PCCW-News, Berichte & Stories 07.KW in Deutsch/Englisch - 500 Beiträge pro Seite

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Tuesday, February 13, 2001

TELECOMS
Fixed-line operators complain about links
BEN KWOK

Pacific Century CyberWorks is not providing enough interconnection capacity for other operators, according to local fixed-line companies.
In a Legislative Council panel meeting yesterday, New T&T, New World Telephone and City Telecom urged the Office of the Telecommunications Authority (Ofta) to direct CyberWorks to increase point of interconnection capacity to them.

Under the guidance of Ofta, CyberWorks is obliged to share access for interconnection with other operators under commercial negotiations.

New T&T, the second-largest fixed-line operator, owned by Wharf Holdings, said CyberWorks was putting up administrative hurdles, engaging in anti-competitive conduct and abusing its dominance over other operators.

"The fact that they [CyberWorks] used excuses to delay our expansion plans caused us a loss of business. Ofta`s light-handed approach did not maintain a level playing field for us in this case," said New T&T director Tony Cheung Tung-lan.

New T&T claimed there was a shortage of 70 per cent in interconnection capacity last year.

City Telecom also complained that CyberWorks used excuses such as over-estimation in capacity to curb its expansion plan. Chairman Ricky Wong Wai-kay said the company last year ordered more than 600 T1s - dedicated leased circuits which provide more bandwidth than the traditional leased lines at cheaper prices - but managed to get only a few.

New World Telephone also made a request for shorter lead time in collocation.

CyberWorks dismissed criticisms on interconnection as unfair and inaccurate, claiming that it had no responsibility to fulfil operators` forecasts.

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C&W may trade in CyberWorks stake
By Roger Evers, Hong Kong iMail

CABLE and Wireless could trade its 15 per cent stake in Pacific Century CyberWorks (0008) for PCCW`s 50 per cent share in its IP (Internet Protocol) backbone joint venture with Telstra, according to rumours sweeping the market.
The deal would rid PCCW of a damaging stock overhang in return for a non-core holding it might be keen to sell soon anyway.
C&W`s bottom line would be boosted by a private trade for the PCCW shares that could better hide its losses from the PCCW holdings.
C&W`s core business is also in line with the IP Backbone joint venture, now called Reach, observers said.
``This is certainly the most believable rumour I`ve heard for some time,`` said Stephen Brown, head of research at Kim Eng Securities.
``It would be to everyone`s advantage,`` he said.
JP Morgan analyst Jake Lynch concurred. ``While we have no view as to how substantial the rumour may be, it ... is a plausible scenario,`` he said in a report.
Mr Lynch valued PCCW`s 50 per cent share in the IP Backbone at US$2.5 billion (HK$19.5 billion) and C&W`s 15 per cent share in PCCW at US$2.66 billion.
``There would be no impact on the debt covenants from such a transaction as far as we have been able to determine,`` Mr Lynch said.
``Given our more conservative view of the IPBC`s position in an increasingly competitive market, we would view the trade as a net positive.
``The removal of the C&W share overhang and enhancement of EPS from a share buyback would be worth the disposal of a share in a backbone that needs major upgrading to face its coming competitors,`` he added.
The move could give C&W a respectable exit from its disastrous PCCW shareholding.
It attained the shares valued at $17 when PCCW acquired Hong Kong Telecom last year and lock-in clauses prevented it from selling its remaining 15 per cent as the stock plummetted to under $4.
The lock-in on half the remaining shares expires next week. The other 7.5 per cent can be sold on the market in August.
C&W doesn`t need the cash from a sale to the market, according to analysts. The IP backbone might give it better returns and could chime better with its wider strategy.
The CEO of the IP Backbone firm, Reach, is a former C&W executive who could smoothen the deal.
Alistair Grieve was President of C&W Japan from 1993 to 1995, when he moved to HKT as deputy chief executive. He took over the reins at Reach last week.
The move could solve funding issues facing the venture, observers said. It was left US$500 million short of its expected cash levels after bankers shaved new funding in December from US$2 billion (HK$15.6 billion) to US$1.5 billion.
CyberWorks forecast sales from its underwater cable to rise 6 per cent this year to US$1.9 billion
but the reduced funding level could limit investment in new projects.

