China Unicom Rallies on iPhone Growth Hopes

China Unicom is projected to make big profits as it is currently the only distributor of iPhones within China. From Market Watch:

Investors are betting on China Unicom and the status that goes with being the only distributor of the iPhone handset in an oversized wireless market.

The Hong Kong-listed shares of China’s second-largest cellular operator (HK:762 14.42, +0.88, +6.50%)  rallied Friday to end at their highest level in more than two and a half years, or a historic 80 times current earnings.

Investors said the gains were sparked by a more optimistic view taken toward the carrier  (CHU 18.44, +0.09, +0.50%)  by UBS, which lifted its share-price target by 47% to $20 Hong Kong dollars ($2.57) from HK$13.6, citing success in attracting subscribers to Unicom’s third-generation network.

Analyst Wang Jinjin entitled her Friday report: “Explosive 3G growth approaching.” In it, she noted that China Unicom looks set to benefit the most from among the mainland’s trio of 3G providers.

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