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雷达卡
【出版时间及名称】：2010年4月亚洲电信行业研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：86
【目录或简介】：
Table of Contents
Deutsche Bank Telco research products ......................................... 2
Introduction ....................................................................................... 3
Regional top picks ............................................................................. 5
Key defining fundamental sector themes ....................................... 6
Data will just keep growing (and growing)................................................................................6
But data revenues will continue to frustrate .............................................................................6
Emphasis on new networks with capex implications ...............................................................7
Ongoing smartphone focus will constrain mobile margins.......................................................8
A realization of the data impact on traditional business cases..................................................9
Recovery in mobile voice but tariffs under pressure...............................................................10
Near-term competition risks across many markets.................................................................10
Greater regulatory focus on consumer benefits .....................................................................11
Increasing M&A focus on traditionally non-core activities ......................................................11
Dividend yields appear sustainable over the medium term ....................................................12
And themes not to get too concerned by ...............................................................................13
Summary market overviews........................................................... 14
CROCI®.............................................................................................. 18
Introducing CROCI® ................................................................................................................18
Global CROCI: Sector in context .............................................................................................18
Asia Pacific (ex Japan): Regional Themes...............................................................................18
Finding Value in Asian Telecoms.............................................................................................20
Regional comps ............................................................................... 22
Recent sector performance ............................................................ 23
Key index weightings...................................................................... 24
Key market / operator data ............................................................ 25
Mobile subscribers and market penetration............................................................................25
Total mobile traffic volumes....................................................................................................26
Total fixed and mobile connections ........................................................................................27
Total revenue & revenue growth.............................................................................................28
Revenue composition .............................................................................................................29
Mobile ARPU & ARPU growth................................................................................................30
Total EBITDA & EBITDA growth .............................................................................................31
EBITDA and net margins.........................................................................................................32
Return on equity / capital ........................................................................................................33
Operator debt and gearing levels............................................................................................34
Detailed market overviews............................................................. 35
Australia .................................................................................................................................35
China......................................................................................................................................38
Hong Kong ..............................................................................................................................42
India .......................................................................................................................................46
Indonesia................................................................................................................................50
Korea......................................................................................................................................54
Malaysia.................................................................................................................................58
New Zealand..........................................................................................................................62
Philippines..............................................................................................................................65
Singapore...............................................................................................................................68
Taiwan....................................................................................................................................72
Thailand..................................................................................................................................76
General sector valuation methodology and risks......................... 80
CROCI®.............................................................................................. 81
Valuation ratios:.......................................................................................................................82
Acknowledgement................................................................................................................. 83
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