Morgan Stanley Quotes
Without deferred tax credits, Hutchison needs to book exceptional gains this year to keep profits firmly in the black. We hope that this spurs the company into more corporate activity. 
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Deferred | Credits | Hutchison | Book | Exceptional |
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We recognize that this goes against powerful recent flows into emerging markets and Japan. However, in our view, flows are approaching the point of pushing Japan and emerging markets beyond fair value, creating the relative value opportunity in the U.S..
- Morgan Stanley
