[ET Net News Agency, 22 January 2018] HSBC Global Research cut its target price for
PCCW (00008) to HK$5 from HK$5.3, and downgraded its rating to "hold" from "buy" on lower
HKT estimates and lower peer multiples for Media and Solutions businesses.
The research house said HKT drives a large part of the value at PCCW, and the shares
have been preferred by investors (some of whom are not able to buy business trust units)
looking for a proxy for HKT (06823). Consequently, if HKT is affected by increasing
competition, HSBC expects PCCW shares to be affected as well.
It said this is likely to obscure any positives at PCCW's Solutions and Media
businesses. However, losses in Media business have not been well-received by investors
looking for steady dividends, and HSBC expects this trend to intensify due to pressure at
HKT. (KL)
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00008 PCCW
Nominal 
3.940 +0.010 (+0.254%) Others
22/01/2018 15:08
[I-bank focus]HSBC downgrades PCCW (00008) to "hold" & HK$5
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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