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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: transmission who wrote (723)	9/30/1999 11:49:00 AM
From: MMM Mule	Respond to of 1860

FHTV...rumor with QVC to transmit Home Shopping throughout China... THE RUMOR IS THAT FHTV (previously SGYT) IS EXPECTING NEWS ANY DAYNOW!!!!!!! FHTV - Undiscovered and undervalued!!! This stock could see 5.00 on the next PR that should be coming out any day now... there are around 4.5 million shares in the float.. Someone on SI who we know and trust followed up on the Rumor and phoned China..."Just got off the phone with Vanessa Tarn. I asked her to verify the rumors and she indeed said a NR would be released very soon. The only delay is having the release cleared and finalized through their lawyers. Great News!"Here is a source of great DD!!!!http://www.baldino.com/fhtv2 ) This here was the first time we heard about this company...they are about to explode: asiapac.net yinc.html 2 April 1999 FISHER TELEVISION IN JOINT VENTURE WITH CHINA NATIONAL FOREIGN TRADE CORP MACAU, China, April 2 /PRNewswire-AsiaNet/ -- FISHER TELEVISION COMPANY, Inc. (OTC Bulletin Board: FHTV) announced today that it has entered into a Letter of Intent agreement with QVC, Inc. to add QVC to the FISHER TELEVISION COMPANY programming lineup in 1999. FISHER TELEVISION COMPANY is the China's leading direct broadcast satellite service with more than 25.1 million subscribers. QVC is the world's preeminent electronic retailer marketing a wide variety of brand name products in such categories as home furnishing, licensed products, fashion and beauty, electronics and fine jewelry. FISHER TELEVISION COMPANY additionally has signed a joint venture agreement with China National Commercial Foreign Trade Corporation (CCFT) last week in Beijing a state-owned foreign trade enterprise directly trades the Ministry of Internal Trade. "This joint venture will allow FISHER TELEVISION COMPANY access to products inside China and as well as all the 48 countries or regions which China National has established business relations," said William Fisher, President.QVC will automatically be added to six FISHER TELEVISION COMPANY programming packages in the last quarter of 1999. "QVC is recognized nationwide for its innovative programs and products and the addition of QVC to FISHER TELEVISION COMPANY programming packages truly enhances the value of our lineup," said William Fisher, President. "FISHER TELEVISION COMPANY subscribers will soon be able to experience QVC products and enjoy the shopping convenience offered by the FISHER TELEVISION COMPANY network." FISHER TELEVISION COMPANY trades on the NASDAQ electronic BB under the symbol (SGYT). For more information please contact: Vanessa Tarn, 853-711-123, Public Relations, Macau, China OR James Young, or Steve Nocito, 212-308-5361 SOURCE FISHER TELEVISION COMPANY, Inc. CONTACT : VANESSA TARN, 853-711-123, PUBLIC : RELATIONS, MACAU, CHINA, OR JAMES : YOUNG, OR STEVE NOCITO, 212-308-5361, : ALL FOR FISHER TELEVISION COMPANY, : INC. DATE OF RELEASE : APRIL 2, 1999 RELEASED BY BERNAMA PRWIRE

To: transmission who wrote (723)	9/30/1999 7:45:00 PM
From: SteveG	Read Replies (1) \| Respond to of 1860

