Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

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Quam Securities Research

Equity Bottom-Up

China Unicom Hong Kong / Equity Bottom-Up

<ul><li>While CU has lagged peers in its Oct 5G net adds, the company still reported resilient 5G growth.</li><li>On the back of recent supportive policy on 5G and industry internet, which has been the key revenue growth driver, as well as a new JV with Tencent, which reinforces our view that Chinese telcos are keep gatekeepers of the online world in China, we believe the growth momentum remains intact.</li><li>We have trimmed our earnings forecasts and TP (HK$6.10), which reflects both faster than expected cost increase as well as a lowered FX assumption for the RMB.</li></ul>

While CU has lagged peers in its Oct 5G net adds, the company still reported resilient 5G growth.On the back of recent supportive policy on 5G and industry internet, which has been the key revenue growth driver, as well as a new JV with Tencent, which reinforces our view that Chinese telcos are keep gatekeepers of the online world in China, we believe the growth momentum remains intact.We have trimmed our earnings forecasts and TP (HK$6.10), which reflects both faster than expected cost increase as well as a lowered FX assumption for the RMB.

China Unicom (762 HK) - Policy Support to Sustain 5G Momentum