"Big Banks" Citigroup: China Unicom's third-quarter performance disappoints expectations, maintains "Buy" rating
Citi published a research report indicating that CHINA UNICOM (00762.HK) will have flat revenue in the third quarter of 2025, approximately RMB 93 billion, which is 3% lower than market expectations, while service revenue in the third quarter of 2025 is expected to grow by 0.2% year-on-year to RMB 83 billion. EBITDA in the third quarter of 2025 is expected to grow by 0.1% year-on-year to RMB 25 billion, which is 1% lower than market consensus, while net profit in the third quarter of 2025 is expected to increase by 5% year-on-year to RMB 5.5 billion, which is 10% lower than market consensus.
Citi uses the Sum of the Parts (SOTP) valuation method to set a target price for CHINA UNICOM at HKD 11.2, with a rating of "Buy."
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