Lyon: Raise China Unicom (00762.HK) target price to 11 Hong Kong dollars, maintain "outperform market" rating.
According to the Wisdom Financial APP, Lyon released a research report stating that China Unicom's (00762.HK) first half performance fell below expectations. Total service revenue and net profit increased by 1.5% and 5% respectively to 178.4 billion and 145.5 billion RMB, lower than the bank's forecast of 0.9% and 3.5%. Lyon maintains a "outperform" rating on Unicom, raising the target price from 9.5 to 11 Hong Kong dollars, reflecting a 20% reduction in 10-year capital expenditure forecast to align with management's guidance on stable capital expenditure plans, and assuming that capital expenditure remains relatively flat.
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