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Morgan lifts HKBN (01310) to HK$11.5
Morgan Stanley lifted its target price for HKBN 
(01310) to HK$11.5 from HK$10 to reflect stronger adjusted fund flow (AFF), and maintained
its "overweight" rating.
  The research house said HKBN is moving into harvest mode with aspirational targets 
ahead. With the evidence from higher broadband pricing, charged content overlay, and lower
capex guidance, Morgan believes HKBN is progressing well in its transformation to harvest
mode, after years of competitive pricing cycles.
  It turned more bullish on its future monetization and raised its 2017-20 DPS CAGR from 
10% to 18%, although in its base case it assumed HKBN cannot achieve its aggressive AFF
target in its co-ownership program. 

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