China Unicom Target Price HK$20 by UBS

UBS says that as the only WCDMA network operator in China, Unicom “is best positioned to benefit from the data service boom in China;” it adds that China’s 3G subscriber growth “is approaching the tipping point” as both 3G and smartphone penetration rate has reached about 10% in China. UBS keeps Unicom at Buy with a target price of HK$20 (ADR $25.73).