Was mache ich denn jetzt mit meinen PCCW-Aktien?
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| Eröffnet am: | 26.09.00 17:39 | von: Brokerbear | Anzahl Beiträge: | 23 |
| Neuester Beitrag: | 16.10.00 12:38 | von: Kicky | Leser gesamt: | 4.515 |
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Gruß von brokerbear
Ich war im April/Mai auch auf mehrfache Empfehlung und eigene Recherche in PCCW drin.. leider bin ich nicht bei 2,20 raus, sondern wurde bei 1,80 ausgestoppt. Ich traue mir in nächster Zeit nicht mehr zu, in asiatische Werte zu investieren. Mir wurden einige dieser Werte empfohlen, und als ich sie beobachtet habe, ist ihr hohes Risiko schnell an den Tag gekommen (China Online, China Telecom, etc.).
Wie es mit PCCW weitergeht, wage ich nicht zu sagen, allerdings waren die Meldungen eine Zeit lang ja alles andere als negativ. Am Kurs hat das jedoch keine Wunder bewirkt,_ich_würde aussteigen, so lange ich noch im Plus bin.
mfg, Aktie
PCCW wird morgen die Zahlen ohne die Eiberechnung von Cable&Wireless vorzunehmen melden. Das heißt, es werden alleinige Zahlen von der alten PCCW vor der Fusion sein. Ein Sprecher von PCCW betonte, damit soll die Stärke von PCCW gezeigt werden aber man werde sicher die Analysten mit weiteren Informationen versorgen.
In Analystenkreisen gibt es die Schätzung, dass PCCW einen Verlust bekannt geben wird. Dies sei möglich aufgrund des Starts von NOW und den damit verbundenen Kosten. (sb)
© Emerging Markets Research, 27.09.00
http://www.em-research.de
Die tech. Infrastruktur ist nun nicht so ganz berauschend wie es PCCW gerne darstellt. Der Kurs ist etwas übertrieben.
DI6
Manager des Hongkonger Konzerns Pacific Century CyberWorks (PCCW) sind für Gespräche über die Kooperation mit Australiens Telekommarktführer Telstra nach Sydney gereist. PCCW und Telstra hatten im Frühjahr eine umfangreiche Partnerschaft mit einem Volumen von drei Mrd. US-Dollar beschlossen. In den letzten Wochen mehrten sich jedoch Gerüchte, dass Telstra mit den Bedingungen nicht mehr zufrieden sei und nachverhandeln oder aussteigen wolle. Ursache dafür ist ein scharfer Rückgang der Aktien PCCWs seit Bekanntgabe des Deals. PCCW-Aktien spielen bei den geplanten Kapitalverflechtungen eine große Rolle. Dadurch haben sich die Konditionen aus Sicht der Australier geändert.
Telstra-Chef Ziggy Switkowski äußerte sich am Abend in Australien zu diesem Thema: „PCCW-Vorstände sind in Sydney und wir arbeiten zusammen um unsere Diskussionen zum Abschluss zu bringen.“ Aussagen zu Details lehnte er mit Verweis auf die laufenden Gespräche ab. Allerdings bestätigte er, dass die prinzipielle Strategie hinter der Kooperation bestehen bleibe. Weitere Kommentare seien nicht vor dem Abschluss der Gespräche vermutlich Ende kommender Woche zu erwarten. PCCW-Chairman Richard Li hielt sich ebenfalls bedeckt. Man sei in einem fortgeschrittenen Verhandlungsstadium, sagte er, ohne allerdings Hinweise zu geben, wann die Gespräche zum Abschluss kommen würden.
Telstras Aktien schlossen heute in Sydney 0,7 Prozent höher bei 6,04 A-Dollar. PCCW verlor in Hongkong 2,2 Prozent auf 8,80 HK-Dollar.
Henning Osmers, wallstreet:online, Kuala Lumpur, Malaysia
22:25 29.09 Henning Osmers
----
... war so frei, daß aus W:O zu kopieren.
