Morgan Stanley issued a research report maintaining an In-Line 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 dropped 10% year-on-year to RMB 22.8 billion, mainly affected by changes in the employee expense model; net profit fell 31% year-on-year to RMB 3.8 billion.
On the business front, China Unicom's computing power revenue for the first nine months grew 12.2% year-on-year, IDC revenue rose 10.4% year-on-year, and total capacity exceeded 3GW.
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