PCCW is down 0.48% and rating to weaker than the big city

PCCW (00008-HK) is now down 0.48%, at HK $2.08, for a deal of HK $16.9314 million, which is now running for the market, with a 1.21% rise in the index. Daiwa downgraded the stock from holding to a weaker market, and lowered its target price from HK $3.35 to HK $1.88, the equivalent of 9 times times the 09 fiscal year, to a discount of 26% per cent in Asian peers because of the mediocre profit outlook and the uncertainty of the company.　　The bank also lowered its net profit forecast for fiscal year 2009-11 by 5% to 9% respectively, as interest income declined after special dividends were distributed. Daiwa said there was no reason to buy the stake in the near future because of the collapse of the privatisation plan and the return of the PCCW to a market that is mature and competitive in size.