Bank of China International maintains its cable broadband (1097.HK) selling rating, with a target price of HK$0.50.

The stock surged 61% to HK$1.24 yesterday as cable broadband called on the Hong Kong government to issue a free TV business license. Bank of China International believes that the stock's gains have clearly gone too far because there are too many uncertainties in the planned free TV business. Bank of China International said that it is uncertain whether cable broadband can succeed in the free-to-air TV market because the company is unable to withstand the impact of China Energy (0008.HK) NOW TV in the pay TV market, and it is impossible to resolve BOC International's confidence in the company.