HONGKONG Telecom is the territory's leading telephone services provider. This time last year, brokerage Vickers Ballas put a buy on the stock, saying Telecom was in an entrenched market position and its success with wireless services should enable it to compete successfully with new entrants. A price war for international calls subsequently led investors to desert the stock. A year ago, Telecom shares traded at $13.65. They are now worth $13.10, having under-performed the Hang Seng Index by 17.01 per cent. The analyst who wrote the report could not be contacted.