China Unicom 0762

Re: China Unicom 0762

Postby winston » Tue Oct 11, 2016 11:33 am

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China Unicom Soars: What Does “Mixed Ownership Reform” Mean?

By Shuli Ren

China Unicom (762.Hong Kong/CHU) soared 5.8% Tuesday in Hong Kong after the telecom posted an opaque filing with the Hong Kong Exchange that it has joined conversations in conducting “mixed-ownership reform”.

“Currently, Unicom Group is studying and discussing the mixed-ownership reform implementation plan. The selection of Unicom Group for the first batch of pilot-run on mixed-ownership reform has yet to obtain final approval,” according to the filing.

What does “mixed ownership reform” mean?

According to Jefferies‘ Elaine Lai, this notice means an often-rumored merger between China Unicom and China Telecom (728.Hong Kong/CHA) is not happening. Rather, China Unicom may invite strategic investors. Would Alibaba Group (BABA), Tencent Holdings (700.Hong Kong) or Baidu (BIDU) be interested? Lai ponders:

Foreign telecos are unlikely to be ideal candidates in the regulators’ eyes , as the telecom industry is, after all, strategic. Despite low economic returns, China has established a rather mature industry value chain; foreign telcos’ involvement would not add much value technologically.

In our view, one thing that Chinese telcos have missed in the last two decades is internet-related businesses, hence non-state owned companies like Baidu, Alibaba and Tencent have had a chance to become giants. If regulators were to introduce strategic investors into telcos, internet companies might be a probable choice.

Inviting strategic investors is a possibility, but it could be as non-event as employee stock options, notes Morgan Stanley‘s Gary Yu:

Another potential development could be management and employee ownership through stock-based compensation to improve incentives.

An extreme scenario could be a complete separation between network and operation, with mixed-ownership between the government and private companies in the operation entity to improve operational efficiency, leasing network from the state-owned network entity.

China’s three telecom operators already agreed to separate out their tower assets and combine them into China Tower, seen to go public sometime next year. See Goldman Sachs‘ recent upgrade: “Why Goldman Has Swapped China Mobile For China Unicom”

China Telecom rose 2.5% today. China Mobile is little changed.

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... form-mean/
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Re: China Unicom 0762

Postby winston » Wed Oct 19, 2016 2:29 pm

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<Research Report>M Stanley: China Unicom Sep 4G Net Additions Hit New High; Yet Falling Quarterly Profit Disappoints Mkt

In its report, Morgan Stanley highlighted that CHINA UNICOM (00762.HK) 4G net additions reached 6.05 million in September this year, hitting new high, showing a significant improvement from August.

However, CHINA UNICOM issued profit warning, expecting to report a net profit of RMB1.588 billion for the first three quarters of 2016, plunging 80.6% yearly, mainly due to a significant year-on-year increase in the expected sales expenses.

This meant net profit fell 86.6% yearly to RMB159 million in the third quarter, worse than the research house's expected RMB488 million, hence disappointing the market disappointed.

Morgan Stanley rated CHINA UNICOM at Overweight with target price of $12.

Source: AAStocks Financial News
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Re: China Unicom 0762

Postby winston » Wed Apr 25, 2018 3:14 pm

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CHINA UNICOM(762)

Analysis:

The company reported 18Q1 service revenue of RMB66.61bn representing 8.4% YoY growth (vs. 17Q1 +4.6% YoY).

Specifically, mobile service business achieved revenue of RMB41.51bn (+11.6% YoY), fixed-line service revenue amounted to RMB24.6bn (+3.4% YoY) and revenue from industrial Internet business amounted to RMB5.88bn (+36% YoY).

Sales of telecommunication products reached RMB8.33bn, which means 9.86% YoY growth.

We highlight that China Unicom realized EBITDA of RMB23.9bn (+14% YoY).

Net profit attributable to shareholders amounted to RMB3bn, which represents 248.7% YoY growth mainly due to low base.

The company estimates that 2018 Capex will be around RMB50bn which will be used to fund 4G construction projects in key areas.

China Tower will be listed this year, and we expect that its IPO may become catalyst of operators` stocks.

Strategy:
Buy-in Price: $10.76, Target Price: $12.50, Cut Loss Price: $9.00

Source: Phillips
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Re: China Unicom 0762

Postby winston » Mon Nov 23, 2020 8:02 am

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CHINA UNICOM Oct Net 4G Subscriber Growth Eases to 2.128M MoM

CHINA UNICOM (00762.HK) announced that in October 2020, the aggregate number of mobile billing subscribers declined by a net of 148,000 monthly to 309 million, against the September's growth of 514,000 users.

The aggregate number of 4G subscribers increased by 2.128 million monthly to 269 million in October, slower than the 2.468-million addition last month.

Source: AAStocks Financial News
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Re: China Unicom 0762

Postby winston » Wed Jan 20, 2021 2:09 pm

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Oct 22, 2020

<Research Report>Citi: CHINA UNICOM 3Q NP Misses Consensus, 4Q Rev May See Benign Growth

CHINA UNICOM (00762.HK) reported 3Q20 net profit growth of 10.5% YoY (totaling RMB3.3 billion), behind street forecast of 5.3%.

