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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2067)	11/29/2001 11:40:52 PM
From: ms.smartest.person	of 2248

CLSA Lowers PCCW 01 Proportionate EBITDA by 4.3%, EPS by 16.6% Nov 29, 2001 - 12:24:19 HKT Quamnet News Service CLSA Emerging Markets said it downgrades PCCW's (0008) 2001 proportionate EBITDA by 4.3 percent and EPS by 16.6 percent owing to weakness at Reach and potential provisions on VC (venture capital) investments. But this may not be a surprise to consensus. CLSA said PCCW's fixed line business is still expected to perform in line. Other things being equal, its end-01 SOTP (sum of the parts) will be reduced from HK$2.97 to HK$2.82. "Lowering our risk-free rate assumption by 50 bps (in line with current market rate) will boost our end-01 SOTP value back up to HK$3.08," said analysts Edison Lee and Stephen Leung in a research note to clients today. "Our 12-month target price is now HK$2.99 per share, based on end-02 SOTP value." The analysts expect Reach to be a consolidator in the undersea cable segment which will improve its pricing power and thus valuation. "Risk to our positive call is 1) delay in Cyberport financing, and 2) high consensus forecast for 2002 (our EBITDA forecast is 7.7 percent below consensus), but consensus number may not be accurate owing to potential inclusion of associates' pro-rata EBITDA," the analysts said. quamnet.com

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