China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

China Telecom: Gaining Share as 1Q17 Shows Strong Top Line Traction

Recent Meetings with the Chinese Telcos: Preference for China Unicom Retained

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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Equity Bottom-Up

China Unicom Hong Kong / Equity Bottom-Up

At first glance, the latest set of results from <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a> look a bit disappointing as mobile service revenue growth slowed slightly in 4Q16. Our thesis on China Unicom has been to look for a stabilization of trends and a revenue turnaround. That turnaround is taking longer than expected.  On the plus side, there is evidence of better traction with subscribers while the focus on profitability and falling capex suggests a substantial improvement in returns is unfolding. Slight slowdown…

At first glance, the latest set of results from China Unicom (762 HK) look a bit disappointing as mobile service revenue growth slowed slightly in 4Q16. Our thesis on China Unicom has been to look for a stabilization of trends and a revenue turnaround. That turnaround is taking longer than expected.  On the plus side, there is evidence of better traction with subscribers while the focus on profitability and falling capex suggests a substantial improvement in returns is unfolding. Slight slowdown…

China Unicom (762 HK): Clear Focus on Improved Returns as Capex Burden Eases.