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India Mobile Sector
Idea continues to gain market share
„ Gross revenues growth slowed down to 4.1% in 4Q vs. 4.9% in 3QFY11.
Based on TRAI's quarterly revenue report, industry gross revenue grew 4.1% in
4QFY11 vs. 4.9% in 3QFY11 which is a seasonally strong quarter. Among the
operators, BSNL gained the highest (+49bps revenue share), followed by Idea
(+29bps), Uninor (+28bps), Videocon (+21bps) and Tata Tele (+18bps) while
Bharti (-111bps) and RCOM (-59bps) lost share during the quarter. The market
share of Aircel remained constant in 4QFY11.
„ Idea and Vodafone gained revenue share
Bharti continues to lead the market with revenue share of 30.1% even though the
company saw revenue share decline in all service areas (280 bps in metro, 80bps in
service area A and 70bps in service area B and C each). We believe there could be
some one-off reasons for the decline in Bharti’s revenue share. Idea and Vodafone
gained revenue share in all service areas except in service area B. RCom’s revenue
share decline in all service areas by 40-100 bps.
„ Idea is our top pick; Reiterate Buy on Bharti, RCOM
We believe revenue market share, revenue growth and EBITDA margins are the
key metrics in the sector. We believe Indian mobile sector can outperform in 2011
on the back of improving regulations. We expect NTP2011 to bring in more
transparency on spectrum allocation and pricing along with facilitating
consolidation. Idea is our top-pick as it offers pure play exposure to the Indian
mobile sector. We like Bharti given its dominant position in the Indian mobile
sector and expect it benefit from potential consolidation. We believe at current
levels RCom offers excellent risk reward for investors with a higher risk appetite
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Mobile Sector
Idea continues to gain market share
„ Gross revenues growth slowed down to 4.1% in 4Q vs. 4.9% in 3QFY11.
Based on TRAI's quarterly revenue report, industry gross revenue grew 4.1% in
4QFY11 vs. 4.9% in 3QFY11 which is a seasonally strong quarter. Among the
operators, BSNL gained the highest (+49bps revenue share), followed by Idea
(+29bps), Uninor (+28bps), Videocon (+21bps) and Tata Tele (+18bps) while
Bharti (-111bps) and RCOM (-59bps) lost share during the quarter. The market
share of Aircel remained constant in 4QFY11.
„ Idea and Vodafone gained revenue share
Bharti continues to lead the market with revenue share of 30.1% even though the
company saw revenue share decline in all service areas (280 bps in metro, 80bps in
service area A and 70bps in service area B and C each). We believe there could be
some one-off reasons for the decline in Bharti’s revenue share. Idea and Vodafone
gained revenue share in all service areas except in service area B. RCom’s revenue
share decline in all service areas by 40-100 bps.
„ Idea is our top pick; Reiterate Buy on Bharti, RCOM
We believe revenue market share, revenue growth and EBITDA margins are the
key metrics in the sector. We believe Indian mobile sector can outperform in 2011
on the back of improving regulations. We expect NTP2011 to bring in more
transparency on spectrum allocation and pricing along with facilitating
consolidation. Idea is our top-pick as it offers pure play exposure to the Indian
mobile sector. We like Bharti given its dominant position in the Indian mobile
sector and expect it benefit from potential consolidation. We believe at current
levels RCom offers excellent risk reward for investors with a higher risk appetite
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