Interlink Telecom vs China Mobile: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Interlink Telecom Public Company Limited (ITEL.BK)

Q3 202620 Jul – 4 Oct 2026

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ITEL wins big contracts but faces near-term losses

Major contract wins ITEL won 3.41 billion baht in USO 3 contracts and a 266-million-baht PEA cable deal, boosting its order book and future revenue potential.
These contract wins are a key positive development that could drive future revenue and investor optimism.
AI and data-centre growth story AI and data-centre demand is driving fibre and network capacity needs, with 22 data-centre projects in the Eastern Economic Corridor and hyperscaler revenue starting in 2026.
This highlights the long-term growth narrative that could attract investors despite near-term challenges.
Near-term losses expected Analysts expect Q3/Q4 2026 losses due to low-margin contracts, a 33% drop in network services revenue, and rising finance costs, pressuring the stock.
This is a significant risk that could negatively impact the stock price in the near term.
Upgraded 2027 profit forecast Asia Plus upgraded its 2027 profit forecast to 729 million baht, signaling confidence in ITEL's long-term earnings growth despite current losses.
This analyst upgrade provides a positive outlook that could influence investor sentiment.

August 202620 Jul – 4 Oct 2026

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ITEL builds order book as AI data-centre demand meets weak near-term profit

AI and data-centre fibre demand is the long-term engine ITEL says AI and cloud growth is lifting demand for high-speed fibre, with network capacity needs up about 330% and 22 data-centre projects seeking power in the Eastern Economic Corridor. Two to three hyperscaler customers should start paying in 2026, turning years of preparation into recurring revenue.
This is the core demand story behind ITEL's growth and the reason investors are watching it.
New rules and the power plan open fresh bidding Clearer data-centre rules and Thailand's PDP 2026 power plan are opening new work. ITEL is preparing to bid for smart-grid projects, with a 3.9-billion-baht backlog and a full-year revenue target of 3.6 billion baht, while analysts see about 500 billion baht of grid investment in five years.
It shows a new, policy-driven source of demand beyond telecom contracts.
Q2 profit jumped fivefold, but one revenue line fell ITEL's second-quarter net profit rose about 500% to 19.7 million baht on network installation and medical equipment work, with revenue up 7% to 710.66 million baht and a better EBITDA margin. Still, network services revenue fell 33% and finance costs rose, so the profit base is small.
It is the period's hard earnings evidence, and the weak network-services line is the honest counterweight.
PEA cable contract adds steady infrastructure work ITEL won a 266-million-baht Provincial Electricity Authority contract to reorganise communication cables in the central and southern regions. It strengthens the telecom infrastructure revenue base and shows ITEL can keep winning government work, though it is a modest addition next to the 3.9-billion-baht backlog.
It is the period's concrete new contract win and shows the order pipeline is still filling.

Latest20 Jul – 4 Oct 2026

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ITEL builds order book as AI data-centre demand meets weak near-term profit

AI and data-centre fibre demand is the long-term engine ITEL says AI and cloud growth is lifting demand for high-speed fibre, with network capacity needs up about 330% and 22 data-centre projects seeking power in the Eastern Economic Corridor. Two to three hyperscaler customers should start paying in 2026, turning years of preparation into recurring revenue.
This is the core demand story behind ITEL's growth and the reason investors are watching it.
New rules and the power plan open fresh bidding Clearer data-centre rules and Thailand's PDP 2026 power plan are opening new work. ITEL is preparing to bid for smart-grid projects, with a 3.9-billion-baht backlog and a full-year revenue target of 3.6 billion baht, while analysts see about 500 billion baht of grid investment in five years.
It shows a new, policy-driven source of demand beyond telecom contracts.
Q2 profit jumped fivefold, but one revenue line fell ITEL's second-quarter net profit rose about 500% to 19.7 million baht on network installation and medical equipment work, with revenue up 7% to 710.66 million baht and a better EBITDA margin. Still, network services revenue fell 33% and finance costs rose, so the profit base is small.
It is the period's hard earnings evidence, and the weak network-services line is the honest counterweight.
PEA cable contract adds steady infrastructure work ITEL won a 266-million-baht Provincial Electricity Authority contract to reorganise communication cables in the central and southern regions. It strengthens the telecom infrastructure revenue base and shows ITEL can keep winning government work, though it is a modest addition next to the 3.9-billion-baht backlog.
It is the period's concrete new contract win and shows the order pipeline is still filling.

