Dao Heng: net asset value of Hutchison would be HK$80 each if provisions made

Yesterday Li Ka-shing, chairman of Hutchison Whampoa (0013), said that provision made for Vodafone would be less than HK$20bln. Dao Heng Securities said if Hutchison Whampoa makes provision for HK$20bln, net asset value of the company will be decreased from HK$85 each to HK$80 each. But Dao Heng Securities also said stagnant share price of Hutchison Whampoa has wholly reflected negative news on investment in 3G. It will be good opportunity to take long-term absorption if share price of the company falls though HK$70. Investment rating of the company is absorption

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