China Unicom (762.HK):2Q18 profit+87%YoY,Reform on-going,Outperform,TP HK$12.00

2018-08-20 14:49 港股研报君 阅读 508

机构:麦格理

评级:买入

目标价:12港元

Key points 

CU 2Q18 results: revenue at Rmb74bn (-1% QoQ and 7% YoY); net profit at Rmb2.9bn (-3% QoQ, 87% YoY) (Fig 1)

ey FAQs at analyst briefing: 5G capex/ progress, industrial internet, mixedownership reform update, and 4G unlimited data plans

MGMT also denied the news of merger between CU and CT and stated that CU had no official discussions on this matter 

Earnings and target price revision 

Roll over to 2019E with no change in TP. 

Price catalyst 

12-month price target: HK$12.00 based on a DCF methodology.

Catalyst: 3Q18 results 

Action and recommendation 

Maintain Outperform. 

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