2009年11月印度电信行业研究报告

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【出版时间及名称】：2009年11月印度电信行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：58
        【目录或简介】：
Table of Contents
Key changes ....................................................................................... 3
Changes in estimates and ratings .............................................................................................3
Making a case for re-rating of Bharti .........................................................................................3
Assumptions for wireless business ..........................................................................................4
Key issues........................................................................................... 6
Price competition intensifies, but the end-game is about to begin...........................................6
Policy stance: From promoting competition to encouraging consolidation ..............................6
Cashflow constraints will draw the floor on tariff cuts..............................................................7
Indian telecom: Market structure and growth forecasts ...........................................................7
Bedrock valuation and sensitivity analysis ................................... 10
Bharti – how resilient is its business model? ..........................................................................10
Sensitivity analysis ..................................................................................................................11
Cost analysis .................................................................................... 13
Bharti remains the cost leader ................................................................................................13
Discretionary costs .................................................................................................................13
Network Costs: Capacity utilization has a bigger impact rather than the scale of the network
...............................................................................................................................................14
SGA costs: Scale matters here ...............................................................................................15
The Indonesian experience............................................................. 16
Low capacity utilisation + low mkt share = Incentive to cut prices ........................................16
Competitor response ..............................................................................................................16
End-game: How did it play out? ..............................................................................................17
Lessons for India.....................................................................................................................17
Cashflow comparison...................................................................... 18
Bharti Airtel Limited........................................................................ 20
Reliance Communications .............................................................. 36
Idea Cellular Limited ....................................................................... 44
Annexure A – Global telecom valuations ...................................... 52
Annexure B – Valuation of Indus Towers ...................................... 53

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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 Sensitivity 研究报告 行业 印度 电信