TCL International Holdings JP Morgan has reiterated its 'overweight' rating on the stock because of the company's long-term prospects. The investment bank expects the mobile-phone and television maker to post full-year earnings of HK$576 million or 22 cents per share today, against $292 million in 2001. JP Morgan said investors would focus on the sustainability of TCL's growth in mobile-phone sales. It said the company would be able to protect its margins given its proven distribution capability and cost-cutting efforts. JP Morgan has a share price target of $3 on TCL, which is 12 times its expected earnings this year. Asia Satellite Telecommunications Holdings Core Pacific-Yamaichi has kept its 'buy' call despite the company posting a 1.5 per cent drop in full-year profit. The brokerage said the commercial satellite operator was trading at 7.6 times forward earnings, which was undemanding compared with its peers such as APT Satellite Holdings, New Skies and PanAmSat. Core Pacific said a special dividend of 25 HK cents would offer 'some immediate support' to its share price, which stood at $10 yesterday. The brokerage has a target price of $14.30, based on a valuation of 10.7 times forward earnings.