Telcommunications Analysis

Telecommunications Sector Results Season Takeaways Phillip Securities Research Pte Ltd 1 March 2012 Report typesetters case: Update Sector Overview The Telecommunications Sector under our coverage consists of SingTel, Starhub & M1. Starhub (STH) and M1 are unmixed plays to the Singapore market, while SingTel (ST) has exposure to the Asia-Pacific region through its regional mobile associates. ? No major earnings surprise ? lance of iPhone 4S lifted revenue in the quarter ? PayTV ARPU improved for Starhub ? 100k character reference broadband contributors or 8% of amount of money wired broadband ? Continue to prefer SingTel over Starhub & M1 Earnings Surprise? in that location were no major surprises in this quarters results. However, Starhubs results were marginally above expectations due to one off items that flattered EBITDA by c.S$10mn and stronger than expected postpaid mobile ARPU. Even after stripping out the effects of one off gains, the results would still tolerate beaten our estimates. Due to boosters from the launch from iPhone 4S in the quarter, M1 reported relatively strong equipment sales with its unique fair value write up policy. SingTels Group level profits were negatively wedge by lower contributions from its regional mobile associates. SingTels contract in Singapore seems to be on growing its subscriber base.

Mobile ? SingTel gained postpaid market share ? M1s postpaid ARPU trended south due to early recognition of sales ? handset sales flattered revenue in the quarter ? Better info pricing is the key to better profitability PayTV ? SingTel advanced to enlarge its subscriber base, while Starhubs subscriber base was constant ? ARPU: Starhub improved, SingTel stable Broadband ? 100k residential fibre broadband subscribers (8% of total residential wired broadband) ? SingTel: c.55k, M1: c.22k, Starhub: undisclosed ? Fibre take up rate still slow due to capacity constraints ? capacity at OpenNet to improve in March 2012 Recommendation We continue to prefer SingTel for its cheaper valuation... If you want to get a full essay, army it on our website: Ordercustompaper.com

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