Table of Contents
Implications for stocks under coverage...................................................................................... 4
Executive summary....................................................................................................................... 6
Part 1: Telecom market (Fixed and mobile)............................................. 7
Telco industry retail revenue growth - 5% .................................................................................. 8
Fixed line revenue growth in FY09- Flat ...................................................................................... 9
Mobile retail revenue growth +12% in FY09 .............................................................................. 10
Total revenue market shares...................................................................................................... 11
Fixed Line Market Shares ........................................................................................................... 13
Mobile market shares.................................................................................................................. 13
Mobile market shares.................................................................................................................. 14
Fixed-to-Mobile substitution ...................................................................................................... 15
Methodology ............................................................................................................................... 16
Part 2: Broadband Market..................................................................................... 17
Broadband Penetration and Growth .......................................................................................... 18
Broadband subscriber Market Share......................................................................................... 20
Incumbent's broadband market share- International benchmarks ......................................... 23
Local Loop Unbundling (ULL and LSS)..................................................................................... 24
Broadband ARPU ........................................................................................................................ 25
Broadband Technology mix and trends.................................................................................... 26
Methodology ............................................................................................................................... 27
Part 3: Mobile market................................................................................................ 29
Mobile Industry revenue growth ................................................................................................ 30
Total Mobile Revenue Market Share (inc. equipment revenues)............................................. 31
Service Revenue Market Share (exc. equipment revenues) .................................................... 32
Subscriber Market Shares .......................................................................................................... 33
Share of Subscriber Net Adds.................................................................................................... 34
3G Migration ............................................................................................................................... 35
Subscriber Acquisition Cost (SAC) and Margins ..................................................................... 36
Mobile ARPUs............................................................................................................................. 37
Wireless Broadband Subscribers .............................................................................................. 38
Notes on our Methodology ......................................................................................................... 39