Grüße, redcrx
PCCW Interim Numbers
For the six months ending June 30, 2000, turnover jumped 40% year-on-year from HK$74.2 million to HK$104 million while net loss narrowed 12.5% from HK$40.7 million (8.81 cents per share) to HK$34.9 million (0.34 cents per share). No dividend was declared.
"The consolidated turnover ... (increased) 40.2% ... due to the substantial change in the nature of the Group's business since it was acquired by the Pacific Century Group on 3 August 1999 and in particular the contribution of approximately HK$32 million from the property operations of the Company".
Interim Results, HK$'000
2000
1999
Turnover
$104,027
$74,185
COGS
($42,762)
($36,752)
Gross Profit
$61,265
$37,433
Investment Inc.
$209,896
$668
Other Inc.
$352,430
$3,952
Admin Expense
($326,268)
($77,788)
Finc Costs
($263,451)
($3,966)
Operating Profit
$33,872
($39,701)
Jointly Controlled Entitities
($19,299)
Associates
($49,631)
($711)
Pre-Tax Profit
($35,058)
($40,412)
Tax
($3,446)
($1,112)
After-Tax Profit
($38,504)
($41,524)
Minorities
$3,569
$813
Net Income
($34,935)
($40,711)
And as for the loss, Mr. Li via the announcement proudly stated that "the loss for the period is mainly due to the amortization of the arrangement fee for the loan facility for the acquisition of HKT." Shareholders in PCCW must now be very pleased to find that the loss was purely the result of the arrangement fee and thus surely is profitable, no doubt beating the negative comments of certain pundits.
One might like a little more disclosure, however, of exactly what made up those categories of "investment income" and "other income."
The Phone Connection
In an interesting twist that some dissenters -- those who obviously do not have the vision to see Mr. Li's vision nor the wisdom to understand the tremendous paradigm shift the PCCW represents -- will find perhaps troubling is how Hong Kong Telecom was somehow left out of the income statement. Of course, the merger / takeover did not take place until August 17, after the end of the reporting period, so HKT was not a part of PCCW at that time. Presumably, HKT's results will be announced separately later? There was a P&L statement provided which showed PCCW's new crown jewel posting a 1.3% Y.O.Y increase in revenue while operating profit declined 3.2% and EBIT declined 5.2%. Strangely, there was no net income figure. Of course one does not expect more write-offs from HKT like they had last year, but still ...
Interim Results, HK$ Million
2000
1999
%Change
Revenues:
Local Telecom
$5,357
$4,754
12.7%
Internet & IMS
$631
$435
45.1%
Int'l Telecoms
$5,012
$5,863
-14.5%
Mobile
$2,692
$2,421
11.2%
Other
$446
$486
-8.2%
Total Revenues
$14,138
$13,959
1.3%
Operating Costs
Cost of Sales
($4,287)
($3,934)
9.0%
Overhead
($5,655)
($5,689)
-0.6%
Total Operating Costs
($9,942)
($9,623)
3.3%
Op. Profit
$4,196
$4,336
-3.2%
EBIT
$5,658
$5,969
-5.2%
"HKT continues to drive growth from new services," sang the report, "and this has resulted in a 1.3 per cent increase in turnover for the (period) compared to a 19% decline for the corresponding period in 1999." Though the base may look small to visionless detractors at just 4.6% of revenues, this 45% growth area was powered forward by 75% growth in the number of subscribers. Pricing pressures are no concern to an Internet leading building market share. Even more outstanding was the mobile services division with average revenues per contract customer powering forward at 4% per year.
Though revenue from retail IDD was just 11% of turnover, about HK$1.55 billion, the company said its share of the retail market had stabilized and gross margins for IDD had been sustained through achieving substantial reductions in its wholesale international connectivity costs.
Beyond the Announcement
Not mentioned in the printed results announcement but discussed during the results PR event, however, were a few observations that perhaps even sophisticated, forward-thinking supporters should be concerned about. Two accounting changes apparently allowed the next Microsoft to reduce the losses they otherwise would have reported. This seems so out of character with Mr. Li that one can hardly believe it.
