Bird in the hand

Investors don’t seem to trust Hutchison Telecom. The emerging markets telecoms operator’s shares have dropped 13% since last week’s auction for its largest asset, the Indian Hutchison Essar. The negative response, which brought the shares below the pre-auction level, would make sense if the $11.1bn price tag was disappointing. But it wasn’t, by any standard. The group is set to realise a whopping $9.6bn capital gain. That’s a big number for Hutchison Telecom (HTIL), which has a $10bn market cap...