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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (566)	3/15/2001 12:11:31 AM
From: ms.smartest.person	Read Replies (1) of 2248

CSC Securities (HK) Limited - PCCW (0008: HK$4.075) TRADING SELL Daily Market Commentary - 12/3/01 US stock markets melted down on panic selling. Dow plunged 436.37 to 10,208.25, its lowest close since late Oct. 2000 as all 30 stocks making up the blue chip index fell. CORPORATE COMMENTARY PCCW (0008: HK$4.075) TRADING SELL PCCW will announce its final results on 28 th March 2001. One of the market focuses is that how PCCW will treat with its US$24.3bn worth of goodwill resulted from the merger with C&W HKT in last August. It was reported that PCCW could choose between two options; either (1) PCCW will amortize the goodwill by the period of 20 years or above; or (2) PCCW will make an one-off provision for the goodwill in the capital reserve of the balance sheet. Comment: Although the market had already recognized the existence of the goodwill, we view that it is not good for PCCW no matter which option it choose to deal with the goodwill. As we have mentioned in our previous report on 23 rd February 2001, the most important share price driver is whether C&W can successfully seek a buyer to take up the entire 7.45% stake in PCCW. We expect PCCW to unveil the arrangement regarding the share disposal by C&W during the results announcement. Therefore, we maintain our TR SELL recommendation ahead of the results meeting. Kenneth Lau eng.stockhouse.com.hk

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