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00762 CHINA UNICOM
RTNominal up5.650 +0.090 (+1.619%)
Others

23/01/2020 15:03

{I-bank focus}CS cuts China Unicom (00762) to HK$7.68

[ET Net News Agency, 23 January 2020] Credit Suisse lowered its target price for China
Unicom (00762) to HK$7.68 from HK$7.81 and maintained its "neutral" rating.
The research house said Unicom's expected net profit for FY2019 of RMB11.3bn was about
15.8% below Credit Suisse's expectation. Hence, it cut its FY2019 and FY2020 earnings
forecast by 15.8% and 3.4%, following the profit warning>
Within the China telco space, Credit Suisse prefers to own China Mobile (00941), which
looks far better placed to bear the 5G investment burden, and China Tower (00788), which
should enjoy higher tenancy on its 2mn "macro" towers, as 5G equipment is rolled out. (KL)

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