Bis morgen will PCCW ein neues Angebot für C&W vorlegen.
Doch lest selbst:
Update on C&W HKT (008) acquisition: It is heard that Pacific Century Cyberworks (1186) will submit its terms of offer for C&W HKT (008) before this Friday. The latest term is one PCCW share plus $8 cash for each C&W HKT share. PCCW may take less than a 35% stake in C&W HKT to avoid a general offer and lower the cash required for the acquisition to a more affordable level of around $33bn. We maintain our BUY recommendation on C&W HKT at prices below $24 but neutral to negative on PCCW in the near term due to the arbitrage opportunities.
* Although both (008) Cable & Wireless HKT and (1186) Pacific Century Cyberworks opposed to the overall market and fell, we retain our strong buy rating for both counters in the near term after (1186) Pacific Century Cyberworks announced that the company intended to acquired C&W HKT. We treat that this is a win-win solution for both parties. We believe that the prospect on C&W HKT is promising if PCC is success to acquire C&W HKT as PCC has a well-developed network with international technology companies, gaining the benefit from getting the technology from the foreign companies. On the other hand, PCC can also gain benefit as the company can speed up its board-band development business. We retain a speculative buying on both counters. Our short-term target price for C&W HKT is HK$28.00, representing a potential upside of 17.65 percent compared with the current trading price of HK$23.80. Our 3-month target price for PCC is at HK$32.00, representing a potential upside of 52.02 percent compared with the current trading price of HK$21.05. We recommend buying C&W HKT on below HK$24.00 and buying PCC within a range between HK$20.00 and HK$21.00
Doch lest selbst:
Update on C&W HKT (008) acquisition: It is heard that Pacific Century Cyberworks (1186) will submit its terms of offer for C&W HKT (008) before this Friday. The latest term is one PCCW share plus $8 cash for each C&W HKT share. PCCW may take less than a 35% stake in C&W HKT to avoid a general offer and lower the cash required for the acquisition to a more affordable level of around $33bn. We maintain our BUY recommendation on C&W HKT at prices below $24 but neutral to negative on PCCW in the near term due to the arbitrage opportunities.
* Although both (008) Cable & Wireless HKT and (1186) Pacific Century Cyberworks opposed to the overall market and fell, we retain our strong buy rating for both counters in the near term after (1186) Pacific Century Cyberworks announced that the company intended to acquired C&W HKT. We treat that this is a win-win solution for both parties. We believe that the prospect on C&W HKT is promising if PCC is success to acquire C&W HKT as PCC has a well-developed network with international technology companies, gaining the benefit from getting the technology from the foreign companies. On the other hand, PCC can also gain benefit as the company can speed up its board-band development business. We retain a speculative buying on both counters. Our short-term target price for C&W HKT is HK$28.00, representing a potential upside of 17.65 percent compared with the current trading price of HK$23.80. Our 3-month target price for PCC is at HK$32.00, representing a potential upside of 52.02 percent compared with the current trading price of HK$21.05. We recommend buying C&W HKT on below HK$24.00 and buying PCC within a range between HK$20.00 and HK$21.00