Roger Evers

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14 February 2001 1530 hrs (GMT) 2330 hrs (SST)

PCCW unit plans to raise US$20m from listing


Data centre operator iLink-dot-net, which is controlled by Pacific Century CyberWorks, plans to raise about US$20m from a listing on Hong Kong`s Growth Enterprise Market.

It originally aimed to raise about US$25.7m from the flotation, but was forced to scale back the size of its offer due to sour sentiment among investors for tech shares.

iLink-dot-net, which provides server hosting, facilities management, Internet connectivity, and network management services, plans to place 25 percent of its shares with institutional investors.

The company, which currently has two data centres in Hong Kong, plans to use the proceeds to develop at least four data centres in China and other parts of Asia.

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14:23 14-FEB-2001
iLink.net to lower fundraising target to $156m

Wires reports said that iLink.net, partially owned by Pacific Century CyberWorks (PCCW) (0008-HK), may shrink the fundraising target in its Growth Enterprise Market listing plan to $155.6 million from $200 million because of the subsiding tech frenzy in the market.

(End)

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10:19 15-FEB-2001
iLink.net poised to list on GEM to raise $121m-$140m

Hong Kong`s iLink.net, 40.84 pct-owned by Internet service company Pacific Century CyberWorks (PCCW) (0008-HK), is planning to list on the Growth Enterprise Market (GEM) by selling shares at $1.10-$1.28 each to raise between $121 million and $140 million, according to Reuters, citing merchant banking sources.

The counter is expected to make trading debut on March 9.

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15:07 15-FEB-2001
ING Barings: PCCW, SmarTone growth to be limited by 3G competition

ING Barings head of Asian Telecoms Craig Racine said he predicts that over ten bidders will enter the race for the four 3G licences to be offered in Hong Kong.

He also estimated that the total number of 3G operators will be ten licencees and virtual network operators together. He pointed out that the potential of shares in PCCW (0008-HK) and SmarTone Telecommunications Holdings Ltd (0315-HK) will be limited as there will be fierce competition.
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North Asia News
Fri, 16 Feb 2001, 2:40pm HKT
ILink Cuts Size of Share Offer Amid Technology Stock Weakness
By Cathy Chan


Hong Kong, Feb. 15 (Bloomberg) -- ILink.net Holdings Ltd., a data services venture that is 41 percent-controlled by Pacific Century CyberWorks Ltd., cut the size of its initial share sale by about a fifth amid diminished investor enthusiasm for technology- related stocks.

The Hong Kong-based data center expects to raise up to $18 million from the sale, down from the $23 million Chief Executive Billy Tam estimated in December.

``The market atmosphere last year was crazy,`` Tam said. ``We`re back to a more rational market.``

ILink plans to issue 110 million new shares, representing about 15 percent of the company, to institutional investors at between HK$1.10 and HK$1.28, according to bankers involved in the share sale. The top price values the company at about HK$938.7 million.

CyberWorks announced plans to sell off the unit last October. The technology-oriented Growth Enterprise Market, where the shares are to trade, has dropped 13 percent since mid-October.

That could it make it tough to sell the issue.

``It`s slightly more expensive than market expectations,`` said Joseph Ho, Asian Internet analyst at Dresdner RCM Global Investors Asia Ltd. ``The company needs to show there is high take- up rate at existing (data) centers and continuous strong demand for services.``

ILink said it would use the funds to establish four data centers in the Chinese cities of Shenzhen and Guangzhou, and in Singapore and Taiwan. Its expansion in China may be challenged by rival Sunevision Holdings Ltd., which also plans to spend HK$400 million on new data centers in China and Japan this year.

Oversupply of data services in Hong Kong may concern potential investors, Ho said.

Sunevision, backed by property giant Sun Hung Kai Properties Ltd., has about 500,000 square feet of space in Hong Kong. Henderson Cyber Ltd., the Internet arm of Henderson Land Development Co., is expected to complete more than 200,000 square feet of Internet service floor area this year, Ho said.

ILink will start presentations to institutional investors at the end of the month. The final price of the shares will be fixed on Feb. 28, and trading is expected to begin March 9, bankers said.

BNP Paribas Peregrine Securities Ltd. and e2-Capital Securities Holdings Ltd. are managing the offer. CU Securities Ltd. will also help underwrite the offer.

