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

To: ms.smartest.person who wrote (1653)	7/18/2001 3:31:50 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Give me nothing 2001-07-17 Terms and Conditions AFIC ASX Codes: afi MELBOURNE, July 15 AAP - The chairman of Australia's largest listed investment company Australian Foundation Investment Co said today he had orders in to buy Telstra Corporation Ltd shares when they dipped under the five dollar mark. Bruce Teele, whose AFIC portfolio is valued at around $2.3 billion with investments in 120 stocks, said the company had orders in to buy Telstra when its share price started with the figure four. Last Friday, the telecommunication giant weakened 14 cents to $5.26. "We're looking for the time to buy some more Telstra which is pretty topical," he said. "I don't know that there is an exact figure but certainly if it started with (the figure) four..." Mr Teele told Channel Nine's Business Sunday that Telstra's immediate profit outlook is not quite as good and its expeditions into Asia not "terribly satisfactory". Last week Telstra warned that it would have to writedown the value of its Asian joint ventures. Chief executive Ziggy Switkowski said that the ventures were performing to plan, however lower valuations would impact Telstra's results for 2000/01. Telstra's key Asian joint ventures are with Hong Kong based Pacific Century Cyberworks Ltd (PCCW). Telstra has a 50 per cent interest in internet infrastructure joint venture Reach, and a 60 per cent interest in Regional Wireless, which holds the mobile business CSL. AFIC holds just over $100 million in Telstra shares. "How do we account for the huge downward movement in Telstra - it is not quite 50 per cent but it is very significant," Mr Teele said. "Their expeditions into Asia haven't been terribly satisfactory but it is a huge reduction in market price so I believe that there are other companies of this ilk already starting to show up in the market." AFIC's largest holding is with National Australia Bank Ltd with almost $220 million in stock. There was speculation last week, following UK Competitions Commission decision to stop Lloyds TSB from taking over Abbey National, that NAB would make a bid for Abbey. Mr Teele said he would be in favour of NAB making a purchase in the UK but not at the top of the cycle. "If they can't find something that is good value and in the right part of the cycle then perhaps the alternative is to give the money back to the shareholders," Mr Teele said. "The directors and the management are charged with the responsibility of running the business and if they see business opportunities they need to go for them, if they can't then I agree, give the money back." Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com