[ET Net News Agency, 2 July 2019] HSBC Global Research cut its target price for PCCW
Limited (00008) to HK$4.8 from HK$4.9 and maintained its "buy" rating.
The research house said it had previously used market value at the PCPD (00432) property
business as it had no significant debt. Now it added reported net debt to its valuation
and reflected an enterprise value for PCPD of HK$6,149m from the previous equity value of
HK$2,013m.
HSBC remains cautious due to concerns regarding competition in most areas of the telecom
market in Hong Kong - particularly residential broadband and mobile, and enterprise. (KL)