Morgan Stanley has released a research report maintaining its "Market-Perform" rating on China Unicom (00762) H-shares with a target price of HK$7.
The company's third-quarter service revenue declined 0.4% year-on-year to RMB 82.9 billion, while EBITDA fell 10% year-on-year to RMB 22.8 billion, primarily due to changes in employee expense patterns; net profit dropped 31% year-on-year to RMB 3.8 billion.
In terms of business operations, China Unicom achieved a 12.2% year-on-year increase in computing power revenue for the first nine months, with IDC revenue growing 10.4% year-on-year, and total capacity exceeding 3GW.
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