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To: sun-tzu who wrote (132841)	11/5/2001 12:22:09 PM
From: marginmike	Read Replies (1) \| Respond to of 436258

the bottom line is that 3G may never come, but Qcom is the only co with a decent 2.5 g product. They also have a huge engine in china that is ramping much faster then expected. Subs growth in China alone will give them 20% YOY growth. They expect 50 million subs by 2003 thats about 18 million a year and there are currently 80-100 mill subs. INDIA is also about to convert as is DOMOCO. The growth is there, its no myth. I would also point out that during the 98 depression in ASIA Cell phone sales hardly stumbled. For 80% of the world its a nessesity because fixed lines dont exist. I do agree that the valuation is high, but I dont think its exorbenent considering the cash flow and secure earnings stream. IMHO the stock is worth 30-40 per share or arround 25-35PE