CHINA UNICOM HONG KONG LIMITED Financials China Unicom Hong Kong Limited
Equities
762
HK0000049939
Wireless Telecommunications Services
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5.98 HKD | +0.34% |
|
+0.84% | +22.04% |
| Apr. 25 | Agency bars Chinese telecom carriers from offering US broadband services | RE |
| Apr. 19 | China Unicom Logs Nearly 269 Million 5G Subscribers in March | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 200,710 | 114,601 | 97,234 | 130,524 | 136,273 | 168,581 | - | - |
| Enterprise Value (EV) 1 | 183,910 | 94,164 | 57,786 | 97,411 | 66,708 | 95,442 | 68,171 | 49,030 |
| P/E ratio | 17.7 x | 9.14 x | 6.76 x | 7.76 x | 7.3 x | 8.13 x | 7.33 x | 6.54 x |
| Yield | 2.26% | 4.38% | 6.8% | 6.42% | 7.56% | 7.1% | 8.61% | 9.92% |
| Capitalization / Revenue | 0.69 x | 0.38 x | 0.3 x | 0.37 x | 0.37 x | 0.43 x | 0.41 x | 0.4 x |
| EV / Revenue | 0.63 x | 0.31 x | 0.18 x | 0.27 x | 0.18 x | 0.24 x | 0.17 x | 0.12 x |
| EV / EBITDA | 1.95 x | 1 x | 0.6 x | 0.98 x | 0.67 x | 0.92 x | 0.64 x | 0.44 x |
| EV / FCF | 4.91 x | 1.83 x | 1.39 x | 3.7 x | 2.34 x | 2.8 x | 1.65 x | 1.2 x |
| FCF Yield | 20.4% | 54.8% | 72.2% | 27% | 42.8% | 35.8% | 60.7% | 83.6% |
| Price to Book | 0.63 x | 0.35 x | 0.29 x | 0.38 x | 0.39 x | 0.47 x | 0.46 x | 0.44 x |
| Nbr of stocks (in thousands) | 30,598,124 | 30,598,124 | 30,598,124 | 30,598,124 | 30,598,124 | 30,598,124 | - | - |
| Reference price 2 | 6.560 | 3.745 | 3.178 | 4.266 | 4.454 | 5.510 | 5.510 | 5.510 |
| Announcement Date | 3/23/20 | 3/11/21 | 3/11/22 | 3/8/23 | 3/19/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 290,515 | 303,838 | 327,854 | 354,944 | 372,597 | 392,073 | 409,499 | 424,710 |
| EBITDA 1 | 94,360 | 94,139 | 96,320 | 99,169 | 99,810 | 104,183 | 107,341 | 110,307 |
| EBIT 1 | 14,886 | 11,123 | 10,668 | 12,340 | 14,960 | 17,646 | 20,238 | 22,252 |
| Operating Margin | 5.12% | 3.66% | 3.25% | 3.48% | 4.02% | 4.5% | 4.94% | 5.24% |
| Earnings before Tax (EBT) 1 | 14,167 | 16,027 | 17,927 | 20,588 | 22,945 | 26,048 | 28,919 | 32,080 |
| Net income 1 | 11,330 | 12,493 | 14,368 | 16,745 | 18,726 | 20,839 | 23,106 | 25,456 |
| Net margin | 3.9% | 4.11% | 4.38% | 4.72% | 5.03% | 5.32% | 5.64% | 5.99% |
| EPS 2 | 0.3700 | 0.4100 | 0.4700 | 0.5500 | 0.6100 | 0.6774 | 0.7515 | 0.8424 |
| Free Cash Flow 1 | 37,491 | 51,570 | 41,700 | 26,340 | 28,520 | 34,121 | 41,368 | 40,983 |
| FCF margin | 12.91% | 16.97% | 12.72% | 7.42% | 7.65% | 8.7% | 10.1% | 9.65% |
| FCF Conversion (EBITDA) | 39.73% | 54.78% | 43.29% | 26.56% | 28.57% | 32.75% | 38.54% | 37.15% |
| FCF Conversion (Net income) | 330.9% | 412.79% | 290.23% | 157.3% | 152.3% | 163.73% | 179.04% | 161% |
| Dividend per Share 2 | 0.1480 | 0.1640 | 0.2160 | 0.2740 | 0.3366 | 0.3913 | 0.4744 | 0.5464 |
| Announcement Date | 3/23/20 | 3/11/21 | 3/11/22 | 3/8/23 | 3/19/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 145,561 | 150,397 | 153,441 | 164,174 | 80,315 | 83,365 | 163,680 | 89,022 | 87,239 | 176,261 | 87,717 | 90,966 | 178,683 | 94,611 | 191,833 | 89,860 | 90,904 | 180,764 | 99,496 | 197,296 | 192,327 |
