Here are highlights from Wednesday’s Analyst Blog:
More 3G Users Join China Unicom
China China Unicom CHU
The company’s GSM subscriber base expanded to 160.97 million with net additions of 0.34 million customers, while its 3G subscriber base increased to 51.78 million with net additions of 2.92 million.
Apple Inc. AAPL
RMB 70 billion $11.1 billion RMB 40 billion
Coming to the fixed-line business, the company is poised to benefit from expansion and speed enhancement of fiber optic service in its broadband business. China Unicom added 0.58 million broadband customers in April, bringing the total number to 58.87 million.
But the company is experiencing significant declines in its local access lines due to the impact of the ongoing fixed-to-mobile substitution. Erosion in the fixed-line subscriber base continues with approximately 0.01 million customers lost in April, taking the total number to 92.34 million.
We are maintaining our long-term Underperform recommendation on China Unicom. The stock retains a Zacks #4 (Sell) Rank for the short term (1–3 months).
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