Citi Maintains 'Buy' Rating on Chunghwa Telecom (CHT)
CHT Hot Sheet
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Citi maintains a 'Buy' rating on Chunghwa Telecom (NYSE: CHT). Price target $29.
Citi analyst says, "We rate Chunghwa Telecom Buy/Low Risk. CHT's defensive characteristics stand out given: 1) meager earnings expectations = limited room for disappointments = limited stock downside; 2) a sound dividend yield for 2008E; and 3) cash build-up with a debt-free balance sheet rendering significant scope to enhance shareholder value, although regulation could hamper this. Efforts to monetize a significant landbank appear real and could drive value accretion upside. On balance, we expect the ADR to underperform the Taiex in market rallies and outperform during market dips."
Chunghwa Telecom Co., Ltd. (Chunghwa) is a telecommunications service provider in Taiwan.[SM]
Citi analyst says, "We rate Chunghwa Telecom Buy/Low Risk. CHT's defensive characteristics stand out given: 1) meager earnings expectations = limited room for disappointments = limited stock downside; 2) a sound dividend yield for 2008E; and 3) cash build-up with a debt-free balance sheet rendering significant scope to enhance shareholder value, although regulation could hamper this. Efforts to monetize a significant landbank appear real and could drive value accretion upside. On balance, we expect the ADR to underperform the Taiex in market rallies and outperform during market dips."
Chunghwa Telecom Co., Ltd. (Chunghwa) is a telecommunications service provider in Taiwan.[SM]
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