| EBITDA | 44,860 | 49,452 | 44,687 | 49,489 | - | 20,983 | 46,831 | 25,031 | 26,379 | 51,410 | 25,325 | 22,434 | - | 27,870 | 53,600 | 25,269 | 20,990 | 46,210 | - | - | - |
| EBIT | 7,167 | 8,138 | 2,983 | 8,113 | - | - | 2,555 | - | 5,608 | 9,511 | - | -704 | 2,829 | - | 11,182 | 4,226 | -399 | 3,778 | - | 13,914 | 3,171 |
| Operating Margin | 4.92% | 5.41% | 1.94% | 4.94% | - | - | 1.56% | - | 6.43% | 5.4% | - | -0.77% | 1.58% | - | 5.83% | 4.7% | -0.44% | 2.09% | - | 7.05% | 1.65% |
| Earnings before Tax (EBT) | 5,427 | 9,736 | 6,291 | 11,289 | - | - | 6,638 | - | 7,667 | - | - | 1,287 | - | 8,774 | - | 6,051 | 1,574 | - | - | - | - |
| Net income 1 | 4,453 | 7,569 | 4,924 | 9,167 | 3,756 | 1,445 | 5,201 | 4,634 | 6,323 | 10,957 | 4,710 | 1,078 | - | 7,236 | 12,391 | 4,855 | 1,480 | 6,335 | 5,613 | - | - |
| Net margin | 3.06% | 5.03% | 3.21% | 5.58% | 4.68% | 1.73% | 3.18% | 5.21% | 7.25% | 6.22% | 5.37% | 1.19% | - | 7.65% | 6.46% | 5.4% | 1.63% | 3.5% | 5.64% | - | - |
| EPS | 0.1500 | 0.2500 | 0.1600 | 0.3000 | - | - | 0.1700 | - | - | - | - | - | 0.1900 | - | 0.4000 | - | - | 0.2100 | - | 0.4800 | 0.2000 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/23/20 | 8/12/20 | 3/11/21 | 8/19/21 | 10/21/21 | 3/11/22 | 3/11/22 | 4/21/22 | 8/8/22 | 8/8/22 | 10/28/22 | 3/8/23 | 3/8/23 | 8/9/23 | 8/9/23 | 10/24/23 | 3/19/24 | 3/19/24 | 4/19/24 | - | - |
1CNY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 16,800 | 20,437 | 39,448 | 33,113 | 69,565 | 73,139 | 100,410 | 119,551 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 37,491 | 51,570 | 41,700 | 26,340 | 28,520 | 34,121 | 41,368 | 40,983 |
| ROE (net income / shareholders' equity) | 3.57% | 3.86% | 4.36% | 4.97% | 5.4% | 5.81% | 6.31% | 6.76% |
| ROA (Net income/ Total Assets) | 2.05% | 2.19% | 2.45% | 2.71% | 2.87% | 2.43% | 3.17% | 3.43% |
| Assets 1 | 551,411 | 571,558 | 585,851 | 616,870 | 651,861 | 856,413 | 728,286 | 741,196 |
| Book Value Per Share 2 | 10.50 | 10.70 | 10.90 | 11.20 | 11.50 | 11.80 | 12.10 | 12.40 |
| Cash Flow per Share 2 | 3.060 | 3.450 | 3.620 | 3.290 | 3.350 | 2.960 | 3.660 | 3.530 |
| Capex 1 | 56,187 | 53,981 | 68,960 | 74,200 | 73,870 | 65,585 | 68,098 | 68,680 |
| Capex / Sales | 19.34% | 17.77% | 21.03% | 20.9% | 19.83% | 16.73% | 16.63% | 16.17% |
| Announcement Date | 3/23/20 | 3/11/21 | 3/11/22 | 3/8/23 | 3/19/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
5.51
CNY
Average target price
7.225
CNY
Spread / Average Target
+31.14%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +22.04% | 23.28B | |
| +1.56% | 191B | |
| +1.97% | 122B | |
| -3.88% | 59.05B | |
| -1.49% | 23.07B | |
| -5.07% | 16.86B | |
| +7.29% | 16.48B | |
| +6.49% | 9.77B | |
| -13.65% | 9.69B | |
| +2.40% | 8.05B |
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