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<Research>UBS: CHINA UNICOM 4Q25 Results Miss; Mkt Reaction Likely Negative
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In wake of macro headwinds, CHINA UNICOM (00762.HK) reported 4Q25 results miss, UBS said in a research report. Revenue dipped by 1.2% YoY, and EBITDA grew 4%, both 3-5% below forecasts. During the period, net profit sank 48.5% YoY, with a final DPS of RMB0.417 and a payout ratio of 61%, lower than the forecasted 65% by the bank.

Since China Unicom's results failed expectations, the market was expected to react negatively, the broker noted. There were concerns that the continued impact of VAT will squeeze the company's net profit, and the lower-than-expected payout ratio further undermines market confidence in its dividend outlook.

Related NewsCLSA Trims CHINA UNICOM (00762.HK) TP to $8.8 on Disappointing 2H25 Results
The broker assigned Neutral rating to the company with a target price of HKD8.1.
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