September 20266 Sep – 15 Sep 2026

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ITEL wins big USO 3 contracts, but near-term profit still weak

USO 3 contract wins ITEL, through joint ventures, won three USO 3 regions worth about 3.41 billion baht. This locks in long-term revenue, but the work is low-margin and revenue starts mostly in 2027, so it barely helps near-term profit.
This is the main new event driving the stock and explains the recent price jump.
Hyperscaler revenue expected in Q3 ITEL expects to start booking revenue from hyperscaler clients in Q3, with 600-700 million baht more work coming. This supports the full-year revenue target of 3.6 billion baht and shows new demand beyond government projects.
It is a new demand source that could lift revenue and diversify away from low-margin government work.
Near-term earnings still weak Despite the contract wins, analysts say ITEL will likely post a loss in Q3 and Q4 2026 because the new work is low-margin and revenue recognition is delayed. The profit boost is pushed to 2027.
It is the main counterweight: the good news does not fix current losses, so the stock may stay volatile.
Analyst upgrade on 2027 outlook Asia Plus Securities raised its 2027 profit forecast for ITEL from 381 million to 729 million baht and lifted its target price to 11.80 baht, citing certainty of five-year revenue from the new contracts.
It shows professional investors see the contract wins as a real long-term value driver, not just a one-day pop.

6 Sep – 15 Sep 2026

▲3

ITEL wins big USO 3 contracts, but near-term profit still weak

USO 3 contract wins ITEL, through joint ventures, won three USO 3 regions worth about 3.41 billion baht. This locks in long-term revenue, but the work is low-margin and revenue starts mostly in 2027, so it barely helps near-term profit.
This is the main new event driving the stock and explains the recent price jump.
Hyperscaler revenue expected in Q3 ITEL expects to start booking revenue from hyperscaler clients in Q3, with 600-700 million baht more work coming. This supports the full-year revenue target of 3.6 billion baht and shows new demand beyond government projects.
It is a new demand source that could lift revenue and diversify away from low-margin government work.
Near-term earnings still weak Despite the contract wins, analysts say ITEL will likely post a loss in Q3 and Q4 2026 because the new work is low-margin and revenue recognition is delayed. The profit boost is pushed to 2027.
It is the main counterweight: the good news does not fix current losses, so the stock may stay volatile.
Analyst upgrade on 2027 outlook Asia Plus Securities raised its 2027 profit forecast for ITEL from 381 million to 729 million baht and lifted its target price to 11.80 baht, citing certainty of five-year revenue from the new contracts.
It shows professional investors see the contract wins as a real long-term value driver, not just a one-day pop.

China Mobile Limited (600941.CG)

Q3 20265 Aug – 13 Aug 2026

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China Mobile H1 Profit Falls 6.3% on Weak Telecom Revenue

