Word: nomura
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...That's good for operators, but from a user's point of view, it's not clear yet why the additional horsepower is needed. "A must-have application could pop up at any time," says K.Y. Ng, a stock analyst at securities firm Nomura. "But there isn't one out there right now." Other than live videoconferencing calls, in fact, there's really nothing you can do on 3G phones that you can't do on 2.5G phones, and those have not exactly been runaway commercial successes. (Indeed, consulting firm Analysys estimates that only one-third of people with...
...Considering what Hutchison 3G is up against, the company will be hard pressed to meet its target break-even date of 2005. According to estimates by Nomura, Hutchison 3G will have to capture a minimum of 6.4 million subscribers in the United Kingdom, or a 13% market share, just to start making a positive return on its investment by 2010. The forecast out of technology consultant Forrester Research is even grimmer, pushing Hutchison 3G's break-even date in the United Kingdom back...
...others, Hutchison Whampoa was comparatively unruffled by the bursting of the telecom bubble. The company was forced to cancel a recent bond offering and its stock is down 30% since the beginning of the year, but its cash hoard gives it plenty of room to maneuver. According to Nomura's estimates, Hutchison Whampoa has $14.5 billion in cash and liquid assets on hand, more than enough to cover the additional $10.2 billion the company will need to complete its multicountry 3G buildout. "Funny how people have been slagging off conglomerates for some time," says Nick Ingelbrecht, a technology analyst...
Scott, who is Nomura professor of international financial systems, gave a fiery rebuttal laced with several anecdotes and boisterous statements that drew many laughs from the alum-filled audience...
...that was probably the easiest step in a restructuring that may need to reverse FT's entire strategy and hive off even the most prized possessions to cut debt. "I think they only have one material asset to sell outside the domestic business, and that's Orange," says Nomura analyst Mark James. The very idea of selling or completely de-merging the telecom crown jewel whose acquisition pushed FT's share price to all-time highs once looked like heresy. And the prospect isn't happier now that the relatively healthy Orange would have to be sold in a very...