We got the Comba call wrong, should have downgraded inMarch after the big results miss and cut our earningsestimates to reflect the structural decline in margins
But we believe the risks are fully priced in today, see nostructural risk to China wireless capex and are optimisticabout its femto cell strategy given surging data traffic
We reiterate our OW(V) rating, cut our 2012-13 earnings by71% and 54%, and slash our TP by 60% from HKD9.24 toHKD3.7 based on two year average PE multiple of 10.6x