China Unicom Issues Another Profit Warning but Results Are in Line
China Unicom issued another profit warning, this time for its first-half 2017 results, but the guided results are broadly in line with our estimates. This is the third half-year result in a row in which China Unicom has issued a profit warning, but this is more a result of the very low profitability of the company relative to its size and the fact that relatively small movements in absolute profit levels generate high percentage changes. First-half services revenue growth of 1.8% and EBITDA grow...
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