野村证券--亚太地区电信行业研究报告.pdf

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NOMURA INTERNATIONAL (HK) LIMITED

Andrew Haskins +852 2536 1828 andrew.******@hk.
RUNNING
THEME
ANCHOR REPORT REPORT ANCHOR
Looking out Stocks for action
Local Fair Upside
We like s in Asia. We have stressed before the defensive appeal of the sector Stock Rating price* value (%)
in general and positive changes in s in Japan and Korea. Our stance mainly China Mobile BUY
(941 HK)
reflects strong prospects in domestic markets. But healthy finances and high NTT o BUY 165,000 N/A N/A
valuations mean expanding abroad is a theme again. Only a few telcos can create (9437 JP)
SingTel (ST SP) ↑S. BUY
value this way. In much of Asia, achieving high returns on investment may be hard. SKT (017670 KS) S. BUY 246,000 312,000
Interest in China is high, but achieving real influence is difficult. Indonesia and Vietnam TM (T MK) ↑ BUY
HTIL (2332 HK)# NEUTRAL
offer high growth, but are petitive. We see little point in taking a small stake in
* Share prices as at 26 November, 2007
a big operator, or investing in a low-ranked operator in a tough small market.
# Initiating coverage; ↑ denotes upgrade
SingTel largely follows our rules for ess in foreign expansion and should go on
creating value abroad. Its robust growth at home is an added attraction, and we raise Analysts
our call to STRONG BUY. NTT o’s (BUY) second round of expansion has Andrew Haskins
simpler aims and should eed, but it needs to be more aggressive to increase its +852 2536 1828
valuation. Telekom Malaysia is weak internationally, but we see its mobile unit as an andrew.******@hk.
M&A target after demerger and raise our call to BUY. China Mobile (BUY) could create
value in Africa, while for HTIL reducing foreign exposure might actually be positive. Kelvin Ho
+852 2536 1837
c Bullish stance on s sectors in Asia and Japan kelvin.******@hk.

d Major