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

To: ms.smartest.person who wrote (1169)	5/3/2001 2:23:51 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

2001-05-03 Market Watch - i-Cable (1097) BUY - $4.425 Ben Tam ¡V 2218 2866, bentam@guoco.com i-Cable has submitted an application to the Office of Telecommunications Authority (OFTA) for the launch of local IP phone services. Once the company has received OFTA's approval, it can launch the service within six months. We maintain our view that i-Cable will launch the IP phone service in 2Q02. Although the counter's share price has jumped 18% during the past week, we believe that the company is still undervalued given its sustainable growth in pay-TV and broadband Internet subscribers and the potential of the IP telephone service, and we reiterate our BUY recommendation on the counter. PCCW currently accounts for about 98% of the fixed line installation market. High leased line and interconnection charges have hindered the growth of the three new fixed line operators during the past few years. However, i-Cable will deliver its telephone services through the same cable network as its pay-TV and broadband Internet businesses, leading to lower overheads for its fixed line telephone services than its competitors. OFTA has to decide whether i-Cable will create unfair competition to other incumbents. However, the authority¡¦s policy is to encourage competition in the telecommunications industry. Barring any unforeseen reasons, we expect OFTA to approve the application before the year-end. quamnet.com