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

PCCW Limited, through its subsidiaries, provides telecommunications, Internet access, multimedia services and related equipment.  The Company also offers computer, engineering, and other technical services in Hong Kong.  In addition, PCCW invests in and develops system integration and technology-related business, infrastructure and properties in Hong Kong and China.

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PCCW Ltd (8 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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52-week Range

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