PCCW sehr interessanter Artikel. Unbedingt lesen!!
Trader : PCCW sehr interessanter Artikel. Unbedingt lesen!!
compared with what's going to happen in Asia in 2000. The pace of technological innovation in the Internet sector in that region is
The Asian Pacific region is flush with new Internet IPOs. With Asian economies staging a renewed comeback from sitting in the
doldrums for several years, the region's equity markets are gaining ground quickly. And there are signs that the surge will continue
well into the year.
Spanning from Singapore to Tokyo, these markets have performed at levels that would mirror the quadrupling in 1999 of the Kosdaq,
Korea's counterpart to the Nasdaq. The top performing Asian Internet stocks in 1999 were Softbank [SFTBF] (Japan's fifth biggest
company in terms of market cap) up 1250%, and Yahoo! [YHOO] Japan, up 4206%. Pacific Century CyberWorks [PCCLF],
headed by Hong Kong entrepreneur Richard Li, rose 120% in the last week of 1999.
Pacific Century is Asia's biggest ISP (outside of Japan). The company is assembling a satellite-based broadband Internet network
modeled on the US Excite@Home platform, combining the physical network with ISP service and a portal.
In addition, Pacific Century is an Internet investment firm, or Internet "incubator," or what the Japanese refer to as "netbatsu". With
over $500 million at its disposal in its VC arm, CyberWork Ventures, PCCLF has a portfolio of over 30 companies including Softnet
[SOFN], which has 2.4 million cable subscribers in the US. Pacific Century's growth has been phenomenal. At a $24 billion market
cap, Pacific Century is now worth as much as the Hong Kong real estate empire built up over 30 years by Li Ka-shing, who is
Richard Li's father.
However, Pacific Century is much more than an Internet investment firm. In fact, its goal is to be the
largest provider of broadband access in the world.
And the demographic data is hospitable to companies like Pacific Century.
While the Internet still has a relatively modest presence in Asia, Internet use is being bolstered by
the pervasive trend of rapidly declining phone rates and increasing PC sales. Industry sources
estimate that the number of Asian Internet users could triple to 135 million by 2003.
The Asian Internet boom, however, is not yet comparable in magnitude and scale to what has
happened in the US. In addition, the biggest difference is that the Asian Internet boom will emanate not primarily from the household
sector, but from Asia's export-driven business sector, where billing and shipping can be done cheaper and more efficiently on the
Pacific Century has developed the infrastructure to capitalize on this booming sector. Pacific Century is developing a region-wide
broadband delivery mechanism for cable-TV viewers, offering broad exposure to the Internet revolution in Asia.
There is competition growing in the region, with the likes of Singapore-based Pacific Internet [PCNTF] making substantial inroads
across Asia (especially first-mover advantages in Singapore) as a powerful force to contend with. However, Pacific Century's arsenal
of partnerships, alliances, and "quanxi" (Chinese for connections) arrangements with key government officials, makes it easier to tap
capital markets and build brand name recognition. Some of the partnerships include heavyweights such as Intel [INTC], Softnet,
and Silk Route, to name a few.
And like its competitors, the company is veering into the emerging markets of Korea and India. Korea's wealthy population has an
active interest in the Internet, although its protectionist mode of trade is still in force.
An example of how protectionist measures are influencing Internet usage is the shortage of high-density bandwidth from Singapore
to the US. Although broadband is fast in Singapore, it is slow when users access overseas sites since data must travel through
overtaxed conventional cables regulated by Singapore authorities.
Pacific Century is aiming to reconcile some of these problems, and is creating the infrastructure to secure its piece of the pie.
These shares trade on the Nasdaq OTC Bulletin Board, with an average daily trading volume of 3-4 million shares, atypically high for
OTC shares. In addition, liquidity is boosted by the fact they also trade on the Hang Seng Exchange with average daily volume over
80 million shares. At current valuation levels in the $3.30 zone, and given its market prowess in a region of the world that has only
seen the beginning of the Internet explosion, Pacific Century shares represent excellent value.