das Buchstabenkürzel in Amerika ist : PCCLF. So kann man auch den Kurs an der NASDAQ OTC abfragen.
Hier ein paar interessante Infos:
PCCLF Merrill Lynch investment report excerpts (10/15/99)
PCCW (Hong Kong Exchange name for Pacific Century Cyberworks) Full Steam Ahead
Excerpts from Merrill Lynch Research Comments on PCCLF
Internet/Electronic Commerce
Hong Kong
Matei Mihalca
Reference Number 20128806
10/15/99
Buy*
Long Term
Buy
Investment Highlights:
* PCCW has announced a new acquisition and share placement.
* The acquisition of a 23% stake in U.S. broadband operator SoftNet Systems should put
PCCW in a better position to build its business. The purchase is financed by a placement of
635mn new shares at HK$6.1.
* PCCW’s recently announced stakes in CMGI, SilkRoute, and now SoftNet show that the
company is executing its admittedly ambitious vision. We reiterate our Buy/Buy rating.
Fundamental Highlights:
* Why SoftNet? Because PCCW wants to do in Asia what SoftNet is doing in the U.S. It wants
the expertise and experience.
* Challenges nevertheless remain, not the least the level of technical infrastructure around
Asia.
* the key fundamentals for PCCW are: Is the Internet revolution coming to Asia? Does PCCW
have the management, means, and partnerships to capital on this opportunity? Our Buy
recommendation is premised on affirmative answers. However, we highlight execution and
other risks.
Pacific Century Cyberworks: Buy/Buy (D-1-1-9)
We reiterate our Buy/Buy recommendation on PCCW on strong execution so far and, in our
opinion, going forward. The acquisition of stakes in SoftNet, CMGI, SilkRoute, and StarEast
have made the company stronger. Challenges remain, but don’t let the trees divert you from
the forest.
The Bottom Line
Which leads us to the bottom line: What investors ultimately buy in PCCW is the
management, both internally (Richard Li, Alex Arena, Michael Johnson, etc.) and externally
(their partners at CMGI, Intel, SoftNet, SilkRoute, etc.: David Wetherell, Les Vadasz, T.K.
Wong, and so on). With the Internet, it is not a question of companies adapting to an
already-existing, pre-determined reality, but of creating a new reality of Internet access and its
prerequisites. The key for PCCW is finding the right market mechanism - shared economies -
that entice cable operators and ultimately consumers to pay for that access, content, TV,
video-on-demand, etc. There may be significant high leverage in that business model, with
high start-up costs, mitigated in part by portal and NOW TV advertising, with subscription
revenues growing over time. But once the base is set, economies of scale should show
strongly as the cost of adding new subscribers is low and unit cost drops. Few of PCCW’s
rivals would have similar economies of scale, in our view. Recall here also that PCCW would
also act as a commercial provider of services to third parties (satellite backbone connectivity,
Web hosting) in order to expand its scale. This wholesale aspect of PCCW’s business may
grow more important over time. Across all this is the positive fundamental dynamic of the
Internet’s arrival to Asia and PCCW’s unique position in making that possible and capitalizing
on it. There are trees, to be sure, but there is also a forest.
By our estimate, PCCW trades at 38.8x 2000E revenues (that’s HK1,318mn or US$170mn).
That’s lower than Yahoo! (which is at 41.7x price-to-sales., but higher than most, though not
all, Internet companies. China.com is at 22.8x, FreeServe at 25.2x, AOL at 16.8x,
Excite@Home at 9.5x. Just in terms of absolute size, SoftbBank, which PCCW is becoming
more similar to, is valued by the market at US$42bn. PCCW’s market cap is US$7.5bn at the
post-placement (not incl. greenshoe) share number and HK6.65 share price.
To conclude, we recommend that investors with a high tolerance for risk consider Internet
investments. We suggest that such investors assign only a small proportion of their overall
portfolios to the Internet category. Within this category, they should seek international
exposure, as high growth is likely to come from outside the U.S. in coming years. We prefer
the Internet equivalent of blue-chip stocks. In Asia, given currently listed equities and its
intrinsic qualities, PCCW comes closest to this status, in our opinion.
