Barings downgraded Hutchson's target price to HK$93

ING Barings declared it had downgraded Hutchison Whampoa Ltd. (0013) 's 12-month price target to HK$93 from HK$101 as the roll-out of Hutchison's third generation mobile phone network to be delayed until 2003.ING Barings said it had also dropped its earnings forecasts for Hutchison for full year 2000 to HK$37.6 billion, due to the proportion of its liquid funds held in low yielding securities and a lower capitalized interest for its 3G operations. Earnings forecasts for 2001 and 2002 have been revised downwards by 4.7% to HK$51.4 bln and 28.1%to 8.9 bln respectively.

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