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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2069)	11/29/2001 11:45:43 PM
From: ms.smartest.person	Read Replies (1) of 2248

Morgan Stanley Cuts PCCW EPS Est. on Lower Reach, TSS Earnings Nov 30, 2001 - 11:48:46 HKT Quamnet News Service Morgan Stanley Dean Witter said it has lowered PCCW's (0008) EPS estimates by 10-14 percent in 2001-2002, after revising downward its earnings estiamtes for Reach and Telecom Services (TSS) in light of the economic downturn in Hong Kong and bandwidth pricing pressures. "Although we commend PCCW's opportunistic refinancing strategy, particularly in the current low interest rate environment, this is not sufficient to change our Neutral-V rating on the shares," said analysts Lina Choi, Hani Abuali and Kiet Truong in a research note to clients today. "We think lower earnings from TSS and Reach outweigh interest expense savings." The analysts said their new 2001 EBITDA estimate for Reach now stands at US$413 million, down from US$434 million. "Based on our revised projections, PCCW's shares are trading at a 50 percent premium to their regional peers... our revised sum-of-the-parts value for the stock stands at HK$1.93-2.27," according to the analysts. quamnet.com

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