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00762 CHINA UNICOM
RTNominal down6.320 -0.150 (-2.318%)
Others

28/11/2019 17:33

{I-bank focus}Goldman trims China Unicom (00762) to HK$9.4

[ET Net News Agency, 28 November 2019] Goldman Sachs lowered its target price for China
Unicom (CU)(00762) to HK$9.4 from HK$10.3 and maintained its "buy" rating.
The research house cut its 2019-2021 EPS estimates by 4%-32% raised its capex forecasts
by 4%. It said CU is currently trading at trough 12m forward EV/EBITDA. Goldman believes
further monthly revenue recovery should lead to share price re-rating.
Goldman raised its 2019-2021 5G base station forecasts from 140k/600k/800k to
160k/1mn/1.1mn to reflect its expectations of a faster 5G rollout in China.
As a result of the higher 5G base station assumptions, Goldman raised its wireless capex
forecast for the telco. Specifically, it raised CU's 2020/2021 capex by 4%. (KL)

Remark: Real time quote last updated: 26/02/2020 15:39
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