星展：上调联通目标价至12.1港元 料云业务推动盈利及股息增长

Group 1 - DBS has raised the target price for China Unicom (00762.HK) H-shares from HKD 11.1 to HKD 12.1, maintaining a "Buy" rating [1] - The company confirmed a full-year dividend of RMB 0.40 per share, representing a year-on-year increase of 20.1%, with a payout ratio rising by 5 percentage points to 60% [1] - Although China Unicom is the only major mainland telecom operator without a committed payout ratio, DBS expects the company to gradually increase the payout ratio to 65% by next year [1]