At first glance, the latest set of results from China Unicom (762 HK) look a bit disappointing as mobile service revenue growth slowed slightly in 4Q16. Our thesis on China Unicom has been to look for a stabilization of trends and a revenue turnaround. That turnaround is taking longer than expected.  On the plus side, there is evidence of better traction with subscribers while the focus on profitability and falling capex suggests a substantial improvement in returns is...(continued)

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