Lates News

Goldman Sachs released a report stating that China Unicom's first quarter EBITDA of 26.6 billion yuan roughly met the bank's expectations. Net profit of 5.6 billion yuan was 7% lower than expected, mainly due to lower-than-expected non-operating income and higher-than-expected depreciation expenses. Cloud business revenue increased by 18% year-on-year to 19.7 billion yuan, while IDC revenue increased by 8.8% year-on-year to 7.2 billion yuan. The bank has lowered its EBITDA profit margin forecast for the company and reduced its EBITDA and net profit forecasts for the company from this year to 2027 by up to 1.6% and up to 6% respectively. The target price for China Unicom H shares has been reduced from 10.5 Hong Kong dollars to 10 Hong Kong dollars, with an enterprise value/EBITDA multiple of 2.5 times, lower than the original target of 2.6 times, maintaining a "buy" rating.