CLSA cuts PCCW (0008) rating to Underperform
2002/10/16 16:11
(Infocast News) CLSA stated in its report that it had revised down the rating of PCCW (0008) to Underperform since the coming listing of China Telecom with
an attractive yield payment will hinder the upside of the stock of PCCW. Though the stock is inexpensive for the moment, PCCW cannot pay dividends until
2004 and therefore CLSA set the 12-month target price of PCCW at $1.2 due to the uncertain situation of the local telecom giant.
Meanwhile, CLSA advised no accumulation until the stock price goes nearer to the firm`s floor valuation of $0.76 per share.
PCCW`s stock closed at $1.06, up by 0.95%.
