reports
- Chris Hoare
Chinese Telcos Q3 24 review: Macro continues to impact the top line
Service revenue trend kept steady relative to Q2, albeit being slower than before due to macro headwinds. Yet earnings momentum continued to trend in the mid-single digits overall as we saw good cost control by China Telecom again (acceleration in EBITDA) while peers were cushioned by lower D&A costs (back by easing capex).
- Chris Hoare
Chinese Telcos Q2 24 review: Strong earnings despite softer topline; ...
Despite the slowdown in service revenue trend from softer macro, Chinese operators still delivered a strong earnings growth. Interim dividends rose by 7-22% YoY as all three raised payout ratios. Despite the share prices already roughly doubling, we remain bullish on exposure to China’s structural enterprise theme, improving capital intensity and improved shareholder remuneration.
- Chris Hoare
CHINA UNICOM (HK.) LTD. loses on its star level and is downgraded to S...
The independent financial analyst theScreener just slightly lowered the general evaluation of CHINA UNICOM (HK.) LTD. (HK), active in the Mobile Telecommunications industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis d...
1 director sold
A director at China Unicom sold 200,000 shares at 9.185HKD and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Dan Baker
Morningstar | China Unicom's Strong Underlying 1Q Result Foreshadows S...
China Unicom’s underlying first-quarter result was positive, with mild revenue growth and strong profit growth despite the government’s mandated removal of data roaming fees in July 2018 driving mobile services revenue into decline. With the effect of the mobile data fee removal set to wash through in the second half of the year, the company appears set to produce strong profit and cash flow growth this year. First-quarter services revenue growth of 0.3% consisted of fixed services revenue u...
- Dan Baker
China Unicom's Strong Underlying 1Q Result Foreshadows Solid Full Year
China Unicom’s underlying first-quarter result was positive, with mild revenue growth and strong profit growth despite the government’s mandated removal of data roaming fees in July 2018 driving mobile services revenue into decline. With the effect of the mobile data fee removal set to wash through in the second half of the year, the company appears set to produce strong profit and cash flow growth this year. First-quarter services revenue growth of 0.3% consisted of fixed services revenue u...
- Dan Baker
Morningstar | China Unicom Recovering Well but Data Roaming Removal (H...
China Unicom’s 2018 result was positive with a recovery in profitability although mobile revenue growth slowed drastically in the second half due to the government’s mandated removal of data roaming fees in July 2018. Concerns about potential future government pricing edicts and upcoming 5G capital expenditure remain but with a vastly improved balance sheet and improved financial performance China Unicom now looks much better placed to address those challenges. Full-year services revenue gro...
- Dan Baker
China Unicom Recovering Well but Data Roaming Removal (Hopefully) a Sp...
China Unicom’s 2018 result was positive with a recovery in profitability although mobile revenue growth slowed drastically in the second half due to the government’s mandated removal of data roaming fees in July 2018. Concerns about potential future government pricing edicts and upcoming 5G capital expenditure remain but with a vastly improved balance sheet and improved financial performance China Unicom now looks much better placed to address those challenges. Full-year services revenue gro...
- Dan Baker
Morningstar | China Unicom's Strong Recovery Hindered by Date Roaming ...
China Unicom is one of two main fixed-line telephone companies in China, each with its own traditional territory. It is also the second-largest wireless operator in the country, which generates the majority of its growth. The firm's fixed-line business primarily operates in northern China. Traditional fixed-line voice customers have been slowly declining for years. Broadband is a potential growth avenue, but China Mobile's aggressive expansion in the fixed broadband market is causing prices to f...
- Dan Baker
China Unicom's Strong Recovery Hindered by Date Roaming Fee Removal
China Unicom’s subscriber numbers over 2018 and January 2019 showed trends from recent years continuing of increased competition in the mobile market, but China Mobile dominating the fixed line broadband market largely at the expense of China Unicom. In the three years from 2014 to 2016, post the introduction of 4G, China Unicom only added 9% of total new mobile customers and China Mobile added 67%. However, over 2017 and 2018, China Unicom increased its share of net adds to 22%, with China ...
- Dan Baker
Morningstar | China Unicom More Competitive in Mobile but Ceding Fixed...
