Category: Money Tips Date: 2007-02-15
Highlights:
Today, China Unicom was up 10.11% to close than 5.01 yuan, basically to achieve our previous report, to 5.05 yuan given target. China Unicom rose from a direct factor in today's marketing department of the break-up plan. January 22, China Unicom held a national video and telephone conference, the main contents of the marketing department into two, namely the establishment of G and C Network Marketing Network Marketing; spin-off companies in the headquarters and provincial levels of expansion; March 15, for this split the final execution time.
The marketing department of the split with the January 12, 2006 split of the former marketing and sales for the Integrated Marketing Department of a certain continuity of adjustment, is also limited to personnel adjustments, operation and maintenance, and procurement, back office as well as the sharing of network assets remain.
We believe that the marketing department of the split is the future of the restructuring deal with China Unicom, cloudless day. If the reorganization once it is started, then G network and C network personnel, network assets and back-support systems will sooner or later be integrated. The split is no doubt the future of large-scale restructuring of the company foreshadowed.
We had repeatedly stressed that 3G licensing and industry restructuring is closely related to systems engineering; In the most recent 2007 report, the investment strategy is the pattern of remodeling from the perspective of communications operators concerned about the investment value of China Unicom. Moment, the operating pattern of imbalances were actually regarded as a 3G era of focusing on solving problems, but we believe that reorganization of the first half of 2007 still have uncertain results, but ultimately there are ways including the sale and the rental of a number of options, including路径.
We continue to believe that only a company's share price is expected to re-up the surface of incentives, deep-seated reasons lies in the corporate network re-assessment of the value of assets, restructuring the company's asset value is expected to accelerate the return of the assessment path. We also operate CDMA and WCDMA networks, two from South Korea's SK Corporation since January 2002 five-year average book value 2.51 as a reference to the valuation of China Unicom, the company expects to take in 2007 the net assets of 2.50 per share, calculated on the basis of Unicom's target price raised to 6.28 yuan, to maintain "recommended" investment rating.
