Markets & Finance

CS First Boston Keeps 'Underperform' on AsiaInfo


Credit Suisse First Boston keeps its underperform rating on AsiaInfo (ASIA).

Analyst Jay Chang says results are in line with his estimates. However, he says the Internet-related information services company is struggling: It is shifting away from being a provider of Internet Protocol billing software and network infrastructure, where capital spending has peaked, to becoming a telecoms operational support systems provider for the China telecommunications market.

With strong customer relationships and software development skills, Chang thinks AsiaInfo should be a market-share leader in operational support systems, although margins and the size of the market are question marks for 2003. He cut his 15 cents 2003 earnings per share estimate to 11 cents.


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