PCC: Topaktueller Research zum Merger mit HKT anbei. KZ = 35HK$ !!!
checkit : PCC: Topaktueller Research zum Merger mit HKT anbei. KZ = 35HK$ !!!
anbei ein Auszug aus einem research-report bei e-finet:
Impact of Proposed acquisition of an interest in C&W HKT
Price Target HK$35.00 (12mth)
* The trading of PCCW suspended last Friday, pending announcement of a possible acquisition of equity stake in Cable & Wireless HKT from C&W. PCCW made a statement saying that it has appointed Warburg and BOCI as financial advisers for a possible investment in C&W HKT and C&W admitted that it was approached by PCCW.
* It is speculated that PCCW will pay the majority consideration for the stake in C&W HKT by cash, with the minority amount by new shares. Currently, PCCW has about US$800m cash on hand and is expected to secure financing for the majority of the cash payment from Bank of China.
We expect PCCW is mainly eyeing on C&W HKT's broadband network and Internet
businesses. HKT's broadband Internet and PCCW's Asian Internet presence are expected to create synergy. HKT had 503,000 Internet subscribers by the end of last year and we estimate its subscription base can raise to 900,000 by the end of this year.
* Nevertheless, HKT's mobile, fixed-line and IDD businesses do not suit the development direction of PCCW as a technology company. As a result, PCCW may have to decide on how to settle the unrelated businesses.
From the angle of C&W, as C&W had an intention to cash in the equity stake in HKT long time ago. We believe C&W prefers to sell its HKT stake to PCCW rather than Sing Tel due to the substantial cash payment offered by PCCW. Moreover, the development potential of the merger with PCCW is larger than with Sing Tel as PCCW is targeting at Asian Internet businesses, while Sing Tel is only focusing on Singaporean telecom market.
* Furthermore, a political consideration may be involved because if the merger between HKT and Sing Tel goes on, Singaporean government will have influential control on Hong Kong's telecom market.
* Separately, PCCW's chairman Mr. Richard Li carried out a share swap with Hikari Tsushin. Mr Li will sell his 332m shares of PCCW at HK$23.40 each, representing 5% discount to the price before suspension, in exchange for 510,000 shares of Hikari. Following the deal, Hikari will
hold 3.5% interest of PCCW and Mr.Li will own about 1.6% of Hikari. The share swap signals a closer relationship between PCCW and Hikari.
+++ Conclusion +++
Following the resumption of trading of PCCW, we expect the share price to be boosted up on the expectation of possible merger with HKT. In addition, further fund raising exercises will be expected to enlarge its venture capital investments for continual acquisitions. Pending the announcement of the deal, we maintain our 12-month target prices at HK$35.00 (venture fund size: US$5.2b, IRR:70%).
Also, besser geht es kaum noch. Das Kursziel von 35 HK$ = 4,60 E ist doch schon mal ganz nett und entspricht unseren gestrigen Spekulation von 4-5E.
Let's go on !