CyberWorks, Richard Li`s Internet and telecommunication venture, reduced its stake in iLink to 41 percent from 80 percent July last year. Dell Computer Corp. holds 6 percent of iLink, and Henderson Investment Ltd. owns 11.5 percent.

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PCCW Bleeds Ahead Of Judgment Day

Bloodletting at Pacific Century CyberWorks [8] pushed the Hang Seng Index to a lower close in quiet trade. Property stocks came under profit taking pressure following three days of gains.



The Hang Seng Index closed 104 points or 0.7 percent lower to 15,756. The Hang Seng Index February futures contract lost 112 points or 0.7 percent to 15,780. Total turnover for Thursday was $6.7b compared with Wednesday`s figure of $8.6b.

Hong Kong shares opened modestly lower on the back of profit taking in the property sector and further weakness in telecoms shares. However, the losses were offset by gains in technology stocks following a 2.6-percent rise on the NASDAQ overnight.

Pacific Century CyberWorks led the market lower ahead of the February 17 expiry of Cable & Wireless` [L.CW.] lock up period for the sale of 7.6 percent of PCCW. Press reports had Cable & Wireless trading its full 15.3-percent stake in PCCW back to PCCW in exchange for PCCW`s 50-percent interest in its Internet protocol backbone Reach. PCCW ended the day 5.1 percent lower to $4.65 on turnover of $553.5m. PCCW also topped the day`s short-selling list with $81m worth of shorts crossing the Exchange floor.

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PCCW Japan legt 19 % wg. Broadcasting Plänen zu

Pacific Century CyberWorks Japan Co. konnte heute gigantische 19 % zulegen, nachdem der Entwickler von Videospielsoftware bekannt gegeben hatte, dass man eine Tochter im Markt des Digitalen Broadcasting errichtet habe.

Ohne weitere Details wurde gesagt, dass die Einheit auch Internetdienste anbieten wolle. PCCW Japan gewann 100 Yen auf 639 Yen. Dies war limit up ein Plus von 19 %.

-fjs- 13.02.01 07:53:00

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PCCW: Heißt Aktienkäufer France Telecom?

Die Hongkonger Zeitung Oriental Daily News meldete heute ohne Nennung weiterer Quellen, dass sich France Telecom möglicherweise für das 15 %- ige Aktienpaket von PCCW interessieren könnte, das sich derzeit noch in der Hand von C&W HKT befindet.

Die Tatsache, dass C&W keinen Käufer für die Papiere fand hatte in den vergangenen Wochen PCCW erneut stark unter Druck gebracht. Gerüchte über einen möglichen Verkauf ließen dagegen das Papier alleine gestern 6,4 % ansteigen.

Nun soll ein Konsortium unter Führung von France Telecom das Paket kaufen. Auf die Aktien soll ein Abschlag von 6 - 8 % vom Kurswert gewährleistet werden. dermnach hätte das Paket derzeit einen Wert von etwa 1,97 Mrd. US-$.

-fjs- 13.02.01 08:27:00

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PCCW-HKT gibt Garantien

PCCW-HKT, die Telekomeinheit von PCCW, gibt seinen Kunden eine Garantie für die gemieteten IPLC-Leitungen. PCCW-HKT will seinen Kunden in China (inklusive Macau und Taiwan) eine 100 %-ige Verfügbarkeit garantieren. Sollte dies nicht gelingen, will man den Kunden einen deutlichen Rabatt geben. Diese Vergünstigung soll dann bei 30 % von den monatlichen Gebühren liegen.

Außerdem will man den Kunden eine 50 %-Ermäßigung auf die erste Rechnung geben, wenn der Service nicht zum vereinbarten Zeitpunkt installiert ist.

-js- 13.02.01 09:46:00

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Noch keine Eingung zw. PCCW und Legend

Yang Yuanqing, Senior Deputy Chief Executive von Legend, sagte, dass man weiterhin mit PCCW bezüglich einer Kooperation verhandele. Man tue das beste, um mit PCCW eine Einigung zu erzielen. In der Kooperation soll es unter anderem um einen Ein-Klick-Zugang zum NOW-Service auf den Legend-PCs gehen.

