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.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

China Unicom Hong Kong / Equity Bottom-Up

<ul><li>China Unicom’s 2022 results were largely in line with our expectations with decent growth in service revenue, driven by strong growth in industrial internet and stable growth in mobile revenue.</li><li>Opex inflation has been well contained with no further material acceleration in opex growth.</li><li>On the back of China’s plan for further digitization of the country, achieving technology advancement and autonomy as well as the paramount importance of data security, we expect industrial internet remains the key top-line driver and, with further deceleration in opex growth, adjusted NP to sustain double-digit growth for FY23-25.</li></ul>

China Unicom’s 2022 results were largely in line with our expectations with decent growth in service revenue, driven by strong growth in industrial internet and stable growth in mobile revenue.Opex inflation has been well contained with no further material acceleration in opex growth.On the back of China’s plan for further digitization of the country, achieving technology advancement and autonomy as well as the paramount importance of data security, we expect industrial internet remains the key top-line driver and, with further deceleration in opex growth, adjusted NP to sustain double-digit growth for FY23-25.

China Unicom (762 HK) - In-Line Results Foster Resilient Growth Trend