One change involved reclassifying certain long-term holdings as short-term investments. This was mainly a 3.8% interest in Tom.com (HKGEM: 8001) and some CMGI (NSDQ: CMGI). By doing so, investment gains of HK$562 million were posted with HK$510 million of that being the unrealized Tom and CMGI gains. We are not exactly sure where that gain was recorded on the P&L since the company recorded investment income of HK$209.9 million. Could there perhaps have been a decline in the share prices of previous investments which allowed the company to post a small net profit in 1999 from unrealized gains when it otherwise would have posted a loss of several hundred million dollars? Though we are not sure, it would seem the other investments lost perhaps around HK$350 million.
Mr. Li reminds us of another great character, Mr. George "Read My Lips" Bush. On March 20, the company stated that Tom.com and other such investments were for "long-term strategic policies" and that it was definitely not the company's policy to "book unrealised gains on investment securities."
Another change was the treatment of the grand NOW. The US$130 million (HK$1 billion) used on developing Network of the World was capitalized instead of expensed., Capitalizing a large expenditure is usually more common for capital investments -- factories and the such -- rather than launching a fancified Web site. The result is that earnings were rather less punished.
Without the two changes, losses just might have been larger with HK$1.5 billion a figure
bandied about.
In addition, some investors might wish for more clarification of where the "other income" of HK$352 million came from, but Dow Jones reported that HK$345 million was interest income from two share placements earlier this year. Dow Jones also reported operating costs of HK$590 million affected PCCW, but this amount was not exactly spelt out anywhere clearly in the results announcement.
Other Stuff: Unicom and Telstra
The company in its press conference decided to focus on exciting new developments instead of boring losses. Telstra is still on, according to the company, though word on the street is Telstra may back out unless the conversion price for their convertible bond is far closer to HK$9 than the current strike price based on valuations when the market was, well, happier with PCCW. Telstra also has to deal with its ratings being cut by Standard & Poor's because of its high-risk investments. This could not mean PCCW, but some other Australian venture.
PCCW also announced it is teaming up with China Unicom (HKSE: 0762) in a PRC yellow-pages venture. PCCW will spend HK$200 million for a 38% stake in ChinaBig.com, a PRC business directory outfit. Unicom will take a 31% stake. Cyberworks claims the venture will generate HK$800 million in revenue next year, and sure this should provide even more reason to smile for CyberWorks fans since Cyberworks' share alone is already more than its own entire revenue stream!
What About Richard's Sale of Shares?
Investors should not worry if they have faith that Mr. Li will do the right thing for the company and for the millions of faithful followers.
When he dumped HK$3.8 billion worth of his shares on August 9 he was not to know that the Gigamedia and CMGI plans sere to be scrapped, but they had not appeared to be working out. Both deals fell through about a month later. Mr. Li said he didn't feel the price decline was affected by the deals.
At HK$9 per share with 21.2 billion shares outstanding, the capitalization is over HK$190 billion. Perhaps a certain amount of bullishness toward this stock and its owner is warranted -- after all, there is a certain amount of bullish substances emanating from that direction.
Ziemlich kritischer Artikel von www.quamnet.com
Die Nord LB hat PCC im Portfolio ! Ich auch, und zwar mit Einstand 2,84€ !
Meine 2000 Stk. bleiben liegen !
Die jetzige Bewertung laut eines Beitrags des Handelsblattes der letzten
Tage kommt zum Schluß, daß PCC bei 8,70 Hongkong Dollar seinen Boden
finden sollte, da NOW der Flop von Mr. Lee mit nur 700.000 Usern wohl
nicht das erhoffte bringt.
Ich sehe den Wert als absolut langfristig, denn ich bin irgendwie so
65 % + im Minus !
Die Nord LB hat PCC auch noch im Portfolio, sagt mein Mann aus dem
Brooker Büro meiner Bank.
Er hat mir versprochen, mich bei einer Änderung der Situation sofort
zu benachrichtigen.
Die größte Gefahr geht von C&W UK aus, da diese einen Teil unter
Marktkurs auf den Markt geworfen haben ! Werden sie auch die restlichen
35 % von PCC verschachern ? Oder steckt da eine hinterhältige Strategie
hinter ? Wer weis !