Fahnestock's Bauer and Lee on TGNT today: Investment Opinion: Because of Teligent's volatility, we have maintained a “long-term” buy rating on the stock to reflect our bullishness on the prospects for wireless CLECs and supplemented this rating with “short term” trading calls. If we changed our rating on this stock every time it hit our target price and pulled back to an attractive territory we would be forced to change ratings almost on a monthly basis. Key points: · TGNT shares have been in overvalued territory since late July. On July 28, 1999 TGNT shares peaked at $75.63 capping off a six-week run up that boosted the stock price by nearly 60%. What was the company saying? In a Dow Jones News story released on the day when the stock peaked, a Teligent spokesman noted “While we do not have any announcement planned, there has been an increasing focus in recent days on the fixed-wireless solution as a way to break the bandwidth bottleneck in the local loop. That focus has resulted from the deals that have recently been announced by Sprint and MCI in the MMDS spectrum.” What were investors saying? Maybe - just maybe - the wireless Cable TV companies being purchased by Sprint and MCI (to offer high-speed wireless Internet access for residential customers) would whet the appetites of these behemoths for some REAL wireless capacity – the kind owned by Teligent. What were we saying? This may look cheap as a company but it's expensive as a stock. · Since July TGNT shares have declined by nearly 40%. At its peak TGNT shares were trading at a 9% public market discount – a level that has historically proven to be unsustainable - period. Despite the pullback to the $55 - $65 level during August and September, TGNT's public market discount (of roughly 20% to 30%) remained in rich if not outright overvalued territory for most of this period. As noted in our ongoing commentary on this stock, we've been surprised by TGNT's ability to defy gravity for such a prolonged period of time. In fact we were starting to wonder if the stock wasn't beginning to discount next years numbers (although other CLECs aren't). The recent pullback has returned TGNT to a 45% public market discount which has historically signaled “attractive” territory. Where do we begin to aggressively buy the stock again? When its public market discount expands to the 50% range (about four to five points lower than the current price.) Valuation Our discounted cash flow model (attached) summarizes the key fundamental and valuation assumptions that drive our Net Asset Value for Teligent. The top two thirds of this table reflect our fundamental forecast. The bottom third highlights our valuation assumptions. The mathematics that support our $83 per share (year end 1999) net asset value estimate runs as follows: The net present value of Teligent's free cash flows (EBITDA less capital spending) discounted at 14% for 10 years approximates $922 million. The net present value of Teligent's liquidation value 10 years hence (based on a multiple of 10x cash flow and discounted at 14%) approximates $5.5 billion. The sum of these two estimates ($6.4 billion) reflects Teligent's gross asset value. After subtracting roughly $505 million of net debt, the company's net asset value approximates $5.9 billion or $58 per share. These figures are detailed in the box in the lower left hand of our 10-year DCF model. The box in the lower right hand side of our 10-year DCF model highlights the sensitivity of our target price to different discount rates and terminal multiples. Although a strong case can be made that our 14% discount rate is too steep and our 10x terminal multiple is too light, these metrics historically have successfully identified undervalued CLEC stocks and, as such, we think they represent reasonable (and useful) valuation metrics. Teligent's historical public market discount(s) have mirrored its peer group. The accompanying two charts offer a historical perspective of Teligent's estimated 1998 -1999 year end net asset value(s), its stock price action over this period, and the stock's corresponding public market discount to these estimates at any point during this period. · Top Chart: This chart depicts Teligent' price action from February of 1998 to the present. A line representing year-end 1998 consensus net asset value estimates and our year-end 1999 estimate for the company has been superimposed on this price action. · Bottom Chart: The bottom chart tracks Teligent's public market discount i.e., the spread between the company's stock price and its estimated net asset value, at any given point in time over the past 18 months. · History: During 1998, consensus net asset value estimates for the Company clustered in the $50 per share range. These estimates were raised to the $60 level at the beginning of 1999 (to reflect the inclusion of one more year of positive cash flow and one less year of negative cash flow as the discounting period is shifted one year out). After the Company reported 1Q99 results, consensus estimates for year-end 1999 were raised to the mid-$80 level (which mirrors our current $83 estimate). By combining our year end 1999 net asset value estimate with these historical consensus estimates, it is possible to chart TGNT's public market discount to its estimated net asset value over the course of the last 18 months. Over this period the stock's public market discount has “bottomed” in the 55% range five times, and peaked at around 30% eight times. Given the stock's volatility (which is largely a function of its limited float), the relatively skinny band within which this discount expands and shrinks is remarkable. Over the past 18 months, TGNT shares have rarely traded at less than a 20% public market discount and never traded below a 61% discount. In this regard the stock trades like dozens of Cable TV, Cellular, PCS and CLEC stocks which have preceded it in the public market.