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CHU.N

ISIN: US16945R1041
SEDOL: 2603496

Rating:

SELL

Target Price:

10.38 USD

Investment Horizon:

6 to 24 months
5th May 2009 View Report   Download

Company News Alert

China Unicom (Hong Kong) Ltd.’s (China Unicom) common stock appreciated significantly on 05 May 2009, due to broader market movement, driven by positive investor sentiments of early global economic recovery. Going forward, we expect Management’s intention to incur higher capex for GSM and broadband networks will put pressure on margins and suppress FCFF. In light of these factors and as the common stock is trading significantly…

29th Apr 2009 View Report   Download

1Q 09 News Alert

In 1Q 09, China Unicom Ltd.’s (China Unicom) revenues, operating margin and net margin were in line with our estimates while EBITDA margin was below our estimate. As the company’s 1Q 09 results were in broadly line with our estimates, and the current price supports a HOLD rating we do not anticipate change in our current rating. We will reassess the common stock rating for China Unicom in the coming weeks. As the current ADR price supports a HOLD rating we maintain our…

9th Apr 2009 View Report   Download

FY 2008 Update Report

Considering the low level of wireless penetration in rural China, going forward we expect China Unicom to witness healthy growth in subscriber-base. However, as rural areas are characterized by typically low-end subscribers, ARPU is expected to decline, further impacted by an anticipated increase in competition due to the revamp of the telecom industry. Nevertheless with the launch of 3G services, mobile…

31st Mar 2009 View Report   Download

FY 2008 News Alert

In FY 2008, China Unicom Ltd.’s (China Unicom) revenues declined due to a decline in fixed-line revenues. In addition, EBITDA margin declined due to increased other operating expenses, while adjusted1 operating margin declined due to an increase in depreciation & amortization expenses. However, we believe that current price offers an attractive investment opportunity and as a result we do not anticipate a change in the current rating....

16th Jan 2009 View Report   Download

Company News Alert

CLICK VIEW REPORT TO READ FREE REPORT

China Unicom (Hong Kong) Ltd’s (China Unicom) common stock has declined significantly since our last update report dated 12 November 2008, primarily reflecting investor concerns over increased competition and spending in the market after the issuance of 3G license to Chinese telecom companies. In addition, the downward movement in the stock price follows a broader downward trend in the Chinese stock market. However, as we…