JPMorgan retains "sell" rating on China Unicom's H shares

Published: 05 Nov 2009 19:42:28 PST

More From ChinaKnowledge.com

Nov. 6, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co has again assigned a rating of "sell" for H shares of China Unicom<600050><0762><CHU>, and has set the target price at HK$8 per share, sources reported.

JPMorgan said in a statement that the company's earnings in the third quarter this year was lower than expected.

Net profit of the country's second-largest telecom operator in the third quarter fell 11% from the previous quarter to RMB 2.72 billion due to intensive competition and huge 3G network investment.

For the first nine months of this year, the company's net profit totaled RMB 9.34 billion, or RMB 0.39 per share. Revenue reached RMB 114.93 billion during the period.