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BROKER CALL - HK's Hutchison Telecom target raised to 13.2 hkd, PCCW target raised to 5.3 hkd from 4.9 hkd - Morgan Stanley
Wednesday, April 02, 2008; Posted: 02:45 AM
HONG KONG, Apr 02, 2008 (XFN-ASIA via COMTEX) -- Morgan Stanley said it has
raised its target price on Hutchison Telecommunications International to 13.2 hkd from 13 hkd
while maintaining its "overweight" rating on the company following its good results. "We believe
the street is still not giving it credit for its emerging market basket, especially after the company
announced a tower sale of 500 mln usd and sale of the Ghana operations at 75 mln usd," it said.
It raised the target price to account for stabilizing trends in wireline and better-than-expected 3G
uptake in the Hong Kong market.
"We find Hutchison Telecom better positioned from a capital management perspective as the
self-imposed 2008 deadline to review its cash balance approaches," it added.
It also upgraded its target prices on other telecom firms, including PCCW to 5.3 hkd from 4.9 hkd
and Smartone to 8.6 hkd from 8.0.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/kmq
Pacific Century Regional Developments Limited : BACKGROUND
The Company's primary holdings include PCCW Limited and Pacific Century Insurance Holdings Limited,
both of which are listed on The Stock Exchange of Hong Kong Limited. The Company is also active in
property investment and development and power generation.
In February 2000, PCCW bought over Cable & Wireless' 54 percent stake in Hongkong Telecom for
around US$38 billion, one of Asia's largest corporate takeovers ever.
Currently, the Group has property development projects in India (Fort House and Golden Greens Golf &
Resorts), Singapore (Holt Road and The Clayton), Hong Kong (Cyberport), China (Pacific Century Place
in Beijing, Shanghai Underground Parkade and Gao Yao Power Plant, Guangdong) and Vietnam (Chancery
Saigon Hotel).
http://www.pccw.com/NASApp/cs/BlobServer/20080306_presentation_chi.pdf?blobtable=FinancialUpload&blobcol=urlfile&blobkey=id&blobwhere=1204765549796&blobheader=application/octet-stream&wtsection=investors
http://www.ddw.ca/showroom/pcg/main1.html