发帖
雷达卡
TMT Wireless Equipment
28 January 2009
Telecom 2.0
Middleware, Metadata, and
Mashups
Brian Modoff
Research Analyst
(1) 415 61 -4237
brian.modoff@db.com
Jonathan Goldberg, CFA
Research Analyst
(1) 415 617 4259
jonathan.goldberg@db.com
Fundamental, Industry, Thematic, Thought-Leading
Deutsche Bank Company Research's Research Product Committee has deemed
this work F.I.T.T for our clients seeking differentiated ideas. Here our
communications technology team captures key drivers and trends specifically
around Telecom 2.0 and its fundamental implications – in terms of upside
catalysts, value chain shifts, secular growth prospects, and the wireless sector
investment outlook.
Deutsche Bank Securities Inc.
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local
exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche
Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision. Independent, third-party research (IR) on certain companies covered by DBSI's research
is available to customers of DBSI in the United States at no cost. Customers can access IR at
http://gm.db.com/IndependentResearch or by calling 1-877-208-6300. DISCLOSURES AND ANALYST CERTIFICATIONS ARE
LOCATED IN APPENDIX 1.
Table of Contents
Executive summary ........................................................................... 3
Outlook: 2009 to mark a transition in the Telecom 2.0 landscape ............................................3
Valuation: QCOM, MOT, TKLC, and STAR are our top picks ....................................................4
Risks ........................................................................................................................................4
Telecom 2.0 overview ....................................................................... 5
Key themes......................................................................................... 8
Theme #1: Flat network infrastructure upgrade cycles ............................................................8
Theme #2: Telecom 2.0 services based on new business models.........................................10
Conclusions...................................................................................... 13
Flat architectures............................................................................. 14
Middleware ...................................................................................... 21
Network resources as ‘delivery frameworks’..........................................................................22
Services delivery platforms (SDPs) .........................................................................................23
Metadata .......................................................................................... 25
User metadata ........................................................................................................................25
Network data ..........................................................................................................................26
Mashup services .............................................................................. 27
Mashup services monetization models...................................................................................28
Risks.................................................................................................. 33
Appendix A – Company profiles..................................................... 34
Qualcomm.............................................................................................................................35
Motorola ................................................................................................................................36
Research In Motion.................................................................................................................37
Starent Networks ....................................................................................................................38
Tekelec...................................................................................................................................39
Airvana Inc ..............................................................................................................................40
Acme Packet..........................................................................................................................41
Appendix B....................................................................................... 42
DB global mobile handset forecast .........................................................................................42
Appendix C: Glossary...................................................................... 43
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