Elevator Pitch
I downgrade my rating on Hutchison Telecommunications Hong Kong Holdings Ltd. (HTHKY) (HTCTF) (HUTCY) [215:HK] from "Bullish" to "Neutral". It was disappointing that Hutchison Telecommunications failed to provide more clarity on how the huge net cash balance amounting to HK$5.4 billion will be utilized at the company's recent earnings call, and there was no indication of the timing or quantum of special dividends in the future. A potential privatization offer for Hutchison Telecommunications is possible given the stock's depressed valuations, but this is a double-edged sword depending on the offer price and implied