Citigroup 花旗—2007年亚洲电信行业投资策略

(232页) 1.15　　2.98M .pdf

15 January 2007 | 232 pages　Asia Pacific　Telecommunications Services

Citigroup Global Markets | Equity Research

Contents
Asia Connect: 2007 – Just Like 2006, Only More Fun! 3
Top-down View: Still relatively attractive after a great ‘06 6
Five Themes into 2007 13
The Quants View 28
Country Section 31
China 32
Hong Kong 39
India 45
Indonesia 57
Korea 63
Malaysian 70
The Philippines 75
Taiwan 79
Singapore 85
Thailand 93
Company Section 98
Advanced Info (ADVA.BK) 99
Bharti Airtel Limited (BRTI.BO) 102
China Mobile (0941.HK) 105
China Netcom (0906.HK) 108
China Telecom (0728.HK) 111
China Unicom (0762.HK) 114
Chunghwa Tel (2412.TW) 117
DiGi.Com (DSOM.KL) 121
Far Eastone (4904.TWO) 124
Globe Telecom (GLO.PS) 128
HTIL (2332.HK) 131
ISAT (ISAT.JK) 134
KT Corp (030200.KS) 137
KT Freetel (032390.KS) 140
LG TeleCom (032640.KQ) 143
Maxis (MXSC.KL) 146
MobileOne (MONE.SI) 149
MTNL (MTNL.BO) 152
PCCW (0008.HK) 155
PLDT (TEL.PS) 158
PT Telkom (TLKM.JK) 161
Reliance Communications (RLCM.BO) 164
Shin Corp (SHIN.BK) 168
SingTel (STEL.SI) 171
SK Telecom (017670.KS) 175
Smartone (0315.HK) 178
StarHub (STAR.SI) 182
TAC (TACC.SI) 185
Telekom Malaysia (TLMM.KL) 188
Taiwan Mobile (3045.TW) 192
Tata Teleservices (TTML.BO) 195
VSNL (VSNL.BO) 198
Appendix I – Asian Telecoms Valuation Comparison 202
Appendix II – Asia Pacific Market Intelligence 211
Appendix III – Over/Undervaluation by Sector 213
Appendix IV – MSCI AC Asia Pac ex Japan Telecoms Index trends 217
Appendix V – Economic Indicators 220
Appendix VI: Global Handset Data 224
Analyst Certification Appendix A-1 227