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预计公司06年GSM业务盈利增长3%,占总盈利约93.4%,同时CDMA业务有望扭亏为盈。随着3G牌照发放时间逐渐临近,我们认为公司出售GSM业务的可能性增加,故NAV估值折让应有所减少,因此将目标价由7.3港元提高至8.0港元。
The company expects 2006 GSM business profit growth of 3%, accounting for about 93.4% of total profit, while the CDMA business is expected to turn around. As the release of 3G licenses is approaching, we think the Company’s probability of selling GSM business will increase. As a result, the NAV valuation discount should be reduced. As a result, the target price will be raised from HK $ 7.3 to HK $ 8.0.