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Morgan Stanley maintained the rating of SMARTONE TELE (00315.HK)  +0.500 (+4.630%)    Short selling $737.70K; Ratio 4.934%   and HUTCHTEL HK (00215.HK)  +0.050 (+1.656%)    Short selling $65.64K; Ratio 1.550%   as Overweight after the spectrum auction. HKT-SS (06823.HK)  +0.320 (+3.265%)    Short selling $1.40M; Ratio 15.869%   and PCCW (00008.HK)  +0.010 (+0.194%)    Short selling $3.82M; Ratio 20.462%   was kept at In-line.

The broker pointed out that SmarTone Telecommunications and Hutchison Telecommunications Hong Kong sustained the spectrum at a low price, which was 27% lower than estimates, while CHINA MOBILE (00941.HK)  -2.100 (-2.238%)    Short selling $54.29M; Ratio 9.546%   and SmarTone Telecommunications acquired the additional block at 3.1% and 6.3% higher than the reserve price.

Morgan Stanley also expected upside for the payout ratio of SmarTone Telecommunications, with a lift from 3% to 5-6%

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