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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (20799)	3/27/2002 5:54:49 AM
From: Dennis Roth	Respond to of 197214

STOCKWATCH - China Unicom sharply higher after results library.northernlight.com HONG KONG (AFX-ASIA) - China Unicom Ltd shares were sharply higher after the company announced its 2001 results, which were at the high end of market expectations, dealers said. However, they said analysts were concerned that the management failed to share insightful details about the company's CDMA service, which could relieve investors of concerns over the business' prospects. Earlier, China Unicom reported a net profit of 4.457 bln yuan for 2001 compared with 3.234 bln a year earlier. Analysts quoted the management as saying that it added 62,000 new CDMA subscribers during March 1-26. At 3.25 pm, China Unicom was up 0.30 hkd or 4.138 pct at 7.55 on volume of 27.533 mln shares, while the Hang Seng Index was up 155.20 points at 10,942.12. GK Goh Research analyst Clement Wong said the results were in line with expectations, adding however that the company's management shared little insightful or positive news about China Unicom's CDMA business. "The company is sticking to its target of bringing in 7 mln CDMA users by the year-end, with two-thirds of that from its listed vehicle," he said, adding that the management has not relieved the market of concerns over prospects of its CDMA service. Kim Eng Securities analyst Edward Fung voiced similar concerns. "The road ahead for CDMA services remains tough," he said, adding that the number of subscribers is way off the company's target. Fung maintains a 'hold' rating on the stock, with a 6-month target price of 7.70 hkd. ING Barings analyst Leon Chik said the results were not far from his estimates, but found that the presentation was somewhat 'encouraging', noting that the company's capital expenditure of 31.2 bln yuan and 21.72 bln yuan for 2001 and 2002 respectively, were both lower than his estimates. Chik said he will maintain a 'buy' rating on the stock. wj/rc Copyright AFX 2002, All Rights Reserved.