PCCW is facing declining revenues from its long-distance operations, but it still has a massive grip on Hong Kong's telecoms infrastructure and so it is very well positioned.
They have to find other areas to invest in to compensate for the fall in overseas revenues, but they have a trusted brand and very good connections with customers.
We see the end of the dotcom bubble in Asia, cyclical things and structural changes in some sectors that will lead to a changing in the way some workforces are deployed.
This differential between subscribers and access revenue illustrates a major reason why Internet use is still growing rapidly in Asia-Pacific.
