Alles zu China-Online um sich ein Bild für den Einstieg zu machen
DGromm : Alles zu China-Online um sich ein Bild für den Einstieg zu machen
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So .. nun zu China Online:
China Online - Research vom 11.02.2000
Company Update China Online (0383.HK)
Stock Price (10/02/00): HK$0.32
China Online?s (COL) management recently revealed to us its company reorganisation is close to completion and future business plans will be formally announced in the coming two months. We understand COL aims to be a wireless communication service provider, paying special attention to wireless application protocol services.
Handset Distribution COL?s services will begin with handset distribution; the company is trying to secure distribution rights for various brands in Hong Kong and has already been the Principle dealer for Nokia. In the PRC, COL will use Tristar, its joint venture with Hikari Tsushin, to expand
its handset distribution market there. (Please also refer to our daily commentary of 21 January 2000).
Dividend Income: COL?s management strategy is to invest in profit-making Internet-related companies; COL will thus benefit from the growth of the Internet by receiving dividends. Over the last month COL bought 122.2mn Sun Hung Kai shares for $240.5mn as a long-term investment, and is on the lookout for similar opportunities.
Acquisition: COL will also provide Internet content by acquiring content providers and forming strategic alliances with companies that can transmit data, such as satellite or cable services. COL has been identifying appropriate Internet content and service providers in the Greater China region over the last few months, but no definite agreement has yet been made. The acquisition route is a good way for COL to quickly establish its content provision business but, as mentioned in previous commentary, COL?s restructuring could delay the identification of suitable acquisition targets. Many companies have already jumped on the Internet bandwagon by acquiring Internet content providers and we are concerned COL would
find it difficult to acquire such a company, offering unique features, for a reasonable price.
COL proposed alliances with data transmission companies should be treated positively as such alliances are bound to benefit from the multimedia age; however, COL?s management declined to give further details in this regard.
Cash Cow Company In mid-January, COL had about $700mn cash on hand. Between 3 January and 2 February COL sold 9.7mn Pacific Century CyberWorks (PCCW) shares for a $176.6mn cash return, net of expenses; COL still holds 190.3mn PCCW shares and will treat them as a long-term investment, according to the management. We estimate COL?s cash balance is $636.1mn, which would certainly facilitate its acquisition plans.
NAV Estimate 2.1% Stake in PCCW at $23.4 per share 4,453.0 Estimated NBV of Other Assets as of June 1999 105.1 Disposal of 9.7mn Shares of PCCW 176.6
Purchase of 122.2mn Shares of Sun Hung Kai (240.5) Disposal of 400mn Shares of PCCW 492.0 Disposal of 111.3mn Shares of PCCW 117.5 Special Dividends (182.1) Disposal of Star Paging Inc. (3.0) Disposal of 71.09% Stake in Star Digitel 6.4 Disposal of Star Paging Telecom Technology (Shenzhen) (1.1)
Disposal of Cosmo Wealth Investment (0.3)
Base Case NAV 4,923.6
Existing Outstanding Shares (mn Shares) 9,152.9
Base Case NAV per Share ($) 0.538
Current Share Price (10/02/00) ($) 0.32
Premium / (Discount) to Base Case NAV (40.5%)
The counter is trading at a discount of 40.5% to our base-case NAV estimate, compared to the discount of 35% we estimated in mid-January; the change is mainly due to the increased value of PCCW shares. COL?s share price could be enhanced by its acquisitions, as investors are still hot on the trail of Internet-concept stocks. The counter is therefore attractive, as the downside risk appears limited.
China Online dropping PCCW
China Online dropping PCCW
By Hoi Leung
STORY: CHINA Online (Bermuda) said it would gradually dispose of its $3.7 billion worth of share holdings in Pacific Century CyberWorks after deciding that PCCW has shifted the focus of its business strategy.
The company said it had already sold a a small number of shares of PCCW for $176 million, adding that it still did not know what to do with the money.
