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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1990)10/15/2001 2:14:28 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
Morgan Stanley Expects Slower Data Revenue Growth for PCCW in 2H
Oct 15, 2001 - 11:47:45 HKT
Quamnet News Service
Morgan Stanley Dean Witter expected that Pacific Century Cyberworks' (0008) data-related revenue lines could show a smaller advance in the second half of 2001 than levels achieved in the first half, as the company's management admitted of a "step back" of telecommunication consumption by corporate customers.

The brokerage house maintains its Neutral-V rating on the stock after a discussion with PCCW's chief financial officer David Prince.

PCCW is still seeking to lessen its debt burden by lengthening the maturity of its US$4.7 billion syndicated loan, currently with a US$1.5 billion bullet repayment in 2003 and a further US$2.3 billion due in 2005, said analysts Lina Choi, Hani Abuali and Kiet Truong in a research note to clients today.

Morgan Stanley estimates that PCCW's total interest expense will decline HK$200 million for every 50 basis points decline in London Inter-bank Offer Rate (LIBOR). "The good news is that as interest rates continue to trend down, the company should see interest expense savings for the next 8 to 12 months," said the analysts.

The company rules out massive layoffs at this time, citing the potential risk of jeopardizing service quality. While cost-cutting involving other measures is on track, PCCW expects to see the interim consolidated margin of 35 percent being sustained for the remainder of the year, the analysts said.
quamnet.com
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