Table of Contents
Investment conclusions...........................................................4
Capex remains a theme from 2008..........................................8
Recap of 2008 results...............................................................9
Outlook for subscriber growth..............................................12
DCF drivers: The simple fundamentals ................................16
Updated WACC and price targets .........................................22
Risk and how to measure it ...................................................31
Regional valuation..................................................................36
Bangladesh .............................................................................41
China .......................................................................................46
China Mobile ................................................................................................. 52
China Telecom.............................................................................................. 59
China Unicom................................................................................................ 67
Hong Kong ..............................................................................76
HTIL............................................................................................................... 85
SmarTone Telecommunications ................................................................... 91
India .......................................................................................100
Bharti Airtel.................................................................................................. 108
Idea Cellular ................................................................................................ 114
MTNL........................................................................................................... 119
Reliance Communications .......................................................................... 125
Tata Communicaitons ................................................................................. 130
Indonesia...............................................................................138
Indosat......................................................................................................... 153
PT Telekomunikasi...................................................................................... 160
Korea .....................................................................................168
LG Dacom................................................................................................... 174
LG Telecom................................................................................................. 181
SK Broadband............................................................................................. 188
SK Telecom................................................................................................. 195
Malaysia ................................................................................204
Telekom Malaysia ....................................................................................... 216
TM International .......................................................................................... 222
Pakistan.................................................................................228
Philippines ............................................................................232
Globe Telecom............................................................................................ 238
Philippine Long Distance Telephone........................................................... 245
Singapore..............................................................................254
Singapore Telecom ..................................................................................... 260
StarHub Ltd. ................................................................................................ 266
Sri Lanka ...............................................................................274
Taiwan ...................................................................................278
Chunghwa Telecom .................................................................................... 285
Far Eastone................................................................................................. 292
Taiwan Mobile ............................................................................................. 299
Thailand.................................................................................308
Advanced Info Service ................................................................................ 314
Total Access................................................................................................ 321
Vietnam .................................................................................330