Macquarie raised target price of China Unicom, lowered rating from Outperform to Neutral

 

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Macquarie said it’s positive about China Unicom’s strong performance in industry internet, which grew 29% in 2022 from the previous year and accounting for 20% of its total revenue.

The broker raised the forecast of China Unicom’s P/B ratio this year to 0.5 times from previous 0.4 times and also raised the forecast of the company’s net income in 2023 and 2024 by 4% and 12%, respectively.

Macquarie raised target price of China Unicom from HK$5.37 to HK$6.53, but lowered its rating from Outperform to Neutral to reflect the stock’s 74% gains since October last year. 

China Unicom is trading 1.9% higher at HK$6.36 as of 2:22 pm Hong Kong time.