Projected Income Statement: China Unicom (Hong Kong) Limited

Forecast Balance Sheet: China Unicom (Hong Kong) Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 -20,437 -39,448 -33,113 -69,565 -49,483 -42,998 -75,611 -96,789
Change - -93.02% 16.06% -110.08% 28.87% 13.11% -75.85% -28.01%
Announcement Date 3/11/21 3/11/22 3/8/23 3/19/24 3/18/25 - - -
1CNY in Million
Estimates

Cash Flow Forecast: China Unicom (Hong Kong) Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 53,981 68,960 74,200 73,870 61,370 57,906 55,845 55,514
Change - 27.75% 7.6% -0.44% -16.92% -5.64% -3.56% -0.59%
Free Cash Flow (FCF) 1 51,570 41,700 26,340 28,520 28,030 37,793 40,411 43,364
Change - -19.14% -36.83% 8.28% -1.72% 34.83% 6.93% 7.31%
Announcement Date 3/11/21 3/11/22 3/8/23 3/19/24 3/18/25 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: China Unicom (Hong Kong) Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 30.98% 29.38% 27.94% 26.79% 25.52% 25.21% 24.56% 24.28%
EBIT Margin (%) 3.66% 3.25% 3.48% 4.02% 4.11% 4.73% 4.83% 5.14%
EBT Margin (%) 5.27% 5.47% 5.8% 6.16% 6.48% 6.8% 6.92% 7.26%
Net margin (%) 4.11% 4.38% 4.72% 5.03% 5.29% 5.53% 5.6% 5.87%
FCF margin (%) 16.97% 12.72% 7.42% 7.65% 7.19% 9.49% 9.92% 10.35%
FCF / Net Income (%) 412.79% 290.23% 157.3% 152.3% 135.98% 171.54% 176.96% 176.34%

Profitability

        
ROA 2.19% 2.45% 2.71% 2.87% 3.09% 2.9% 2.97% 3.08%
ROE 3.86% 4.36% 4.97% 5.4% 5.8% 5.9% 5.95% 6.26%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 17.77% 21.03% 20.9% 19.83% 15.75% 14.55% 13.7% 13.24%
CAPEX / EBITDA (%) 57.34% 71.59% 74.82% 74.01% 61.73% 57.7% 55.79% 54.55%
CAPEX / FCF (%) 104.68% 165.37% 281.7% 259.01% 218.94% 153.22% 138.19% 128.02%

Items per share

        
Cash flow per share 1 3.45 3.616 3.286 3.346 2.922 3.043 3.202 3.222
Change - 4.82% -9.13% 1.84% -12.69% 4.16% 5.22% 0.63%
Dividend per Share 1 0.164 0.216 0.274 0.3366 0.4043 0.4592 0.5118 0.5597
Change - 31.71% 26.85% 22.85% 20.11% 13.58% 11.46% 9.36%
Book Value Per Share 1 10.67 10.86 11.16 11.49 11.8 12.09 12.35 12.61
Change - 1.76% 2.79% 2.89% 2.72% 2.48% 2.13% 2.07%
EPS 1 0.41 0.47 0.55 0.61 0.67 0.7174 0.7377 0.7958
Change - 14.63% 17.02% 10.91% 9.84% 7.07% 2.83% 7.87%
Nbr of stocks (in thousands) 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124
Announcement Date 3/11/21 3/11/22 3/8/23 3/19/24 3/18/25 - - -
1CNY
Estimates
2025 *2026 *
P/E ratio 8.9x 8.65x
PBR 0.53x 0.52x
EV / Sales 0.38x 0.29x
Yield 7.19% 8.02%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
6.393CNY
Average target price
9.747CNY
Spread / Average Target
+52.47%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. 762 Stock
  4. Financials China Unicom (Hong Kong) Limited