New Street Research - China Unicom (Hong Kong) Limited (00762) China Unicom (Buy, TP: HK$ 13.2, +52%) Q1 25 Quick Take: Slower revenue growth but better profit trends

Report

New Street Research

Chris Hoare

EUR 8824.00 For Business Accounts Only

China Unicom (Buy, TP: HK$ 13.2, +52%) Q1 25 Quick Take: Slower revenue growth but better profit trends

Service revenue growth slowed from a strong Q4 but profit trends improved, and EPS growth was better. Not disclosed but cash flow should be strongly higher on these figures given declining capex. Given EPS drives the dividend this seems positive to us, and we remain Buyers.

18/04/2025 1 EN

Underlying

China Unicom (Hong Kong) Limited

China Unicom (Hong Kong) is an investment holding company. Through its subsidiaries, Co. is a telecommunications operator in China. Co. is engaged in providing mobile voice, fixed-line voice, fixed-line broadband, data communications and other telecommunications services to its customers.Co. is engaged in the provision of cellular and fixed-line voice and related value-added services, broadband and other Internet-related services, information communications technology services, and business and data communications services. The GSM cellular voice, WCDMA cellular voice, TD-LTE cellular voice, LTE FDD cellular voice and related value-added services are referred to as the .mobile business.

See profile

HK0000049939 Hong Kong Stock Exchange Hong Kong

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

Chinese Telcos Q4 24 review: Still growing; continued fall in absolute capex positive for dividends

Chinese Telcos saw service revenue return to mid-single digits growth in 4Q24. Despite a blip in EBITDA trend, the industry ended 2024 with 6% earnings growth which translated to higher dividend payouts (CM: 73%, CT: 72%, CU: 60%).

EUR 8824.00

April 11, 2025 April 11, 2025 1 EN

New Street Research

Global EM Telcos A Consistent Approach to EFCF and Shareholder Remuneration GEM Telcos likely to double payouts (in US$) by 2029 vs 2023

Amidst tariff-inspired chaos we introduce a consistent way to calculate Equity FCF for Global EM Telcos. Improvements in market structure and synergies from consolidation has led to a steep increase in sector cash flow.

EUR 8824.00

April 10, 2025 April 10, 2025 1 EN

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

In this first take following tonight’s results, we touch on: 1. Advertising: risk to 2Q25 Search consensus owing to de minimus changes 2. AI Overviews: consistent monetization and now reaching 1.5B users 3. AI Mode: what we’re really excited about 4. After last quarter’s capex guidance, more capital return soothes this quarter 5. Additional Quick Hits on subscriptions, margins and AI vertical integration

EUR 8824.00

1h / 7m 1h / 7m 1 EN

Dan Salmon

Dan Salmon

AI monetization and how the Search market expands

Earlier this week, we had the pleasure of hosting Seth Micarelli, former Director of AI + Search Strategy and Growth at Google (and previously with AMZN’s Devices and Alexa teams) to discuss the future of AI search (e.g., Google’s AI Overviews and AI Mode, ChatGPT, Meta AI, etc.) and agentic AI (e.g., Alexa+).

EUR 8824.00

1h / 11m 1h / 11m 1 EN

Jonathan Chaplin

Jonathan Chaplin

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

This note covers results in detail, updates to guidance, updates to the model, and trending charts. We remain above consensus for net adds and EBITDA (and our EBITDA estimate is conservative). We continue to think T-Mobile is the best positioned in a market with rising competition given lower ARPU, higher capacity, and great momentum. Buy ($308; +19%).

EUR 8824.00

1h / 37m 1h / 37m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

China Unicom (Buy, TP: HK$ 13.2, +52%) Q1 25 Quick Take: Slower revenue growth but better profit trends

Chinese Telcos Q4 24 review: Still growing; continued fall in absolute capex positive for dividends

Global EM Telcos A Consistent Approach to EFCF and Shareholder Remuneration GEM Telcos likely to double payouts (in US$) by 2029 vs 2023

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe