Financials China Unicom Hong Kong Limited BOERSE MUENCHEN

Equities

XCI

HK0000049939

Wireless Telecommunications Services

Market Closed - BOERSE MUENCHEN Other stock markets 01:13:06 25/05/2024 am IST			5-day change	1st Jan Change
0.725 ^EUR	-2.03%		-2.03%	+31.82%

23/05	China Unicom’s Senior VP Steps Down	MT
23/05	China Unicom (Hong Kong) Limited Announces Resignation of Liang Baojun as Senior Vice President	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,00,710	1,14,601	97,234	1,30,524	1,36,273	1,75,856	-	-
Enterprise Value (EV) ¹	1,83,910	94,164	57,786	97,411	66,708	1,02,717	75,446	56,305
P/E ratio	17.7 x	9.14 x	6.76 x	7.76 x	7.3 x	8.48 x	7.65 x	6.82 x
Yield	2.26%	4.38%	6.8%	6.42%	7.56%	6.97%	8.2%	9.48%
Capitalization / Revenue	0.69 x	0.38 x	0.3 x	0.37 x	0.37 x	0.45 x	0.43 x	0.41 x
EV / Revenue	0.63 x	0.31 x	0.18 x	0.27 x	0.18 x	0.26 x	0.18 x	0.13 x
EV / EBITDA	1.95 x	1 x	0.6 x	0.98 x	0.67 x	1 x	0.71 x	0.52 x
EV / FCF	4.91 x	1.83 x	1.39 x	3.7 x	2.34 x	3.01 x	1.82 x	1.37 x
FCF Yield	20.4%	54.8%	72.2%	27%	42.8%	33.2%	54.8%	72.8%
Price to Book	0.63 x	0.35 x	0.29 x	0.38 x	0.39 x	0.49 x	0.48 x	0.46 x
Nbr of stocks (in thousands)	3,05,98,124	3,05,98,124	3,05,98,124	3,05,98,124	3,05,98,124	3,05,98,124	-	-
Reference price ²	6.560	3.745	3.178	4.266	4.454	5.747	5.747	5.747
Announcement Date	23/03/20	11/03/21	11/03/22	08/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,90,515	3,03,838	3,27,854	3,54,944	3,72,597	3,92,003	4,09,384	4,24,473
EBITDA ¹	94,360	94,139	96,320	99,169	99,810	1,03,183	1,06,482	1,09,145
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%	6%
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%	33.07%	38.85%	37.55%
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	0.4007	0.4713	0.5450
Announcement Date	23/03/20	11/03/21	11/03/22	08/03/23	19/03/24	-	-	-

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	1,45,561	1,50,397	1,53,441	1,64,174	80,315	83,365	1,63,680	89,022	87,239	1,76,261	87,717	90,966	1,78,683	94,611	1,91,833	89,860	90,904	1,80,764	99,496	1,97,296	1,92,327
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	23/03/20	12/08/20	11/03/21	19/08/21	21/10/21	11/03/22	11/03/22	21/04/22	08/08/22	08/08/22	28/10/22	08/03/23	08/03/23	09/08/23	09/08/23	24/10/23	19/03/24	19/03/24	19/04/24	-	-

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	1,00,410	1,19,551
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	5,51,411	5,71,558	5,85,851	6,16,870	6,51,861	8,56,413	7,28,286	7,41,196
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	65,087	66,257	66,639
Capex / Sales	19.34%	17.77%	21.03%	20.9%	19.83%	16.6%	16.18%	15.7%
Announcement Date	23/03/20	11/03/21	11/03/22	08/03/23	19/03/24	-	-	-

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

Ratings for China Unicom Hong Kong Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.747 CNY

Average target price

7.238 CNY

Spread / Average Target

+25.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

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Other Wireless Telecommunications Services