Investment summary 3
Back the equipment providers 4
Market summary charts: Taiwan, Australia, Japan 6
Market adoption 8
Winners and losers 8
Wireless market drivers and barriers 9
Competitive intensity 11
User satisfaction 13
Wireline market factors 13
Wireless data devices: supply and demand 14
Sales, profit implications 17
Sizing the opportunity 17
Wireless operator impacts 19
Fixed-mobile substitution 21
Emerging markets 23
Existing services 23
Stock recommendations 24
Winners and losers 26
Companies 31
Chunghwa Telecom: UW, TP TWD47 32
Taiwan Mobile: UW, TP TWD46 34
Far EasTone: N, TP TWD40 36
Telstra Corp: UW, TP AUD3 38
KT Corp: OW, TP KRW50,500 40
SingTel: N, TP SGD2.85 42
eAccess: UW, TP JPY 62K 44
KDDI: OW, TP JPY730k 46
NTT DoCoMo: N, TP JPY142,000 48
SoftBank: UW, TP JPY840 50
Disclosure appendix 56
Disclaimer 59
Contents