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<Research>UBS Lowers CHINA UNICOM's TP to HKD11; Rating Kept Buy
Recommend 7 Positive 14 Negative 3 |
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CHINA UNICOM (00762.HK)'s 3Q25 service revenue/ EBITDA increased by 0.2%/ 0.1% YoY to RMB83.3 billion/ RMB25.4 billion, according to a report from UBS. Both figures were 1-2% below market consensus but were in line with industry performance in macroeconomic headwinds. The company's net profit also rose by 5.3% YoY, roughly matching the 5% growth rate in 1H25. Benefiting from depreciation savings, it extended the depreciation period of 4G assets from 7 years to 10 years starting October 1, 2024, resulting in stronger earnings growth in 3Q25 compared to its peers (China Mobile/ China Telecom growing by 1.4%/ 3.6% YoY). UBS cut its target price for CHINA UNICOM from HKD11.6 to HKD11 but kept the Buy rating unchanged. AAStocks Financial News |
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