DB remains unconvinced Hutchison’s (ADR: HUWHY, Hong Kong stock code 13) 3G can achieve management target of EBIT breakeven in 2010. Up to now only 3G operation in Denmark turns EBIT positive, other key markets like UK, Italy still some way to go. However, strong growth in ports, retail could soon turn Hutch’s free cash flow positive for first time in decade. The house says Hutchison is trading at 35% discount to NAV, wider than the historical average of 20%. The bank keeps Buy on Hutchison Whampoa with HK$62.00 (ADR US$41.42) target.