China Cablecom Holdings Ltd (fka CABLF)

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Clive Ng - Executive Chairman: I think we're trying to keep our options open. Our view from management would be that it would make probably better economics if we were to take our share and subscribe to the local A share, given that the multiples of cable assets in China are much higher. If you take a comparable as an example, Beijing Gehua, which is traded on the Shanghai Stock Exchange that's about 3 million subscribers and their market cap is about $1.9 billion.

David Kratochvil - Euro Pacific Capital: That's little bit higher than Cablecom's?

Clive Ng - Executive Chairman: Yeah, a little bit higher. We believe given that we have 1.2 million to 1.3 million subs in our joint venture with Hubei, and given that once Hubei consolidates most of their system, they will be probably a 5 million to 6 million subscriber base, which will be much larger than a Beijing Gehua, and we feel that even if you took our 1.0 to 1.3 million, and our 55% ownership which give us close to 700,000, and you're talking about low range of 2s to 3s to 400 per subs, in terms of valuation. So, that's what we are trying to achieve. It's still negotiating with the government. At some instances they might prefer to buy us out, some instances they might want us to roll our stake in for equity. I think we're trying to maximize our shareholders' value. That's what we hope to do.




http://www.morningstar.com/1/3/235454-china-cablecom-holdings-ltd-cablq2-2010-earnings-call-transcript.html