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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (87)1/15/2001 11:25:46 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Goldman names Legend as top pick

REUTERS

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Investment bank Goldman Sachs said on Monday that Chinese computer giant Legend Holdings is its top pick for 2001 among Asian technology firms, citing its role as a driving force in China's accelerating demand for PCs.
While personal computer demand is slowing elsewhere in the world, PC shipments in China rose by 47.6 per cent in the quarter ended September 30, Goldman Sachs analysts noted in a research report.

Goldman said Legend, which has a more than 30 per cent share of China's PC market, was on track to reach its goal of 2.5 million units shipped in the financial year that will end on March 31.

Goldman also said Beijing-based Legend, whose shares on Monday were up 2.65 per cent to HK$5.80, was compellingly priced, having fallen 67 per cent since March.

Goldman's 12-month target price for Legend is HK$7 to HK$7.50, down from the HK$9 target Goldman set in May. Analyst Tim Ariowitsch said the revision was a reflection of general investor caution on price/earnings multiples.

Legend's historic P/E ratio is 85.29 and is forecast at 52.73.

"As investors look for new ideas in 2001, we believe Legend stands out as one of the few technology companies globally offering diversification away from the slowing US-influenced end-markets," Goldman analysts wrote.

technology.scmp.com
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