Also, abwarten und Tee trinken.
m.f.g. Byblos
PCCW: Kooperation mit AT&T und NTT ?
Falls das Joint Venture mit Telstra scheitern sollte, hat
PCCW nach eigenen Angaben schon einen "Plan B".
Genauere Angaben wollte der PCCW-Sprecher jedoch nicht machen.
Die "South China Morning Post" will jedoch erfahren haben,
dass PCCW mit einem der fünf großen US-Telekommunikationsunternehmen und einem japanischen Telekomunternehmen verhandelt. Diese Partnerschaft solte im Falle eines Scheitern des Telstra-Joint Ventures, diese ersetzen.
Als möglich Unternehmen, mit denen verhandeltwird, werden AT&T und NTT genannt.
Vor allem das Interesse von NTT scheint nicht vollkommenaus der Luft gegriffen zu sein. Laut der "Hong Kong Econimic Times" sind die Japaner "very interest" in eine Kooperation mit PCCW. Auch eine Beteiligung am
PCCW/Telstra-Joint Venture, falls es zustande kommt, ist hier möglich.
-js- 30.09.00 17:17:00
Ich hoffe, jetzt geht es Dir wieder etwas besser !
Kopf hoch und Mann sein !
Viele Grüße Byblos
PCCW has also reportedly been in talks with international telcos such as AT&T, Verizon Communications and NTT to form an alliance. We believe the talks are part of PCCW's strategy to increase its bargaining power in the current negotiations with Telstra. Even if PCCW succeeds in finding new strategic partners, we believe these deals might not be favourable to the company under the current circumstances.
PCCW's ADRs closed at US$1.05 (HK$8.20) overnight, 7% below the counter's local closing last Friday. Pending the announcement of the Telstra negotiation, we believe the share price will continue to underperform in the near-term.
nachzulesen unter www.asiainternet.de
Die 'Experten' von Emerging Markets haben sicherlich eine groessere PCCW Position im Portf. - wie die meisten asiatischen Analysten.
PCCW interessant
Finanzen Aktien
Für die Analysten der Finanzen Aktien scheinen die Aktien der PCCW Pacific
Century Cyberworks Ltd. (WKN 924882) wieder interessant zu sein.
Mit dem neuen Network of the World (NOW) wolle Richard Li sein Unternehmen
den Breitband-Markt in Asien beherrschen. Fachleute allerdings würden diese
Strategie bezweifeln, da der Nutzen und die Profitabilität in dieser Technologie bezweifelt würden. Studien zufolge werde das Unternehmen zwischen fünf und 25 Prozent an Marktanteil gewinnen können. Da die Kosten für den Anlauf der Technik in den nächsten drei Jahren auf 1,6 Milliarden USD geschätzt würden, sei die Wirtschaftlichkeit anzuzweifeln, so das Anlegermagazin.
In Deutschland sei zu erkennen, dass der Wert hohe Umsätze genieße und von
daher bei Spekulanten und Zocker im Mittelpunkt stehe. Ob sich allerdings
andere Anleger für diesen Titel erwärmen würden, sei fraglich.
Die South China Morning Post meldet, dass Pacific Century CyberWorks 500 Mio. US-Dollar weniger erhalten wird als angenommen. Die australische Telstra werde nur Wandelanleihen in Höhe von 1 Mrd. US-Dollar statt 1,5 Mrd. US-Dollar zeichnen. Die pan-asiatische Internet-Allianz der Unternehmen sollte mit 3 Mrd. US-Dollar zementiert werden.
Pacific Century Cyberworks ist eine Tochter der Pacific Century Gruppe. Das Unternehmen konzentriert sich auf ihr „Network of the World“ (NOW), das eine Mischung aus Internet und Fernsehinhalten ist. Das Ziel ist, mit NOW ganz Asien per Breitbandinternet zu erreichen. Seit der Übernahme von Cable & Wireless HKT ist das Unternehmen ein Standardwert des Hang Seng Index und der asiatische Internetinvestor mit der größten Marktkapitalisierung.