Er sagte weiter, dass die Entwicklung von PCCW in China nicht sehr schnell sei, da die Nachfrage nach Breitband-Service nicht sehr groß sei. Trotzdem werde dies nicht die angestrebte Partnerschaft gefährden.

-js- 13.02.01 11:07:00

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Pac. Cen. Insurance steigt nach Verkaufsgerüchten

Pacific Century Insurance (PCI), ein Unternehmen der Pacific Century Group von Richard Li, kann heute zweistellig ansteigen, nachdem die Gerüchte über einen Verkauf erneut aufgekocht wurden.

Nach den gescheiterten Verhandlungen mit dem amerikanischen Versicherungsriesen AIG, spekulieren nun Lokalzeitungen, dass vielleicht China Insurance Group seinen Anteil an PCI aufstocken könnte. Dieses Gerücht liess die Aktie heute um 12 % auf 3,30 HK-$ ansteigen.

-js- 14.02.01 10:52:00

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PCCWs iLink kommt am 9. März

Der Daten-Center-Betreiber iLink, der zu 41 % in den Händen von PCCW ist, plant am 9. März an den GEM zu gehen. Das war aus Kreisen der Handelsbanken heute zu hören. Die Aktien des Unternehmens werden für 1,10 bis 1,28 HK-$ angeboten werden. Dadurch wird das Unternehmen zwischen 121 und 140 Mill HK-$ durch das IPO einnehmen.

-js- 15.02.01 09:46:00

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PCCW durch Gerücht auf Talfahrt: - 5%

Die Gerüchte um PCCW reissen nicht ab. Einmal heißt es man hätte einen Investor gefunden, dann mal wieder nicht. Heute ist man in Hongkong wieder der Meinung, dass es keinen potentiellen Kandidaten für einen Einstieg bei PCCW gibt. Das neuste Gerücht ist, dass C&W seinen PCCW-Anteil gegen den Anteil 50 %-Anteil von PCCW an dem IP-Backbone-Joint Venture mit Telstra eintauschen könnte. Dadurch würde PCCW zu einem Hongkonger Telekomunternehmen und müßte mit herben Abstufungen rechnen.

Die Aktie gibt dementsprechend auch deutlich in Hongkong ab und verliert über 5 % auf 4,65 HK-$.

-js- 15.02.01 10:33:00

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PCCW unter Druck

Platow Emerging Markets mahnt zur Vorsicht bei PCCW.

Zum einen habe der weltweite Ausverkauf bei den IT-Werten den Kurs von PCCW unter Druck gebracht, zum anderen seien auch aus der Firmenzentrale in Hongkong selbst schlechte Nachrichten zu vernehmen.

Vor allem der 15%-Anteil von Cable & Wireless (C&W)an PCCW beunruhige, da die Briten diesen abstoßen wollten, was ab mitte Februar möglich sein werde.

Die Zukunft von PCCW hänge davon ab, ob sich ein Käufer finde. Am Montag habe schon das bloße Gerücht in Hongkong dafür gesorgt, dass der Kurs um 6% angestiegen sei.

Die Performance des einstigen Börsenlieblings sehe katastrophal aus. Der Kurs des deutschen Zertifikats habe seit seinem 52-Wochen-Hoch im März 2000 80% an Wert verloren. Auch operativ müsse PCCW schleunigst Erfolge vorweisen. Die stünden und fielen mit "Reach". Das Mobilfunk- und Internet-Joint Venture mit der australischen Telekomgesellschaft, Telstra, müsse erfolgreich abgewickelt werden. Selbst nach dem weltweiten Kursrückgang von Telekomaktien werde das Unternehmen, das beide Partner an die Börse bringen wollten, auf rd. 4 Mrd. US-Dollar geschätzt.

powered by aktienresearch.de

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PCCW: kaufen

ING Barings empfiehlt Pacific Century CyberWorks zum "Kauf". Der wahre Wert des Unternehmens wurde von Craig Racine, dem Kopf der IT-Researchabteilung bei ING, unter Berücksichtigung des vollen Nettoumsatzes auf 4,56 HK$ eingeschätzt. Sehr attraktiv würde die Aktie bei einem Kurs von 3,60 bis 3,80 HK-$ werden.

