2010年3月日本电信行业研究报告

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【出版时间及名称】：2010年3月日本电信行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：41
        【目录或简介】：
Revenue to rise in F3/12: As ARPU falls slow, we
expect cellular revenue (subscribers x ARPU) to turn up
in F3/12. We expect the earnings climate to turn for the
better, assuming just 1% growth entails a ¥70.0 bn boost
in overall industry revenue.
Upgrade NTT DOCOMO to OW: Our top pick among
wireless names now, for high potential. We think
NTT DOCOMO’s fairly advanced network places it best
to benefit from demand for speed and high performance.
The firm is also putting efforts into smartphone and
datacard sales, and we expect its cellular revenue to
turn up to +0.2% in F3/12 from -2.8% in F3/11. Current
share price levels imply continued falls in sales/profits
(see our analysis of implied stock price levels on pg. 6).
We believe valuation will rise as revenue growth
becomes apparent, and lift to OW with a ¥175,000 PT.
High-end data services poised to expand: Data
demand is an important growth market. As social
networking advances, demand for faster cellular
communications is growing too. We expect datacard
and smartphone subscribers to increase by 24%
annually, from 5.4mn in F3/10 to 20.0mn by F3/16. But
we still expect ordinary handsets to be used more for full
browsing. We view the smartphone role as one to
bolster line-ups of high-performance handsets.
ARPU fall to slow, data overtaking voice in F3/13:
We expect ARPU to fall by 1% annually in the next 5
years (past 5yr avg. -7%). We expect data ARPU to rise
2% on average per year, a solid advance considering
dilution by low-level users.

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关键词：行业研究报告 研究报告 行业研究 电信行业 performance 日本 研究报告 行业 电信

1# bigfoot0517
哥们，这个材料我有用，请问咱们能不能商量商量，我现在没有那么多论坛币，你看能不能我用别的方式交换一下，比如我直接给你钱或者其他的，行不？

我真的是急需啊，但是没有这么多论坛币啊

哎，建议开一个论坛股市之类的，大家炒炒，不然怎么买的起。