[ET Net News Agency, 15 March 2021] Guotai Junan International cut its target price for
China Unicom (00762) to HK$6.2 from HK$6.5 and maintained its "buy" rating.
The research house said China Unicom's 2020 results were in line with its expectations.
Guotai Junan expects mobile service revenue to increase in 2021. Due to the easing of
market competition, Unicom's strategy to improve user quality, and the rising proportion
of 5G users, Guotai Junan expects mobile ARPU to increase in 2021.
It also expects the fixed-line broadband user base to increase and the ARPU to be stable
in 2021. Guotai Junan revised down its FY2021-22 EPS forecasts by 2.7%/ 1.9%. (KL)