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Research Report

16/03/2020 11:07

{I-bank focus}Jefferies cuts China Unicom (00762) to HK$7.44

[ET Net News Agency, 16 March 2020] Jefferies Research lowered its target price for
China Unicom (00762) to HK$7.44 from HK$23.86 and maintained its "buy" rating.
The research house lifted its 5G capex forecast by 14% for 2020-2022. It cut its 2020
ARPU/earnings due to Covid-19 and resulting economic slowdown, but raised long-term ARPU
to account for forecast sub decline, reduced competitive intensity, and accelerated 5G
Jefferies lifted its BTS (base transceiver stations) forecasts for CU from 115K/271K in
2020/21 to 180K/370K. Hence, it raised CU's 5G capex in 2020/21 by 75% and 55%. It
estimated CU will suffer from loss of mobile data revenue share to China Telecom (000728),
which will benefit from MNP (mobile number portability) and has achieved the strongest 5G
pickup. (KL)

Remark: Real time quote last updated: 28/05/2020 15:43
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