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

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

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.

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