New Valuations

Hutchison Telecommunications International Limited (NYSE:HTX) reported its 3Q 09 Key Performance Indicators (KPIs) on 10 November 2009. Indonesian and newly launched Vietnamese operations subscriber-base reported robust growth, while Sri-Lankan subscriber-base declined. Moreover, blended Average Revenue Per User (ARPU) from Sri-Lankan and Vietnamese operations declined, while Indonesian ARPU showed a marginal increase. Although the current price supports a BUY rating,, in light of dampening ARPU growth and declining Sri-Lankan subscriber-base we maintain our HOLD rating for the common stock. We will reassess our common stock rating and target price in our next update report. In light of our suppressed outlook for the common stock we maintain our HOLD rating for the ADR even though the target price does not support a HOLD at current levels. The Hong Kong dollar is pegged to the US dollar. We will reassess the ADR (1 ADR = 15 common shares) rating for HTIL in our next update report.

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