PCCW half-A-dollar flat at HK $2.05 Lyon to sell

PCCW (00008-HK), a Half-day flat at HK $2.05, sold HK $10.5721 million, and the stock market rose 1.16% in early trading. CLSA maintains the sale rating of the unit, with a target price of HK $1.70, which is equivalent to 10 times times the forecast price-to-earnings ratio for the 2010 fiscal year, and 6.4 times times earnings before corporate value and interest, tax, depreciation and amortization in fiscal year 2010. The bank said the valuation was not high, but that the company had been in a growth period with a higher debt ratio and a dividend yield of only 3% to 4% per cent, and said that PCCW, which lacked price catalysts, was expected to continue to lose the market. In addition, PCCW last month issued a special dividend to mark the failure of the sale and privatization efforts. added that the likelihood of another attempt to privatize within the next six to 12-24 months was very low. Given the high net debt equity, the bank is not expected to pay a special dividend again.