[ET Net News Agency, 16 August 2019] HSBC Global Research cut its target price for
China Unicom (00762) to HK$10.9 from HK$11.2 and maintained its "buy" rating.
Having failed to secure a meaningful sharing deal with 4G, China Unicom looks to be
better positioned with 5G, said the research house. In HSBC's bull case, it halved the
number of 5G base stations deployed by Unicom relative to its base case. In practice, this
is likely to be partly offset by higher spending on other areas, such as fixed-line.
China Unicom has focused on its mobile data business. It has successfully launched a
series of data plans that have been well received by customers. Any increase in
competition in the mobile market could compress its ARPU and significantly affect its
revenue and FCF growth, HSBC added. (KL)
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00762 CHINA UNICOM
Nominal 
6.000 +0.050 (+0.840%) Others
16/08/2019 17:28
{I-bank focus}HSBC cuts China Unicom (00762) to HK$10.9
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