China Online said its directors were thinking of further disposing of its remaining shares in PCCW.
``The directors of the company consider that there has been a divergence in the business strategy of PCCW since the PCCW shares were originally acquired by the company,''said Stephen Law, director of China Online.
Last year, China Online had signalled plans to sell its holdings in PCCW but withdrew it in September, reducing the size of PCCW shares being offered to investors from 560 million shares, or 7.28 per cent of PCCW, to about 230 million shares, or only 2.99 per cent of the company.
Since then, PCCW has been aggressively purchasing companies, making at least six acquisitions worth about $650 million since October last year. On Thursday it announced that it had acquired 5 per cent of Li Ka-shing's Internet business Tom.com.
China Online's disposal of PCCW shares would release part of its capital for future investment and was in line with the company's strategy of expanding its existing business.
The company said it sold a total of 9.7 million shares of PCCW between 3 January and 2 February at the Stock Exchange of Hong Kong.
That number of shares sold represented 4.85 per cent of its PCCW share holdings. China Online sold the shares at a price range of approximately $16 and $20.10 each. After the sale, China Online had reduced its stake in PCCW from 2.2 per cent stake to 2.1 per cent or a total of 190.3 million shares in PCCW.
PCCW shares closed on Thursday at $19.3 each, which values China Online's holdings of PCCW shares at $3.67 billion. The company planned to further dispose of its holdings of PCCW shares gradually, Mr Law said. The company had no specific plans on how to use the net proceeds or for any acquisitions, he added.
PCCW is an independent third party not connected with China Online, its subsidiaries and respective associates, said China Online.
The PCCW shares sold accounted for more than 15 per cent of the $520.8 million consolidated net tangible assets of China Online as of 31 December 1998.
On 26 January, China Online announced it had acquired a 10.5 stake of interest in Sun Hung Kai & Company after the latter moved into the online electronic stockbrokerage business. It paid $240.5 million for the acquisition.
Founded in 1978, China Online sold pagers imported from Japan and the United States. It went public in 1991, but its original shareholders sold their stake in and relinquished control to China Strategic Holdings in 1996, after which China Online entered the Chinese mobile telephone market.
China Strategic Holdings and China Online chairman Wong Kam-fu holds 68 per cent and 17 per cent of the two respective companies.
China Online had itself controlled 73 per cent shareholding of Tricom Holdings Ltd before the latter was taken over by Richard Li Tzar-kai's group and renamed PCCW.
The company made a net profit of $365.74 million in the first six months of 1999 against a loss of $564 million for the whole of 1998. The loss was partly due to provisions of $363 million for interest in a subsidiary not consolidated.
China Online said it would diversify into provision of technical services for data communications products, system integration and wireless communication products, system integration and wireless.
China Online (0383) reduces shareholding of PCCW (1186) for $177B
(Infocast News) China Online (0383) announced that the company has sold 9.7 million shares of Pacific Century CyberWorks (1186) (PCCW) at selling price range from $16 to $20.1 each to get $177 million between the period 3 January and 2 February, the reduction of shares represents 4.85% of the total number of shares of PCCW held by China Online. After the disposal, China Online still holds 190.3 million shares of PCCW, worth $3.67 billion and represents about 2.1% of PCCW's issued share capital. However, China Online expressed the intention to further reduce the shareholding of PCCW's shares.
China Online pointed out that after the company has swapped and got PCCW's shares, the business strategy of PCCW has been led astray, so the company decides to sell PCCW's shares for getting cash as capital for other investment projects. The company claimed that such an action matches with further development of the strategic investment of present businesses. Yet, no detailed plans have been finalised to-date. The cash obtained will be allocated as working capital.
According to Sing Tao Daily, spokesman of PCCW said that it is not inexcusable that China Online sells the shares of PCCW for cash, but it is astonishing to say that the business strategy of PCCW has been led astray. The spokesman claimed that there are no substantial changes in the businesses of PCCW.