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China Unicom (Hong Kong) Ltd 00762

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Morningstar’s Analysis

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China Unicom Reports Solid Third-Quarter Result and Remains Very Inexpensive in our View

Dan Baker Senior Equity Analyst

Analyst Note

| Dan Baker |

In our view, no-moat China Unicom continues to be undervalued after reporting solid third-quarter 2021 result that was broadly in line with recent trends and our estimates. Third-quarter services revenue grew 6.8%, with EBITDA up 6.6% and net profit up 15.4%. While the pace of service revenue growth was broadly maintained from the second quarter we saw a slowing of mobile services revenue growth to 3% and an increase in fixed services revenue growth to 11.7% driven by strong industry Internet momentum and improving broadband revenue growth.

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Company Profile

Business Description

China Unicom is the incumbent fixed-line operator in 10 northern Chinese provinces, as well as the third- largest wireless operator nationwide. At September 2021, it had 316 million billing wireless customers and 93 million broadband subscribers. China Unicom also has a growing ICT business. We estimate it has the second largest Internet data center business in China. It has its own 4G network and shares the radio access function with China Telecom for its 5G network.

99 Queen's Road, 75th Floor, The Center
Hong Kong, Hong Kong
T +852 21262018
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 254,702