Nachdem in Hongkong Gerüchte laufen dass sina.com vorerst nicht an die Nasdaq kommt,dies auch wegen der offensichtlich kontrollierenden Haltung der Cinabehörden bei Webseiten,hatte die Aktie heute um 14Uhr 40 6% verloren.Ich habe meine Stone eben in Frankfurt verkauft zu 50.Nachlesen könnt Ihr das glaub ich im Tageskommentar von Quamnet.com rechts oben.
Zu Founder ist zu sagen,dass das Joint venture mit Yahoo zur Eröffnung eines Portals in China vorerrst zurückgestellt wurde.Ausserdem hat der grösste Anteileigner Mexiko Gold seine Anteile von 55Mn Shares verkauft.Daher der Kursrückgang.Die Aktie wurde zuletzt von Kingsway empfohlen:· Back to the operating level, Founder is expected to
break even in 2H99,
following a HK$106m loss in 1H99 as a result of cost
related to restructuring
progress. Hence, the full-year result is expected to
remain red and a
turnaround will not be seen until FY00.
· Founder has a dominant position in the electronic
publishing system ("EPS"),
with a market share of 80% among Chinese language
publishers. The operation
is experiencing a bit slowdown in terms of turnover
compared to the previous
year. However, we expect EPS to grow faster, accompanied
with the
development of E-media and its application on TV
broadcasting. Until now,
five TV operators had signed contracts (averaged
3-month) to provide them
with editorial system.
· The Japan EPS market fared better in 2H99 after
solving out the technical
problems during 1H99. The company said that it would
consider spinning off its
Japanese EPS division on GEM in 1H00. The spin-off plan
will further support
Founder's price share.
· Its system integration business is expected to record
strong compound
growth of 65% for the coming two years. The main focus
resides on banking
industry, with specialty in electronic payment system.
The company is
optimistic towards the potential growth of the SI
business in the PRC.
· Founder's restructuring move is almost completed and
we estimate that the
provisions against the restructuring should be fully
made this year.
Estimated Valuation for its core businesses
Business Assumption Value based Value
on FY00 sales per share
(HK$m) (HK$)
Electronic Publishing system 2.0x 1,847 1.75
System Integration 2.0x 1,071 1.02
Hareware 2.0x 2,384 2.26
Total 5,302 5.03
Conclusion
Following the anticipated gradual open-up of telecom and
Internet market in
the PRC, more partnership opportunities are available
for Founder with other
international IT companies. The EPS has a bright outlook
on the back of the
future development of E-media and its application on TV
broadcasting. The
JVs with Yahoo also provide hidden value to Founder,
which will not be clearly
seen until further details are disclosed. If we predict
the value of its core
businesses based on 2.0x of FY00 turnover ¡V the level
which Legend
(0992.HK) is currently trading at, the estimated value
per share will be
HK$5.03 (excluding the hidden value of Founder-Yahoo
JVs). We reiterate our
BUY recommendation based on this hidden value.
|
Thread abonnieren
