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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: pennywise who wrote (39)	1/12/2001 4:09:11 AM
From: pennywise	Read Replies (1) \| Respond to of 2248

MARKET TALK-HK: Short-Selling Down 29% At $79.2M 1402 [Dow Jones] Short-selling turnover down 28.6% at $79.2 million at midday. HSBC (0005) by far most heavily shorted stock, with $30 million worth of shares; along with Hang Seng Bank (0011), biggest losers among large blue chips. Other active counters: Pacific Century CyberWorks (0008) with $13.1 million and Swire Pacific A (0019) with $12.8 million.(IVW) 1354 [Dow Jones] Spread on Hutchison's (0013) USD fixed rate bond due 2007 widens by 18 bps from last week on arbitrage movements with new exchangeable bond issued Monday; exchangeable bond due 2004 trading at discount to 2007 bond, prompting some to switch out of '07 to buy '04.(MIT) 1347 [Dow Jones] Taiwan shares end down 0.6% to 5339.40 in consolidative session as some investors cash out for week-long Chinese New Year holidays starting Jan 19; players also starting to square positions before stock market's scheduled closure starting Jan 19 through Jan 26. With only 4 sessions left, near term rangebound trading expected in 5100-5600 range.(JWU) 1339 [Dow Jones] STOCK CALL: Zhejiang Expressway's (0576) 300 million A-share issue for CNY1 billion to finance purchase of 18.4% stake in Shangsan Expressway should be mildly positive, Vickers Ballas says; with expected issue price 166% above yesterday's closing price, net book value will be enhanced by 4%; dilution effect minimal as Shangsan opened for traffic since December. Maintains buy call.(IVW) 1325 [Dow Jones] i-Cable Communications' (1097) plan to apply for free-to-air TV broadcasting license unlikely to boost ROI and bottom line significantly, says Herbert Fung, analyst at Credit Suisse First Boston. Says i-Cable's investment cost should be low as no additional cost needed to pay for content; but content not strong enough to fend off competition from TVB (0511), which dominates free-to-air market. i-Cable shares surrender some earlier gains, up 3.6% to $3.575, off high of $3.675.(STT) 1310 [Dow Jones] Further signs Asia governments taking more cautious approach to 3G mobile: While Malaysia targeting latter half of 2002 for introduction of 3G, its communications minister notes "there is a lot of hype about 3G; we're not really in a rush." Some telcos seem easing back on 3G enthusiasm given hefty prices paid by license winners in Europe; Singapore has delayed auction until 2Q and one Korea license winner says may delay rollout of services.(RXM) 1258 [Dow Jones] HSI ends morning up 0.7% at 15199, spurred by developers hit recently by placement rumors; Henderson Land (0012) up 2% at $41, New World Development (0017) up 6.5% at $11.45. Much-maligned U.S. exposure stocks also rebounding; Li & Fung (0494) up 6.1% at $14.70, Johnson Electric (0179) up 5.9% at $10.85. Buying interest faded in late morning as traders cautious about chasing stocks before FOMC meeting in late January. HSI resistance expected at 15500-15600, based on 100-day moving average.(IVW) 1235 [Dow Jones] i-Cable Communications (1097) up 4.4% at $3.60 on company's forecast FY01 earnings should be positive (first time since listing in 1999). Herbert Fung, analyst at Credit Suisse First Boston, agrees with forecast; adds broadband business should be earnings positive and pay-TV operations, which just turned positive last year, should remain profitable in FY01. Notes valuation undemanding with EV/EBITDA at 11X on FY01 earnings estimate, at lower end compared to peers; maintains buy rating.(STT) 1218 [Dow Jones] New World Development (0017) up 6.5% at $11.45 as speculation about share placement fades. NWD shares had been falling since Tuesday on rumor debt-ridden company would place shares, following peer Amoy Properties' (0101) alleged failed placement attempt and Sino Land's (0083) successful 180 million share placement at $4.375/share; Sino stock now at $4.175 despite 3.75% rebound.(IVW) 1209 [Dow Jones] Even if Anson Chan's rumored departure as Chief Secretary true, DBS Securities not expecting material impact on market; notes speculation about Chan, due to retire in 2002, around since Beijing visit 4 months ago; if Financial Secretary Donald Tsang as expected succeeds Chan as CS, Airport Authority chief Victor Fung, formerly Trade Development Council chairman and Harvard Business School professor, may be new FS.(IVW) 1158 [Dow Jones] Handbag manufacturer Wealthmark International's IPO of 10 million shares 1.97x subscribed and placement of 40 million shares around 2.47x subscribed. Company offered shares at $1 each, raising total of $50 million. Price translates into P/E multiple of 6.7. With gross profit margin of 20%, company says net profit for 2000 expected to exceed $30 million. Stock will start trading on main-board on Tuesday.(SMG) 1135 [Dow Jones] Shares in CNOOC, China's third-largest oil IPO, likely priced at discount to forecasted earnings, person close to deal tells Dow Jones. Underwriters expected to price shares lower than 4.5X-5X ratio of total market cap to FY01 EBITDA. Valuation based on research report by Merrill Lynch, one of underwriters for deal. "It is unlikely that it will be priced at premium or on par," source says; "the multiple is just an academic valuation and has to be subject to market conditions." Merrill forecasts CNOOC's net profit will reach US$959 million for FY ended Dec 31. CNOOC conducting pre-marketing activities for sale of 1.64 billion shares before dual-listing in HK and New York in February. IPO roadshow will begin after Chinese New Year holidays.(SKO) 1130 [Dow Jones] CLP Power, unit of CLP Holdings (0002), may raise its 92% stake in Australia's Yallourn Energy, held via 80-20 JV with Powergen, to 99.949%, by offering unnamed current owner of 7.948% Yallourn stake put option to sell its holding to JV between Feb 15-30. Even if this put option not exercised, CLP will still likely get stake with another put for holder exercisable in 2004, failing which CLP will get call option to buy exercisable in 2006. As exercise price not disclosed, deal not impacting share price. Stock down 0.3% to $37.(IVW) 1107 [Dow Jones] Mild buying spree by retail investors pushes up January Hang Seng futures; now up 1.6% at 15315 on thin volume of 4,761 contracts - almost at par with HSI after spending most of time at discount, says futures trader at Fimat. Says futures may test resistance at 15400 today but unlikely to make significant gains amid weak buying momentum in spot.(STT) 1101 [Dow Jones] With cash rebate on mortgage, SHK Properties (0016) offers effective discount of almost 10% for Oscar by the Sea at Tseung Kwan O, area with large inventory of low-to-mid range flats. Salomon Smith Barney interprets discount as pre-emptive move against upcoming Home Ownership Scheme projects in Tseung Kwan O; developers recently criticized government's HOS for depressing residential property market.(IVW) asia.biz.yahoo.com