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<Research>JPM: CHINA UNICOM 1Q24 Results Mixed with Rev. Slowdown Offset by Stringent Cost Control
Recommend 12 Positive 22 Negative 21 |
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CHINA UNICOM (00762.HK)'s 1Q24 results were mixed, with slower revenue growth offset by stringent cost control, JPMorgan released a research report saying. Service revenue growth was modest as ICT eased amid a challenging macro environment, while traditional telecom service was stable. EBITDA turned around from a 3% YoY decline in 2H23 to a positive 3% growth in 1Q24, mainly due to stringent cost control. Net profit growth slowed to 9% due to lower joint venture and non-operating income. The Company maintains its 2024 guidance of steady revenue growth and double-digit earnings growth. The report kept rating at Overweight on CHINA UNICOM's H-shares, with a target price of $6.9, believing that its current valuation is equivalent to a projected PE ratio of 8x, while the CAGR of EPS may be more than 10%, which means an attractive risk reward profile. JPMorgan's top pick for Chinese telecoms is CHINA MOBILE (00941.HK), as its share price is more defensive with better dividend visibility. AAStocks Financial News |
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