PCCW steigt in Hong Kong 2,4 Prozent auf 8,45 HK-Dollar (1,23 Euro). In Frankfurt (WKN 924 882) gewinnt der Kurs 1,6 Prozent auf 1,24 Euro.
( Wallstreet Online-Nachricht )
HONG KONG, Oct 13, 2000 (BUSINESS WIRE) --
-- Significant reduction in PCCW debt with PCCW now receiving
US$3.555 billion in cash.
-- Agreement is win-win situation for shareholders of both
companies; positions PCCW as leader in three high-growth
businesses.
-- All components of previous agreement remain in place.
-- Mobility joint venture assumes cost of implementing 3G build
out.
-- Agreement clarifies speculation surrounding PCCW-Telstra
alliance.
Pacific Century CyberWorks ("PCCW" SEHK: 0008.HK) and Telstra Corporation,
Australia's largest telecommunications company, this morning signed a final,
legally binding agreement on the revised terms of their strategic alliance.
Under the agreement, PCCW will now receive US$3.555 billion in cash. All major
components of the previous agreement remain in place.
"We have been working for some time to make this alliance a reality," said PCCW
Chairman and Chief Executive Richard Li. "It is a great step forward for both
companies. It brings together two communications and convergence powerhouses and
positions them for stunning growth in explosive businesses." He added, "For
PCCW, we will receive US$3.555 billion in cash. This will allow us to reduce our
debt to less than US$5.5 billion -- a level few thought possible when we
acquired Hong Kong Telecom just seven weeks ago."
Major components of the deal include the following:
Connectivity Joint Venture: PCCW and Telstra will form a global connectivity (IP
backbone) company in which PCCW and Telstra will each hold a 50 percent equity
stake. Subject to raising US$ 2 billion in debt finance, this company will pay
US$ 1.125 billion to PCCW and $375 million to Telstra after contribution of
their respective assets and business. The Hong Kong-based joint venture -- which
will be the third largest carrier of voice traffic in the world -- will combine
the strength of PCCW's and Telstra's substantial international infrastructure
assets at a time when many analysts have predicted explosive growth in the IP
backbone sector.
Internet Data Center Joint Venture: PCCW and Telstra will form a regional, and
potentially global, network of internet data centers. The company, in which PCCW
and Telstra will each hold a 50 percent equity stake, will initially focus on
the Asia Pacific region, including key markets such China, Japan, Singapore,
South Korea, Taiwan and New Zealand. The joint venture will subsequently explore
opportunities to expand to other locations where PCCW or Telstra has an internet
protocol backbone presence.
Mobility Joint Venture: PCCW and Telstra will form Asia Pacific's first regional
mobile company. The joint venture will assume the costs of implementing
strategies and technology connected with 3G telephony. Telstra will pay PCCW
US$1.68 billion for 60 percent of the company, while PCCW will retain a 40
percent stake. Telstra's payment is the equivalent to US$2,926 per PCCW mobile
subscriber (based on the customer base at end March, 2000), a rate that exceeds
the regional average by 50 percent.
Referring to the adjustment from US$3,950 per subscriber in PCCW's earlier
agreement with Telstra in August, Alex Arena, Deputy Chairman of PCCW's
Executive Committee, noted that the change was in line with the average decline
experienced by other mobile companies around the world.
He continued, "This alliance positions PCCW and Telstra in a very strong
position to tap the high-growth wireless market, including the wireless internet
market, in the world's fastest growing mobile region."
Broadband Distribution and Production Arrangement for NOW: Under the
PCCW-Telstra signed agreement, Telstra will provide PCCW with distribution
services for its Network of the World (NOW) internet service. NOW will initially
be accessed via a button prominently displayed on the "telstra.com" home page.
Telstra will distribute NOW via Telstra's HF, xDSL and satellite high-speed
Internet services. Telstra currently has 2.5 million HFC homes passed and has
provisioned more than 200 exchanges with xDSL capability. It intends to provide
access to broadband services to 90 percent of the Australian population within
24 months.
