China Unicom is recovering subscriber market share and will look to generate free cash flow.
China Unicom reported third-quarter 2017 services revenue up 6.0% and EBITDA up by 6.6%, broadly in line with our estimates. We make only minor tweaks to our forecasts on the back of this result with no changes to our fair value of HKD 9.50 per share (USD 12 per ADR). China Unicom remains narrow-moat-rated based on cost advantages with a negative moat trend due to the company’s declining technology advantage as the market moves away from 3G mobile. For stocks leveraged to the Chinese telecom ind...
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