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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1347)6/5/2001 10:12:58 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Morgan Says PCCW, i-Cable to Benefit as LMDS Runs Out of Steam
Jun 05, 2001 - 12:20:57 HKT
Quamnet News Service
Morgan Stanley Dean Witter said Pacific Century CyberWorks (0008) and i-Cable Communications Ltd. (1097) should have one less issue to worry about as none of the five Hong Kong LMDS (local multipoint distribution service) have established significant market position.

"Almost two years after LMDS licenses were granted, only SmarTone has reached its network rollout targets," said Lina Choi and Hani Abuali, analysts for the U.S. house in a note to clients dated today. "However, no company has established a meaningful market position against incumbents PCCW and i-Cable."

PSINet, a Virginia-based company, which owns one of the five LMDS licenses in Hong Kong, has filed for bankruptcy in the U.S., according to the house.

PCCW has spent US$300 million on building a Hong Kong-wide ADSL network - a formidable entry barrier for operators without funding facilities, it said.

In mid-May, the house reiterated its neutral rating on SmarTone Telecommunications Holdings Ltd. (0315), citing heightened risk from loss-making broadband operations despite the stabilization of its core mobile phone business.

The house currently has neutral ratings on both PCCW and SmarTone.


quamnet.com
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