PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1695)	7/24/2001 12:42:13 AM
From: ms.smartest.person	Read Replies (1) of 2248

Salomon Sees PCCW Scrapping Bond Issue a Slight Positive; Keeps Neutral Jul 23, 2001 - 17:20:38 HKT Quamnet News Service Salomon Smith Barney said Pacific Century CyberWorks' (0008) scrapping of its proposed bond issue implies there will be no downward revision to its earnings estimates due to higher short term borrowing costs for a longer tenure, fixed rate bond issue. It maintained its Neutral (3H) rating on the stock. Given that PCCW has no long term debt due until February 2004, the house does not believe this will adversely affect its debt servicing/repayment capabilities, said analyst Pratik Gupta in a note dated today. However, PCCW may try to tap the market again - this may pose downside risks to our near term earnings estimates then, depending on issue size and pricing, it added. It expects PCCW to turn around in 2001 with net profits of HK$1.225 billion, and HK$3.044 billion in 2002. PCCW ended today down 4.7 percent at HK$2.025.

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