Von PCCW wird trotz des schneller als vorhergesagt gefallen IDD-Umsatzes die Ausweisung eines Nettoprofits für 2000 von 2,1 Mrd. US$ (16,7 Mrd HK-$) erwartet, wobei in diesem Jahresbericht zum ersten Mal die Zahlen von C&W HK mitberücksichtigt sein werden. In den ersten sechs Monaten bis Juni machte PCCW einen Verlust von 35 Mill HK-$.

-js- 15.02.01 15:46:00

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PCCW Tausch mit C&W wäre sehr schlecht für PCCW

Man spekuliert in Hongkong immer noch, dass PCCW einen Tausch des IP Backbone Jointventures in den zu plazierenden 15,3% Anteil am eigenen Unternehmen mit C&W durchführen wird. Auch wenn die Bewertung der Unternehmensteile etwa gleich wären, ist dieser Deal laut DBS Securities nicht zu empfehlen. PCCW würde dem eigenen Geschäftsmodell erheblich schaden und könnte von Anlegern dann nur noch als eine in Hongkong gelistete Telekom gesehen werden. (fs)

© Emerging Markets Research, 15.02.01
http://www.em-research.de

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PCCWs iLink doch mit Abschlag an GEM?

Die Pacific Century CyberWorks Beteiligung iLink.net - ein Datencenterbetreiber - soll nun doch mit einem Abschlag an den Grwoth Enterprise Market eingeführt werden. So sollen die Emissionserlöse nun doch bei 155,6 mio. HK$ und nicht bei den zuerst geschätzt 200 Mio. HK$ liegen. Man plant 25% an institutionelle Investoren zu geben. Nach dem IPO würde PCCW noch rund 41% an iLink besitzen - dieser Anteil könnte jedoch aufgrund von Wandelanleihen wieder auf 48% steigen. (sb)

© Emerging Markets Research, 14.02.01
http://www.em-research.de

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PCCW slides as C&W mulls sale
By Roger Evers and agencies

PACIFIC Century Cyberworks (PCCW) (0008) stock fell 5 per cent yesterday on rumours Cable & Wireless could dump a 7.5 per cent tranche of shares on the market after a lock-in expires next Wednesday.
The slide was fuelled by speculation C&W would trade its 15 per cent overall stake in PCCW for PCCW`s 50 per cent stake in its Internet protocol (IP) backbone, joint venture with Telstra.
``People expected an announcement [on a share placement] earlier than this,`` said Jonathan Iu, analyst at SG Securities.
PCCW dropped 25 cents or 5.1 per cent to close at $4.675.
``All sorts of rumours are going round,`` said Mr Iu.
``They say they are going to sell to France Telecom, to Deutsche Telecom, to any old telecom. Maybe they have already sold it. Maybe they won`t sell it at all.``
Mr Iu said market worries over the sale could prove unfounded and C&W could hold the stake until the price was better.
``It`s not that they have to sell it like they did in September,`` he said. ``They may want to hang on to it.``
Some observers were also worried by the prospect of PCCW trading its share of IP Backbone venture Reach for the C&W shares.
Dealers said a stake sale would remove the overhang in PCCW`s shares and should boost the company`s stock price in the short term. But they said the asset swap would hurt PCCW`s medium and long-term prospects.
``Thinking of this from the point of view of the main shareholders of PCCW who have consistently maintained that Reach is the key growth asset going forward, the switch will be tantamount to trading high growth assets for low growth ones,`` said Jahanzeb Naseer, analyst at ABN Amro.
``The company is already left with a minority stake in the mobile business, a minority stake in the Internet protocol backbone will leave it with no exposure to high-growth telco sub-sectors,`` he added.
Mr Iu of SG Securities said he had been assured by a PCCW executive that the rumour was unfounded.
``It doesn`t make sense,`` said Mr Iu. ``PCCW told me it was one of the options they aren`t considering.``
The company declined to comment to media.
``It`s more in C&W`s interests than PCCW`s,`` Mr Iu added.
``But the share price has already fallen a lot. If they intended to do this they should have done it a while back.
``For PCCW, it would be trading a core strategic part of its business just to prop up its share price. I`m not saying it`s not possible, but it won`t help PCCW`s long-term growth,`` he said.
The net asset value of Pacific Century CyberWorks was estimated at $4.56 a share by ING Barings` head of Asian telecommunications and Internet research Craig Racine.
ING Barings recommends a buy at $3.80 or below.

