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Hier ein paar Infos zu COL für chartguru. Homepage: www.col.com.cn (Ich hoffe dein Chinesich ist gut) Hier zwei Unternehmungsvorstellungen für den Überblick: 21.01.00 Core Pacific-Yamaichi Research China Online (0383.HK) Deal Completed China Sci-Tech bought a 32.82% stake in China Online from China Strategic Holdings on 28 December 1999 for $840mn cash, to become COL´s major shareholder. According to COL´s managment, China Stratetic no longer has a shareholding in COL. CST and COL will both be reorganised. CST may become an investment holding company, with COL as the operating arm. However, a final decision is yet to be made. Looking for Acquisition Targets COL´s managment plans to turn the company into a hi-tech investment company. COL would possibly acquire Internet content and service providers and telecom firms in the Greater China region. The company is currently negotiating with mainland Internet firms regarding possible acpuisitions but no definite agreements have yet been made. COL may also invest in mainland mobile phone services, as Beijing will allow foreign paricipation in such firms once China joins the WTO. Furthermore, COL´s managment makes no comment on the on-line gambling business, despite previous denials by CST that Stanley Ho would inject such a venture into COL Handset Distribution Investment in Internet companies would limit COL´s cashflow. In view of this, COL also plans to expand its mobile handset distribution business this year, both in China and Hong Kong. COL is already one of the two principle dealers for Nokia in Hong Kong. Tristar, COL´s joint venture (55% owned by COL and 45% owned by Japan-based Hikari Tsushin), has already opened 180 retail outlets in China, mainly in norteastern cities including Beijing an Shanhai. The company will expand this retail network to some 1000 outlets (580-1000) in the near future to cover the whole China market. Heavy Trading Discount Through various corporate exercises,COL has about $700mn cash on hand. Managment revealed that COL stll holds around 200mn PCCW shares. Based on closing price of $16,0 per PCCW share an 20 Jannuary, we estimate the base case NAV of COL is around $3.734,5 mn, or equivalent to base case NAV per share of $0.408. The counter is therefore trading at a discount of 41% to our base case NAV estimate. The downside risk appears limited and in light of the current Internet frenzy, any potential acquisition announcement by COL could certainly push up its share price. Investors should be aware, however, that COL, is still in the process of restructuriing and it may take time to identify suitable acquisition targets. We recommend SPECULATIVE BUY for this share. 24.01.00 DAO HENG SECURITIES COMPANY VISIT China Online (383) SPEC BUY $0.244 We believe the takeover of China Online (COL) by China Sci Tech, a company controlled by Stanley Ho, is likely to lead to a series of major corporate restructuring exercises which will refocus the group towards new PRC Internet and telecoms investments. The sale of a 32.8% stake to China Sci Tech becomes effective from 28 January. We expect COL`s new management team might take the opportunity to spell out expansion plans then. China Online (previously Star Telecom) had its origins as a handset distributor and was an early ISP player. However, the group soon acquired a series of assets, the most important being a stake in Pacific Century Cyberworks last year. The 200mn PCCW shares were reportedly acquired at below $8.00 a share. With PCCW`s closing share price at $16.55 last Friday, the 200mn shares are currently worth $3.3bn. In addition, the group has built up a cash pile of $700mn. Debt levels are believed to be negligible. Management said COL is a net lender to the interbank market. The large cash pile certainly suggests COL is well positioned to go on an acquisition spree for new telecoms and Internet investments in China and Hong Kong. Other PRC projects that have been carried over from the previous management include an option to acquire a 35% interest in a CDMA network in Beijing and Shanghai and a 55:45 interest in a mobile handset distribution business in North and Northeastern China with Hikari Tsushin. The latter JV has 180 sales points and is said to be profitable. Preliminary discussions have begun regarding the potential expansion of the distribution network to 1,000 outlets. Finally, COL is one of the two largest distributors of Nokia handsets in Hong Kong. COL represents the whole range of models. Management is talking with Nokia about setting up a separate service centre for its customers. Und die meines Wissens nach letzte Kaufempfehlung: Dao Heng Securities vom 09.02.00 China Online (0383) BUY $0.32 Target: $0.54 The recent disposal of 9.7mn shares in PCCW has netted China Online around $197mn. The directors said the company might consider further disposals in the future to finance its investment plans. Given yesterday`s sharp rice in PCCW`s share price, China Online`s remaining stake of 190.3mn shares is worth $4bn. On a break up basis, we estimate China Online is worth $0.54. This mainly reflects the 30% rise in PCCW`s share price since 24 January when we issued a Buy recommendation on China Online. We consider that the shares are still worth accumulating and remain Buyers mfg FlopBOB |
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| aus der Diskussion: | Geheimtip China Online |
| Autor (Datum des Eintrages): | FlopBOB (20.02.00 13:20:20) |
| Beitrag: | 9 von 10 (ID:490367) |
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