Global Special Situations

Charles Nave

Event-Driven

<p>PCCW's stake in HKT Trust equates to approximately 145% of its market cap, with the parent - over the last two years - returning&nbsp;a yield 7.5% lower than it's subsidiary. &nbsp;In the past month this yield gap has narrowed substantially and is now close to zero.</p><p>Coupled with continued strength in the parent's 100% owned PCCW Services, highlights quite a strong case around setting up the stub.</p>

PCCW's stake in HKT Trust equates to approximately 145% of its market cap, with the parent - over the last two years - returning&nbsp;a yield 7.5% lower than it's subsidiary. &nbsp;In the past month this yield gap has narrowed substantially and is now close to zero.Coupled with continued strength in the parent's 100% owned PCCW Services, highlights quite a strong case around setting up the stub.

PCCW (8 HK):  PCCW Services Underpins Strong Case to Setup Stub

Hong Kong

HKT Trust and HKT Ltd trade together as a stapled security.  HKT Ltd provides telecommunications services.  The Company's business provides telecommunications products and services including local telephony services, local data and broadband services, international telecommunications services, and other services.

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HKT Ltd (6823 HK)

PCCW (8 HK): PCCW Services Underpins Strong Case to Setup Stub

PCCW's stake in HKT Trust equates to approximately 145% of its market cap, with the parent - over the last two years - returning a yield 7.5% lower...

Charles Nave

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