Morgan Stanley upgrades China Unicom profit forecast by 8% to 10%

China Unicom (0762) released its newest operation data in April, which was quite ideal. Since the users increase of the company was 36% higher than the forecast of Morgan Staley, adding the satisfactory increase in its long-distance telephone, Morgan Stanley upgraded the EBITDA forecast of the company by 5-7% and upgraded its per share profit forecast by 8-10%.

Moreover, the fund house pointed out although the stock price of China Unicom led HSI forward 15-20% and there would be more fund houses upgrading its profit forecast, the stock still had ascending room. Morgan Stanley at last set the target price of China Unicom at HK$19.

However, Credit Suisse First Boston downgraded the target price of China Unicom to HK$17.

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