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RTNominal down1.230 -0.080 (-6.107%)

23/01/2020 17:55

{I-bank focus}Morgan cuts HutchTel HK (00215) to HK$1.7

[ET Net News Agency, 23 January 2020] Morgan Stanley lowered its target price for
Hutchison Telecommunications HK (HutchTel)(00215) to HK$1.7 from HK$2 and maintained its
"equal-weight" rating.
Despite its compelling 1.5x 2020 EV/EBITDA, the lowest among the covered telcos in Asia,
the research house highlighted that 75% of HutchTel's market cap is net cash on the
balance sheet. The company's conservative approach to keep cash on hand makes strategic
sense amid the weak macro environment, but its valuation warrants a bigger discount on the
Also, Morgan thinks it will be challenging for HutchTel to generate earnings growth
given the higher spectrum amortization cost in the next 2-3 years. It fine-tuned its 2019
EPS estimate and increased 2020 EPS forecast 5.2% on the cost-saving from its digital
transformation. (KL)

Remark: Real time quote last updated: 22/05/2020 17:58
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