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<Research>BOCI Drops CHINA UNICOM (00762.HK) TP to $9.55, Reiterates Buy Rating
Recommend 7 Positive 7 Negative 5 |
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CHINA UNICOM (00762.HK)'s 1Q26 service revenue fell 0.9% YoY to RMB90.1 billion, mainly affected by the increase in value-added tax (VAT) rate starting from 2026, BOCI issued a research report saying. Net profit for the period declined 17.6% YoY to RMB4.9 billion. The VAT rate for relevant services has been raised from 6% to 9%, with 1Q26 being the first quarter to fully reflect the tax impact, the broker noted. BOCI lowered its 2026-2028 earnings forecasts for CHINA UNICOM by 11.8%/ 9.1%/ 5.5%, and reiterated rating at Buy. The broker dropped its target price from $11.93 to $9.55, and believed that strong free cash flow and a 61% dividend payout ratio in 2025 will provide valuation support for the Company. Auto-translated by AI AASTOCKS Financial News |
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