Roger Evers
16 February 2001 / 02:10 AM

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ILink cuts share sale amid weak sentiment
Bloomberg

DATA services venture iLink.net Holdings, which is 41 per cent controlled by Pacific Century CyberWorks (0008), cut the size of its initial share sale by about a fifth amid diminished investor enthusiasm for technology-related stocks.
The data centre expects to raise up to $18 million from the sale, down from the $23 million chief executive Billy Tam estimated in December.
``The market atmosphere last year was crazy,`` Mr Tam said. ``We`re back to a more rational market.``
ILink plans to issue 110 million new shares, representing about 15 per cent of the company, to institutional investors at between $1.10 and $1.28, according to bankers involved in the share sale.
The top price values the company at about $938.7 million.
CyberWorks announced plans to sell off the unit last October.
The technology-laden Growth Enterprise Market, where the shares are to trade, has dropped 13 per cent since mid-October.
That could it make it tough to sell the issue.
``It`s slightly more expensive than market expectations,`` said Joseph Ho, Asian Internet analyst at Dresdner RCM Global Investors Asia. ``The company needs to show there is high take-up rate at existing (data) centres and continuous strong demand for services.``
ILink said it would use the funds to establish four data centres in Shenzhen and Guangzhou as well as in Singapore and Taiwan.
Its expansion in China may be challenged by rival SUNeVision (8008) which also plans to spend $400 million on new data centres in China and Japan this year. Oversupply of data services may concern potential investors, Mr Ho said.
SUNeVision, backed by property giant Sun Hung Kai Properties (0016), has about 500,000 square feet of space.
Henderson Cyber, the Internet arm of Henderson Land Development, is expected to complete more than 200,000 square feet of Internet service floor area this year, he said.
ILink will start presentations to institutional investors at the end of the month.
The final price of the shares will be fixed on February 28, and trading is expected to begin on March 9, bankers said. BNP Paribas Peregrine Securities and e2-Capital Securities Holdings are managing the offer. CU Securities will also help underwrite the offer.
CyberWorks, Richard Li Tzar-kai`s Internet and telecommunication venture, reduced its stake in iLink to 41 per cent from 80 per cent in July last year. Dell Computer holds 6 per cent of iLink, and Henderson Investment owns 11.5 per cent.
16 February 2001 / 02:10 AM

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Hong Kong, February 13, 2001
PCCW Issues Money-Back Service Guarantees

100 percent IPLC service availability throughout Greater China region

Hong Kong, February 13, 2001 -- PCCW-HKT, the telecommunications unit of Hong Kong-based PCCW, has introduced service-level guarantees for international private leased circuit (IPLC) services in greater China, including mainland China, Macau and Taiwan.

The latest move offers a 100 percent service-availability commitment for regional and global business customers using IPLCs to tap the China market, which is poised to boom in the run-up to the mainland`s accession to the World Trade Organization.

"PCCW-HKT`s service-level commitment guarantees 100 percent availability on its IPLC services, and we will refund a significant amount if the service is not up and running at all times," said Lawrence Tsong, Director of TSS Marketing & Product Management for PCCW-HKT.

"Customers will be given a rebate of up to 30 percent on their monthly IPLC charges if the Company fails to deliver on that commitment. There will also be a rebate of up to 50 percent on the first month`s service charge if the Company cannot install the service on the agreed date," he said.

The new offer is free of charge. No customer registration is required and customers will receive a monthly circuit performance report at no additional cost, helping them to monitor their networks and ensure they are always operating at maximum efficiency.

Moreover, beginning February 1, 2001, IPLC has been enhanced from a connectivity service to a managed service, namely International Managed Bandwidth Service. It provides customers with managed, secure and reliable private connections between offices in different countries. By deploying state-of-the-art technology on the Company`s service platform, PCCW-HKT has extended its service to include end-to-end management between major countries.

Other value-added features include project management, complete voice and data solution called Voice Data Integration. PCCW-HKT will coordinate and oversee the implementation to ensure that customers` communication systems are delivered smoothly and in a cost-effective manner, said Mr. Tsong.

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