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Morgan lowers HutchTel HK (00215) to HK$3.4
Morgan Stanley cut its target price for
Hutchison Telecommunications HK (HutchTel)(00215) to HK$3.4 from HK$3.6, and downgraded
its rating to "equal-weight" from "overweight".
  The research house thinks HutchTel's 2H 2017 results disappointed the market on the
one-year delay in potential special dividend. Risk-reward turns unattractive given the 
one-year waiting period, uncertainties from potential value dilutive M&As, and intensified
mobile competition.
  Morgan continues to prefer HK fixed-line operators like HKT (06823) and HKBN (01310) to
mobile like SmarTone (00315) and HutchTel, on improvement broadband competition and
growing DPS.

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