[ET Net News Agency, 23 October 2018] HSBC Global Research raised its target price for
China Unicom (00762) to HK$11.5 from HK$11, and maintained its "buy" rating
It said Unicom's mobile revenues in 3Q were better than its forecast, up 2.4% YoY, as a
result of the cancellation of data "roaming" from 1 July. This is encouraging, and
suggests that elasticity benefits remain. While competition in high capacity plans has
increased, HSBC believes that Unicom should continue to do well in expanding into the
"second SIM" market with its data plans.
HSBC raised its 2019 revenue estimates by 2.3% and EBITDA by 1.5% mainly due to better
than expected mobile trends. Lower depreciation than forecast results in a 4.5% and 7.8%
increase in its operating profit forecast for 2018/19. (KL)
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00762 CHINA UNICOM
Nominal 
6.000 +0.050 (+0.840%) Research Report
23/10/2018 13:38
[I-bank focus]HSBC raises China Unicom (00762) to HK$11.5
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