Convertible Bond: PCCW will issue to Telstra a convertible bond for US$750
million. The agreement allows PCCW to redeem the bond in full at any time,
unlike the previous agreement which did not allow for early redemption by PCCW.
In the event PCCW does not redeem the bond early, upon full conversion, Telstra
is expected to hold an equity stake in PCCW of 2.8 percent.
The conversion price will be a 15 percent premium of the volume weighted average
market closing price of PCCW shares over the 45 trading days following today's
signing.
Summarizing the agreement, Richard Li noted that the completed deal allows PCCW
to move forward at a critical juncture. "We are entering a crucial time in the
Internet, connectivity, mobility and data center industries," he said. "Our
partnership with Telstra, an experienced regional company, establishes PCCW and
Hong Kong as dominant force in all these industries -- and puts us ahead of the
curve. That's where we like to be."
-----
http://www.powerize.com/pubbin/...Of%2fde81rBVYeJ8xnHgDwvDuzZI54tI%3d
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Analysten zu PCCW: Aufatmen trotz Uneinigkeit
Nach der Einigung von Telstra und PCCW herrscht Aufatmen bei den Analysten. In letzter Zeit war im Rahmen der schlechten Stimmung bei einigen Analysten die Meinung aufgekommen, der Merger zwischen PCCW und Telstra könne vollständig platzen.
Jonathan Iu von SG Securities Corp. bekräftigte sein " strong buy" für PCCW.
Ohne den Deal wäre PCCW fast am Boden gewesen, die Schulden kaum zu bezahlen.
Allerdings schlagen hier auch emotionale Wogen hoch, die vielleicht etwas über das Ziel hinausschießen.
Ambrose Chang, Chief Investment Officer bei Daiwa International Capital Management (H.K.) Ltd., der etwa 500 Mio $ in Asien managed, kommentierte das Geschehen folgendermaßen:
Ganz klar Habe PCCW zurückstecken müssen. Zwar erhalte man insgesamt 3,55 Mrd. US- Dollar, allerdings ja nicht von Telstra direkt. 1,125 Mrd. US- $ würden vom 50/50-IP-Backbone Joint Venture kommen und damit indirekt PCCW auch belasten.
Außerdem sei gar nicht klar, wie PCCW seine verbleibenden 5,45 Mrd. $ Schulden bezahlen wolle. Deshalb habe er selbst PCCW klar untergewichtet.
Chang habe auch nicht vor, in naher Zukunft PCCW Aktien zu kaufen.
-fjs- 13.10.00 09:12:00
© 2000 asiainternet.de Impressum Haftung Feedback
überzeugt zu sein. Schließlich hat Li die besten Beziehungen und
Verbindungen zu Regierungskreisen und der Geschäftslobby in China, um
daraus, wie man sieht, unschätzbares Kapital zu schlagen.
Eine Hand wäscht, auch in China, die andere.
Aber als Langinvest werde ich meine halten vielleicht sogar zukaufen.
MFG FTC
Oct 16,2000 - 13:32:51 HKT [Quote] [NetTraderCards] [Chart] (8)
Pacific Century CyberWorks (0008), Richard Li's Internet and telecommunications company, surged as much as 11.1 percent in morning trade as it resumed trading after a one-day suspension while it unveiled its revised partnership deal with Australia's Telstra Corp.
But PCCW ended the morning session only 2.6 percent higher at HK$7.85.
"The stock rebounded in tandem with the overall market rally, and the unveiling of the revised partnership deal with Telstra on Friday contributed only a little bit to this morning's rise," said Yan Wa-tat, managing director at Taiwan Concord Capital Securities (H.K.) Ltd. He expects the stock to say around the HK$8 level today.
Linus Lip, research manager at First Shanghai Securities Ltd., also said HK$8 would be a hurdle for the stock today.
He considers the revised Telstra deal disappointing since it requires PCCW to sell assets in return for cash to reduce debt, something that will hinder the company's long-term development.
Louie Shum, managing director at Sincere Securities Ltd., also said PCCW would remain under selling pressure.
[Quamnet News