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
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By: longago24
Reply To: None
Monday, 13 Dec 1999 at 10:40 AM EST
Post # of 394
!!! CMGI, COMPAQ, SHANGHAI, PACIFIC CENTURY!!!Compaq, CMGI Announce Internet
Alliance with China's Shanghai Information Investment (SII)
In-Process Partnership to Support Investment in Emerging Asian Internet Businesses, Further
Global Expansion of CMGI's Internet Franchises
December 13, 1999 10:01 AM
HOUSTON, ANDOVER, Mass. and SHANGHAI, China, Dec. 13 /PRNewswire/ -- Compaq
Computer Corporation CPQ , CMGI, Inc. CMGI and Shanghai Information Investment Inc. (SII)
of China today announced that the companies have initiated the formation of a strategic
alliance to pursue cooperative Internet opportunities in China. The Internet investment and
management arm of the Shanghai government, SII was formed in 1997 to support and
promote the development of the IT and Internet industries in China. The strategic alliance is
intended to result in the formation of a joint venture, to be based in Shanghai, that would build
and operate a range of Internet and electronic commerce services to assist government and
private enterprises adapt their businesses for the Internet. The joint venture is also expected to
include an investment consulting and management unit that would serve to identify and
develop emerging Internet businesses serving the Chinese market.
Today, SII holds controlling interest in some of the leading Internet infrastructure and
commerce companies in China, including Shanghai Information Network, Shanghai's ATM
backbone; Shanghai Cable Network, a leading broadband network; Shanghai E-Commerce CA
Center, certificate authority services; and Shanghai Credit Information Services, the first
Chinese credit information provider. In addition, SII's investors include Shanghai Alliance
Investment Ltd.; Shanghai Post and Telecom Administration; the Shanghai Broadcast Radio,
Film & TV Bureau; and SPTA, the parent of Shanghai OnLine, one of the largest ISPs in China.
Announcing the alliance at the signing of a memorandum of understanding between the three
companies at Compaq's new Electronic Commerce Competency Center in Shanghai, SII
Chairman Yang Xiong stated, "As world-leading information technology and Internet
companies, Compaq and CMGI understand China's needs for the Internet. We are pleased to
jointly pursue Internet and electronic commerce opportunities in China and become a major
force in China's Internet development in the 21st century."
"We're extremely pleased that SII, a pioneer in the Chinese Internet marketplace, has selected
CMGI as its strategic partner," said David Wetherell, Chairman and CEO of CMGI. "The
expansion of CMGI and its operating companies into new international markets will be a
recurring theme for the coming year, and our relationship with SII extends the CMGI network
with a powerful base of Asian partners, and the unique opportunity to be a leading enabler of
the country's acceleration to the Internet."
"Compaq is committed to providing the systems, solutions and services to run the Internet
around the world," said Michael D. Capellas, President and CEO of Compaq. "In partnership
with CMGI and SII, Compaq will apply its considerable expertise and Asian-based resources to
help deliver further advancements to China's Internet and e-commerce infrastructure."
Compaq continues to Invest in the Internet in China with the establishment of a new
multi-million dollar electronic commerce competency center and a large-scale call-center
serving local enterprises and multinational corporations operating in China. This includes an
expanded focus on Internet expertise for the government, finance and telecom with the goal of
becoming a leading provider for electronic commerce enterprises in China.
While expanding both Compaq's and CMGI's footprint in Asia, the alliance with SII is just the
latest result of the expanding strategic relationship between the 2 companies. Since the
summer of 1999, CMGI and Compaq have announced a number of inter-company
relationships, including Compaq's strategic positions in Engage and MyFamily.com, the
integration of several CMGI and @Ventures companies with AltaVista, and most recently,
AltaVista's acquisition of Raging Bull.
About Compaq
Compaq Computer Corporation, a Fortune Global 100 company, is the second- largest
computer company in the world and the largest global supplier of computer systems. Compaq
develops and markets hardware, software, solutions, and services, including industry-leading
enterprise computing solutions, fault-tolerant business-critical solutions, enterprise and
network storage solutions, commercial desktop and portable products and consumer PCs.
The Company is an industry leader in environmentally friendly programs and business
practices. Compaq products are sold and supported in more than 100 countries through a
network of authorized Compaq marketing partners. Customer support and information about
Compaq and its products are available at www.compaq.com.
About CMGI
With more than 50 companies, CMGI, Inc. CMGI represents the largest, most diverse network
of Internet companies in the world. This network includes both CMGI operating companies and
a growing number of synergistic investments through its venture capital affiliate, @Ventures.
CMGI leverages the technologies, content, and market reach of its extended family of
companies to foster rapid growth and industry leadership across its network, and the larger
Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold
minority positions in CMGI.
