did it work?
The pitch is a long thesis resting on projected smartphone-driven data usage growth and double-digit free cash flow expansion, but no price performance is available and the time elapsed since the pitch is unknown. Without either a return figure or evidence that the thesis's specific catalysts (data usage surge, FCF growth) materialized or were invalidated, there is no basis to judge success or failure. The verdict must therefore remain open.