20150612-JEFFERIES-中国移动（0941）：CHINA_TMT_TOUR，KEY_TAKEAWAYS_FROM_MEETING_WITH_CHINA_MOBILE-770314

During Jefferies 13th China TMT tour，we hosted a meeting with China Mobile. Key takeaways：（1）4G net adds driven by affordable handsets（2）Expect FY15 Capex reduction to be more than 6.5% after 4G Capex peak.（3）Mobile data tariff is expected to decline by 35%+ in FY15，similar magnitude as seen in FY1 4. Expect strong price elasticity for data usage.Buy.