Mary,
Agree with points 1 & 2, but it is not company fundamental specific.
Point 3 is debatable, as dispite the fact that they operate as a China portal, they only expect to have S1 million in revs in 1999 (out of a total of S16 million)
Point 4 , so they have money now, can they capitalize on it properly? Btw, they will not be able to raise more money from capital markets till at least 6 months post IPO (due to lock up period)
Point 5, the investment amount for AOL was petty cash and does not have to be construed as a major stepping stone in their Asia strategy. AOL has Asia presence thru many other affiliations including Netscape (Asia). I am long AOL myself, but that does not mean that I applaud every move they make without looking into it deeper.
Point 6. I know who represent senior management, and don't believe that you have stated anything that has changed my views
Point 7. 6 years ago Steve Case operated in a different space with a lot less competition as well, hence it was relatively easier to realize the upside in a mature market.
Just my 2 cents worth.
Regards,
eC |
