【出版时间及名称】：2009年12月亚太通信设备行业研究报告
        【作者】：MIRAE ASSET
        【文件格式】：PDF
        【页数】：60
        【目录或简介】：
C O N T E N T S
Long term underperformance to continue.....................................................4
No magic wand to revive the telecom sector, we fear 4
2009 – what worked and what didn’t? 4
Competition to increase in each market ........................................................5
China likely to be most impacted in the region 5
China – severe mobile competition in 2H 2010 5
Australia – clarity on NBN in 2H 2010; Telstra to get more aggressive 6
New Zealand – competition in both mobile and fixed line to increase 6
Prefer Korea and Singapore...........................................................................6
Korea – merged LGT soothes fixed-line competition, but battle for mobile data to heat up 6
Singapore – SingTel to continue to dominate but tempered by NBN 7
Upgrading SingTel and China Mobile; raising KT estimates ..........................7
COMPANY SECTION
KT Corp. [030200.KS]: Flexing its networks..................................................9
Winner in Korea’s mobile data drive 9
Eased competition in fixed-line gives greater flexibility 9
Management focus on cost savings is intact 10
Our top regional telco pick: maintain Buy and target price of W49,700 10
LG Telecom [032640.KS]: A fresh start .......................................................13
Cost-savings, fixed-mobile bundles and scale 13
Consolidating position as a low-price substitute 13
Handset sourcing weakness may be exposed in 2010 14
Valuation recovery expected; maintain Buy and target price W10,600 14
StarhHub [STH SP]: High yielder .................................................................17
10% dividend yield outweighs the risks 17
Can the company hold earnings in 2H 2010? 17
Key business areas should be OK 18
Yield looks attractive, now at a discount to M1 18
Singapore Telecom [ST SP]: Diversification and growth.............................21
Recent price movement provides opportunity 21
Getting tougher in Australia and at home 21
India remains the big risk 22
Valuation looks quite attractive 22
SK Telecom [017670.KS]: A learning year ahead ........................................25
Factors that led to 2009 underperformance still linger 25
Smartphones, mobile apps, pose risks to SKT 25
SKBB continues to drag but IPE success is key upside risk to our rating 26
Trades at a premium to Korean telecoms peers; maintain Hold 26
China Telecom [728 HK]: Turning the corner ..............................................29
Port in a storm 29
Improving the CDMA ecosystem in China 29
Fixed line to recover to slight decline 30
Headline P/E is cheaper; looks cheaper on cashflow 30
Telstra Corp. [TLS AU]: It’s all about the NBN.............................................33
Some upside potential once NBN deal is done 33
NBN deal likely, but in 2H10 at earliest 34
Telstra stepping back into aggressive mode 34
25% discount applied for NBN and regulatory uncertainty 34
Telecom New Zealand [TEL NZ]: Regulation trap........................................37
Putting out regulatory spot fires 37
More clarity on UFB program by 2Q10 37
Competition heating up 38
Valuation not easy given UFB uncertainties 38
SK Broadband [033630.KS]: Need more clarity on turnaround ..................41
Expect net losses throughout 2010 41
Lack of cash ammunition lowers competition 41
Massive overhaul of SK Group telcos an upside risk 42
Most expensive telco in Korea: Maintain Hold and W4,500 target price 42
China Mobile [941 HK]: Can it retain earnings growth?..............................45
Managing handsets subsidies key to 2010 earnings 45
Share of net adds to fall to 50% 45
China listing provides technical upside 46
Looking fairly valued on earnings but cashflows are poor 46
China Unicom [762 HK]: WCDMA execution priced in.................................49
Can it make the most of WCDMA monopoly? 49
3G target market to be broadened 49
Fixed line to turn around 50
Expensive on a multiples basis, relies on longer term assumptions 50
M1 [M1 SP]: Not yet convinced....................................................................53
Market factoring in a market share turnaround 53
Market share loss to continue, but moderate 53
NGNBN prospects below management expectations 54
Should trade at discount to StarHub, not a premium 54
Analyst team profile.....................................................................................57