H1 profit drops 6.3% as telecom service revenue slides China Mobile's first-half net profit fell 6.3% to 78.93 billion yuan, with operating revenue down 1.1% and telecom services revenue down 5.7%. This is the core earnings miss that pressures the stock, as the main business shrinks and profit declines.
This is the primary new fundamental event directly hitting 600941.CG's earnings and valuation.
Computing and international revenue grow strongly Computing services revenue rose 14% to 52.9 billion yuan and international market revenue jumped 30.1% to 18.2 billion yuan. These new growth areas show China Mobile is diversifying beyond traditional telecom, offering a partial offset to the profit decline.
It highlights the bright spots that could support future earnings and investor sentiment.
Operating cash flow jumps 37% and dividend maintained Net operating cash flow rose 37% to 114.85 billion yuan, and the company plans to distribute 25.1 yuan per 10 shares. Strong cash generation and a steady dividend provide a safety net for investors, even as reported profit falls.
Cash flow and dividend are key supports for the stock price amid earnings weakness.
TRUE stake sale fear weighs on sentiment China Mobile may sell up to 1% of its 7.81% stake in Thailand's TRUE, sparking a 3.6% drop in TRUE shares. While the sale is small and for portfolio management, it signals potential capital reallocation and adds minor uncertainty for China Mobile investors.
It is a new capital action by China Mobile that could affect its investment income and market perception.

August 20265 Aug – 13 Aug 2026

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China Mobile H1 Profit Falls 6.3% on Weak Telecom Revenue

H1 profit drops 6.3% as telecom service revenue slides China Mobile's first-half net profit fell 6.3% to 78.93 billion yuan, with operating revenue down 1.1% and telecom services revenue down 5.7%. This is the core earnings miss that pressures the stock, as the main business shrinks and profit declines.
This is the primary new fundamental event directly hitting 600941.CG's earnings and valuation.
Computing and international revenue grow strongly Computing services revenue rose 14% to 52.9 billion yuan and international market revenue jumped 30.1% to 18.2 billion yuan. These new growth areas show China Mobile is diversifying beyond traditional telecom, offering a partial offset to the profit decline.
It highlights the bright spots that could support future earnings and investor sentiment.
Operating cash flow jumps 37% and dividend maintained Net operating cash flow rose 37% to 114.85 billion yuan, and the company plans to distribute 25.1 yuan per 10 shares. Strong cash generation and a steady dividend provide a safety net for investors, even as reported profit falls.
Cash flow and dividend are key supports for the stock price amid earnings weakness.
TRUE stake sale fear weighs on sentiment China Mobile may sell up to 1% of its 7.81% stake in Thailand's TRUE, sparking a 3.6% drop in TRUE shares. While the sale is small and for portfolio management, it signals potential capital reallocation and adds minor uncertainty for China Mobile investors.
It is a new capital action by China Mobile that could affect its investment income and market perception.

Latest5 Aug – 13 Aug 2026

▲2▼2

China Mobile H1 Profit Falls 6.3% on Weak Telecom Revenue

H1 profit drops 6.3% as telecom service revenue slides China Mobile's first-half net profit fell 6.3% to 78.93 billion yuan, with operating revenue down 1.1% and telecom services revenue down 5.7%. This is the core earnings miss that pressures the stock, as the main business shrinks and profit declines.
This is the primary new fundamental event directly hitting 600941.CG's earnings and valuation.
Computing and international revenue grow strongly Computing services revenue rose 14% to 52.9 billion yuan and international market revenue jumped 30.1% to 18.2 billion yuan. These new growth areas show China Mobile is diversifying beyond traditional telecom, offering a partial offset to the profit decline.
It highlights the bright spots that could support future earnings and investor sentiment.
Operating cash flow jumps 37% and dividend maintained Net operating cash flow rose 37% to 114.85 billion yuan, and the company plans to distribute 25.1 yuan per 10 shares. Strong cash generation and a steady dividend provide a safety net for investors, even as reported profit falls.
Cash flow and dividend are key supports for the stock price amid earnings weakness.
TRUE stake sale fear weighs on sentiment China Mobile may sell up to 1% of its 7.81% stake in Thailand's TRUE, sparking a 3.6% drop in TRUE shares. While the sale is small and for portfolio management, it signals potential capital reallocation and adds minor uncertainty for China Mobile investors.
It is a new capital action by China Mobile that could affect its investment income and market perception.