MINDESTENS 200%%%%%%%%%%KURSERHÖHUNG, PACIFIC CENTURY 924882
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16:24 27-JAN-2000
RESEARCH ALERT-Lehman rates PCCW <1186.HK> 1-Buy
SINGAPORE, Jan 27 (Reuters) - Lehman Brothers said it had assigned a 1-Buy rating with a 12-month "strategic value" share target of HK$35.00 per share to Pacific Century Cyberworks, the Hong Kong-based Internet and communications firm. "Pacific Century CyberWorks (PCCW) (joint venture) with CMGI is, in our view, an important and exciting step in the evolution of PCCW. This venture will, we anticipate, add value for PCCW," the investment house said in a research note received by Reuters on Thursday.
PCCW had said on Tuesday that it was forming a joint venture with U.S. Internet firm CMGI Inc to be headquartered in Hong Kong and called CMGI Asia. "Against a sum of parts value of HK$10 per share, we are setting an aggressive 12-month 'strategic value' share target of HK$35 per share for the company based on a continued expectation of value-accretive transactions which have become the company's hallmark," it said. Lehman's 1-Buy rating for PCCW, an upgrade from V1-Buy, implies that the research house expects the stock to outperform the underlying index by 15 percent over a 12-month period.
It said the company's joint venture with CMGI would open the door for the Hong Kong firm to take part in, and gain from, the roll out of global Internet brands in Asia. "In addition, we assess this deal validates a premium valuation of PCCW to account for (Chairman) Richard Li's world-leading ability to consummate value-accretive strategic transactions," the Lehman report said. It noted that PCCW had undergone rapid development including the consummation of a series of strategic partnerships as well as an aggressive pace of deal-flow for CyberWorks Ventures.
Lehman said, while expecting continued volatility, it was calling a buy for PCCW and Singapore-listed Pacific Century Regional Developments (Pacific Century).
PCCW shares were changing hands at HK$18.80 at 0800 GMT while Pacific Century shares, among the day's market leaders, was trading at S$24.40, up S$1.40 or 6.09 percent.
(Singapore newsroom (65) 8703080 fax: (65) 7768112 singapore.newsroom@reuters.com)) .
Sehe das KZ bis Mitte Februar bei 5 Euro.
Aber man sollte auch China Online beobachten die immerhin mit 5% an PCCW beteiligt sind. Bei einem derzeitigen Kurs von 0.04 Euro ein klarer Kauf.
Allein die Beteiligung rechtfertigt den Kurs schon !!!