China Unicom’s subscriber numbers over 2018 and January 2019 showed trends from recent years continuing of increased competition in the mobile market, but China Mobile dominating the fixed line broadband market largely at the expense of China Unicom. In the three years from 2014 to 2016, post the introduction of 4G, China Unicom only added 9% of total new mobile customers and China Mobile added 67%. However, over 2017 and 2018, China Unicom increased its share of net adds to 22%, with China ...
- Dan Baker
Morningstar | China Unicom More Competitive in Mobile but Ceding Fixed...
China Unicom’s subscriber numbers over 2018 and January 2019 showed trends from recent years continuing of increased competition in the mobile market, but China Mobile dominating the fixed line broadband market largely at the expense of China Unicom. In the three years from 2014 to 2016, post the introduction of 4G, China Unicom only added 9% of total new mobile customers and China Mobile added 67%. However, over 2017 and 2018, China Unicom increased its share of net adds to 22%, with China ...
- Dan Baker
Morningstar | China Unicom More Competitive in Mobile but Ceding Fixed...
China Unicom’s subscriber numbers over 2018 and January 2019 showed trends from recent years continuing of increased competition in the mobile market, but China Mobile dominating the fixed line broadband market largely at the expense of China Unicom. In the three years from 2014 to 2016, post the introduction of 4G, China Unicom only added 9% of total new mobile customers and China Mobile added 67%. However, over 2017 and 2018, China Unicom increased its share of net adds to 22%, with China ...
- Dan Baker
China Unicom More Competitive in Mobile but Ceding Fixed Broadband Mar...
China Unicom’s subscriber numbers over 2018 and January 2019 showed trends from recent years continuing of increased competition in the mobile market, but China Mobile dominating the fixed line broadband market largely at the expense of China Unicom. In the three years from 2014 to 2016, post the introduction of 4G, China Unicom only added 9% of total new mobile customers and China Mobile added 67%. However, over 2017 and 2018, China Unicom increased its share of net adds to 22%, with China ...
- Dan Baker
Morningstar | China Unicom Loses Its Narrow Moat; Fair Value Estimate ...
We have moved China Unicom to no-moat and stable trend ratings from narrow moat and negative trend ratings previously. The main reason for the move to no-moat is persistent returns below its cost of capital. The negative trend was previously based on the loss of a technology advantage as the industry moved from 3G to 4G technology. This has now largely played out as most traffic is now on the 4G network, so we move to stable trend. The change in moat rating and slight decrease in the value of th...
- Dan Baker
Morningstar | China Unicom Loses Its Narrow Moat; Fair Value Estimate ...
We have moved China Unicom to no-moat and stable trend ratings from narrow moat and negative trend ratings previously. The main reason for the move to no-moat is persistent returns below its cost of capital. The negative trend was previously based on the loss of a technology advantage as the industry moved from 3G to 4G technology. This has now largely played out as most traffic is now on the 4G network, so we move to stable trend. The change in moat rating and slight decrease in the value of th...
- Dan Baker
China Unicom Loses Its Narrow Moat; Fair Value Estimate Reduced to HKD...
We have moved China Unicom to no-moat and stable trend ratings from narrow moat and negative trend ratings previously. The main reason for the move to no-moat is persistent returns below its cost of capital. The negative trend was previously based on the loss of a technology advantage as the industry moved from 3G to 4G technology. This has now largely played out as most traffic is now on the 4G network, so we move to stable trend. The change in moat rating and slight decrease in the value of th...
- Dan Baker
China Unicom Battling Government-Mandated Price Reductions Ahead of 5G...
China Unicom’s third-quarter result was negatively impacted by the cancellation of domestic data roaming fees from July 1 with services revenue growth slowing from 8.3% in first-half 2018 to 2.9% in the third quarter. EBITDA also slowed from 5.2% growth in the first half to 5.1% decline in the third quarter due to the revenue slowdown and a 13% increase in employee expenses associated with the mixed ownership reforms which allow for increased performance-based pay for staff. We maintain our ...
- Dan Baker
Morningstar | Cancellation of Domestic Data Roaming Fees Jolts China U...
China Unicom’s third-quarter result was negatively impacted by the cancellation of domestic data roaming fees from July 1 with services revenue growth slowing from 8.3% in first-half 2018 to 2.9% in the third quarter. EBITDA also slowed from 5.2% growth in the first half to 5.1% decline in the third quarter due to the revenue slowdown and a 13% increase in employee expenses associated with the mixed ownership reforms which allow for increased performance-based pay for staff. We maintain our f...
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