Lahman Brothers Global Equity Research Report

5月25日 44页 05.25

A Passage to India May.25 2007

Table of Contents
Overview: A Strategic Market for Wireless Equipment Vendors................................... 3
A Leading Subscriber Growth Region .................................................................. 3
Market Opportunity.......................................................................................... 8
Technology Bias to GSM Though CDMA Remains Viable ....................................... 9
International Vendors Dominate the Competitive Landscape ................................... 11
Contrasting Dual Wireless Market Segments ......................................................... 13
Urban Markets.............................................................................................. 14
Rural Markets................................................................................................ 16
Leading Themes for the Equipment Market ............................................................ 19
Relief from Spectrum Concerns May Help Drive Growth ....................................... 20
W-CDMA May Be an Alternative to Provide Spectrum Relief.................................. 20
Network Sharing Is Gaining Prominence............................................................ 21
Potential Carrier Consolidation......................................................................... 23
CDMA Is Likely to Maintain Its Regional Presence ................................................ 24
Puts and Takes of Bundling.............................................................................. 25
Wireline Remains a Smaller Market .................................................................. 25
Enthusiasm for WiMAX in Wireless DSL Applications............................................ 26
Handset Vendor Implications .............................................................................. 27
Market Dynamics .......................................................................................... 27
Nokia: India’s Dominant Handset Player............................................................ 29
Motorola: Attempting to Improve Regional Positioning .......................................... 29
QUALCOMM: Continued Investment in CDMA; Migration to W-CDMA.................. 30
Research in Motion: Early Stages of Adoption..................................................... 31
Sony Ericsson: Potential Growth Opportunity....................................................... 31
Infrastructure Vendor Implications......................................................................... 32
Market Dynamics .......................................................................................... 32
Ericsson: A Regional Leader in Infrastructure........................................................ 33
Nokia Siemens: Distancing Itself from the Pack in Indian Infrastructure...................... 35
Second-Tier Vendors ...................................................................................... 36