Citigroup attributed this to lower-than-projected fixed-line service revenue.

CHINA UNICOM may ride on mobile ARPU recovery in 4Q20, likely tracking benign revenue growth this quarter.

The telco was kept Buy at a $7.6 target.

Source: AAStocks Financial News
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Re: China Unicom 0762

Postby winston » Fri Aug 20, 2021 10:27 am

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CHINA UNICOM(762)

Analysis:

China Unicom (0762.HK) released the 2021 interim results on 19th August.

In the first half of 2021, the operating revenue is RMB 164.2 billion (+9.2% yoy), while service revenue is RMB 148.7 billion (+7.5%) and an increase of 3.2 percentage points in growth rate as compared to the full year of 2020.

Profit attributable to equity holders of the Company amounted to RMB9.17 billion, representing a year-on-year increase of 21.1% and an increase of 10.8 percentage points in growth rate as compared to the full year of 2020.

In addition, Subscriber value continued to optimise, with mobile billing subscribers ARPU reaching RMB44.4, representing a year-on-year increase of 8.5%.

The Company's 5G package subscribers reached 113 million and the penetration rate of 5G package subscribers reached 36.5%, leading the industry.

With due regard to the Company's robust business development and strong free cash flow, the Board resolved to distribute an inaugural interim dividend (RMB0.120 per share) in 2021 and planned to raise 2021 full year dividend payout ratio.

Strategy:
Buy-in Price: $4.20(ex-dividend price), Target Price: $4.62, Cut Loss Price: $4.00

Source: Phillips
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Re: China Unicom 0762

Postby winston » Fri Mar 10, 2023 3:37 pm

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Brokers│Views

Jefferies│4Q22 results beat; 50% dividend payout ratio in line with forecast

Morgan Stanley│4Q22 revenue, EBITDA and dividend growth beat forecasts

JPMorgan│4Q22 results in line; increased dividend payout ratio bodes well for near-term share price

UBS│4Q22 results in line; management reiterated high-quality development outlook

Nomura│2022 revenue in line with increased dividend payout ratio

Credit Suisse│4Q22 revenue and EBITDA growth surpassed forecasts

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 250326/all
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Re: China Unicom 0762

Postby winston » Fri Mar 10, 2023 3:43 pm

CHINA UNICOM 2022 NP Up 16.5% to RMB16.75B, In Line; Final DPS Added to RMB10.9 Fen

2023/03/08

CHINA UNICOM (00762.HK) released the 2022 annual results announcement.

Operating revenue reached RMB354.944 billion, up by 8.3% year-on-year, which was the highest growth rate in nine years.

The net profit reached RMB16.745 billion, representing a year-on-year increase of 16.5%, in line with brokers' forecast as compiled by our reporters earlier. EPS was RMB0.55.

Dividend History
Announce Date Event Particular
2022/10/28 Quarter 3 No Dividend
2022/08/08 Interim D:RMB 0.1650(equivalent to HKD 0.19149)
2022/04/21 Quarter 1 No Dividend
2022/03/11 Final D:RMB 0.0960(equivalent to HKD 0.11225)

The Board proposed a final dividend of RMB0.109 per share. Together with the interim dividend of RMB0.165 per share already paid, the full-year dividend reaches RMB0.274 per share, representing a year-on-year increase of 26.9%.

The dividend payout ratio is 50% and up by 4 percentage points year-on-year.

Related News - UBS: Mkt Remains Bullish on 3 Key Telcos; Top Pick Switched to China Mobile

CHINA UNICOM said that it will further amplify investment in 2023, so that the level of capital expenditure will reach RMB76.9 billion, an increase of 3.6% year-on-year.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 250111/all
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Re: China Unicom 0762

Postby winston » Fri Mar 10, 2023 9:09 pm

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China Unicom (762 HK)

Catching up in network coverage and quality

FY22 results in line

Expect growth momentum of industry internet to sustain, and reach 30% of service revenue in 2-3 years

Lifted FY23-24F earnings by c.15-16% on higher revenue in mobile and industry internet

Maintain BUY for strong service revenue growth and attractive c.6% yield; higher HK$8.5 TP

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=13250
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Re: China Unicom 0762

Postby winston » Thu Aug 10, 2023 6:27 am

China Unicom ups payout as net hits 12.4b yuan

China Unicom (0762) said its interim profit rose 13.1 percent to 12.4 billion yuan (HK$13.5 billion) from a year ago, a double-digit growth for the seventh consecutive year.

The telecom giant declared an interim dividend of 20.3 fen, up by 23 percent year on year.

Operating revenue during the period grew 8.8 percent to 191.8 billion yuan from a year earlier, with service revenue rising 6.3 percent to 171 billion yuan.

The penetration rate of 5G package subscribers exceeded 70 percent during the period while the average revenue per user among mobile subscribers inched up 0.9 percent to 44.8 yuan.

The number of mobile subscribers exceeded 328 million, with a net addition of 5.34 million in the first half of the year, which was a new high during the same period in four years, the company said.

However, its mobile users are far behind its peers China Mobile (0941) and China Telecom (0728).


Source: The Standard

https://www.thestandard.com.hk/section- ... 12.4b-yuan
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