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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: Magic212 who wrote (238)1/13/2000 11:08:00 PM
From: Tom_   of 4541
 
Merrill's HK$25 target.

HONG KONG, Jan 13 (Reuters) - Merrill Lynch said it maintained a buy rating on Hong Kong-based Internet and communications firm Pacific Century CyberWorks (PCCW).

"Positive newsflow has made PCCW the second-largest Internet company in Asia after Softbank <9984.T>, with a market cap of US$19 billion," Matei Mihalca, a Merrill Lynch Asia Pacific Internet analyst, said in a report dated January 12. "The price appreciated from HK$6.75 on December 1 to HK$19.65 on January 3, a high. It could be argued that in the last month PCCW has come of age as a global Internet player."

Merrill Lynch said it had a 12-month target price of HK$25 for the share. "Our HK$25 price objective assumes that PCCW will trade at a 100 percent premium to its net asset value, between the 50-100 percent of Softbank in Japan and the 200-500 percent of CMGI and the Internet Capital Group in the U.S.," it said.

Best wishes,
Tom
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