TODAY: Equity research columnist Dave Sterman discusses what investors 
might take from news concerning network bellwether Cisco (CSCO), 
John Filar Atwood looks for valuable ideas among the debris of 
the telecom stock scene, and columnist Ben Mattlin writes about a 
trio of South Korean telcos.

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Below
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Investment ideas
Broker reports
Sponsored report

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Investment ideas
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1. True value: Strength lurks behind poor valuations
Solid historical performance suggests these equipment stocks may continue to provide value in 2002

by John Filar Atwood, equity research columnist

You really can't blame investors if they would rather just leave 
the telecom equipment industry alone until 2003. This year, 
communications equipment shipments fell by 22 percent, the 
largest single year drop since the 1950s.

With capital spending budgets getting slashed for 2002, analysts 
are forecasting another three percent decline in equipment sales 
next year. If that happens, it would be first time ever that 
communications equipment sales dropped in two consecutive years.

Investors willing to stick with the industry will have a tough 
time singling out companies that can provide value under existing 
conditions.

Click here to read more: 
http://www.thetelecommanalyst.com/article.asp?docid=5406&nd=1225 


2. Outlook 2002: Will price wars scramble wireless?
Investors may have to brace themselves, but service may outpace price in customers' values

By Dave Sterman, equity research columnist

Who'll be the first to blink? Analysts aren't really focused on 
this issue yet, but price wars may be looming in the wireless 
sector, scrambling the sector and confounding expectations. 

Sprint PCS (PCS), Nextel (NXTL), AT&T Wireless (AWE), Verizon 
(VZ), Cingular (a joint venture between BellSouth (BLS) and SBC 
(SBC)) and VoiceStream (a unit of Deutsche Telecom (DT)) are 
close to completing their respective nationwide expansion plans. 
That means that consumers in almost every major metropolitan area 
now have at least three or four wireless carriers from which to 
choose. And that means it won't be too long before these firms 
start scrambling to poach each other's customers. 

Unless these carriers can show remarkable restraint, price wars 
could soon become the dominant theme in the sector.

Click here to read more: 
http://www.thetelecommanalyst.com/article.asp?docid=5306&nd=1225 


3. 2002 network outlook: All eyes on Cisco (CSCO)
A plethora of smaller companies are nipping at its heels, but all they may get is bone

By Dave Sterman, equity research columnist

What do Juniper Networks (JNPR), Foundry Networks (FDRError! 
Hyperlink reference not valid.Y), Extreme Networks (EXTR) and 
Riverstone Networks (RSTN) have in common? They all sport a 
market capitalization in excess of $1 billion (despite the 
massive tech sell-off of the last 18 months), and they all toil 
in the looming shadow of Cisco Systems (CSCO). 

Although growth investors continually check the pulse of these 
other tech upstarts, they can't do research in a vacuum. As goes 
Cisco, so goes these networkers. 

To be sure, these companies can try and wrest a few points of 
market share from Cisco. But if the market for switches and 
routers doesn't rebound sharply, share gains will result in only 
a minor revenue uptick. And no one has greater visibility into 
the direction of the networking market than Cisco. So when Cisco 
CEO John Chambers speaks, the sector listens.

Click here to read more: 
http://www.thetelecommanalyst.com/article.asp?docid=5288&nd=1225 


4. International wires: Korea advancement
Three telcos in Korea are well positioned for long-term growth and attracting analyst interest.

By Ben Mattlin, equity research columnist

A recent report from CLSA Emerging Markets (Dec. 13, 2001) hailed 
South Korea as "one of the world's leading telecom markets." The 
report cited the rapid growth of both cellular and broadband in 
this nation of 50 million, and ended with the rhetorical 
question, "Isn't it an obvious market in which to be overweight?"

A quick screening of international telcos with an average analyst 
rating of 2 ("buy") or better confirms the assertion; in fact, 
there are three companies passing this screen that are based in 
South Korea.

Click here to read more: 
http://www.thetelecommanalyst.com/article.asp?docid=5235&nd=1225 


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Broker reports 
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1. SPECIAL TOWER REPORT: Leaning towers

The analysts discuss industry leverage, possible consolidation, a 
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http://www.thetelecommanalyst.com/download.asp?docid=25803147&nd=1225 


2. SPECIAL REPORT: Global telecom spending & terror impact

Looking beyond the reduction in telecom related activity, 
eMarketer reviews growth opportunities and predicted spending 
increases over the next 3 years. Also, a discussion of 
anticipated IT rebuilding costs following the terror attacks. (7-
page report for purchase - $30)
http://www.thetelecommanalyst.com/download.asp?docid=25827020&nd=1225 


3. EDITOR'S PICK: Tech specs and wrecks

Dundee discusses warnings out of Ciena (CIEN) and Lucent (LU) and 
the implications for telecom. Also, their outtake on a recent visit to 
Nvidia's (NVDA) headquarters, the firm's insight into the future 
of wireless, and more. (10-page report for purchase - $25)
http://www.thetelecommanalyst.com/download.asp?docid=25838780&nd=1225 


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