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http://content.icicidirect.com/mailimages/ICICIdirect_TelecomMonthly_March2012.pdf
S u b s c r i b e r a d d i t i o n c o n t i n u e s t o r i s e …
Subscriber addition rises again; though marginally…
Subscriber addition continued its rising trend in the last two months and
rose to its highest level in nine months. The industry added 8.8 million
GSM subscribers in February 2012 as against 8.4 million in January 2012.
However, the subscriber addition continues to remain significantly lower
on a YoY basis as the industry had added 14.7 million subscribers in
February 2012. The total GSM subscribers for the industry stood at 656.9
million.
Idea, Uninor share top 2 spots; for the sixth straight month
Idea and Uninor remained in the top two positions for the sixth straight
month, though this time around, unlike the last month, Idea added the
highest subscribers. The net adds for Idea increased from 1.7 million in
January 2012 to 2.6 million while Uninor witnessed a decline from 2.5
million to 2.3 million. The former added 12.3 million subscribers since
September with a share in net adds of 27.2% while the latter added 13.4
million with a share in net adds of 29.7%.
Bharti surprises positively; Vodafone declines marginally!
Bharti Airtel reported net adds of 1.8 million subscribers in February 2012,
its highest in eight months, as against 1.3 million in January 2012.
Vodafone, however, reported net adds of 0.8 million, marginally down
from 0.9 million. The share in net adds increased from 15.4% to 20.8% for
Bharti and decreased from 10.1% to 9.5% for Vodafone.
Subscribers grow fastest in ‘A’ circles…
The net adds in ‘A’ circles improved significantly from 2.8 million in
January 2012 to 3.6 million in February 2012 representing a 29.7%
increase. The ‘C’ circles also increased their subscriber addition to 1.3
million in February, up from 1.2 million in January 2012. However, the net
adds in Metros and ‘B’ circles declined from 1.0 million in January 2012 to
0.6 million in February 2012 and 3.4 million to 3.3 million, respectively.
Others…
The net adds for Aircel as well as other operators remained flat at 0.8
million and 0.4 million in February 2012, respectively. However, DB
Etisalat and STel did not contribute to the subscriber addition in February
2012 as they have decided to wind up their operations in India after the
Supreme Court cancelled their licenses.
Industry Outlook
The government has filed a review petition against the Supreme Court
order of cancelling 122 licenses. Meanwhile, Idea and Uninor have been
adding subscribers aggressively in the circles where their licenses are
proposed to be cancelled. The government has budgeted | 40,000 crore
from the sale of spectrum in FY13 including the spectrum vacated due to
license cancellation. The final NTP 2011 has been in line with Trai
recommendations except that the one-time spectrum charges would be
decided by market prices during auctioning of licenses freed by new
operators. We expect the bidding to be rational and the auction prices to
be significantly lower than those recommended by Trai based on 3G
auction price. We expect the one-time license fees for spectrums above
6.2 MHz to be significantly lower for Bharti and Idea. We continue to rate
Bharti, Idea and RCom as BUY, HOLD and SELL, respectively.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://content.icicidirect.com/mailimages/ICICIdirect_TelecomMonthly_March2012.pdf
S u b s c r i b e r a d d i t i o n c o n t i n u e s t o r i s e …
Subscriber addition rises again; though marginally…
Subscriber addition continued its rising trend in the last two months and
rose to its highest level in nine months. The industry added 8.8 million
GSM subscribers in February 2012 as against 8.4 million in January 2012.
However, the subscriber addition continues to remain significantly lower
on a YoY basis as the industry had added 14.7 million subscribers in
February 2012. The total GSM subscribers for the industry stood at 656.9
million.
Idea, Uninor share top 2 spots; for the sixth straight month
Idea and Uninor remained in the top two positions for the sixth straight
month, though this time around, unlike the last month, Idea added the
highest subscribers. The net adds for Idea increased from 1.7 million in
January 2012 to 2.6 million while Uninor witnessed a decline from 2.5
million to 2.3 million. The former added 12.3 million subscribers since
September with a share in net adds of 27.2% while the latter added 13.4
million with a share in net adds of 29.7%.
Bharti surprises positively; Vodafone declines marginally!
Bharti Airtel reported net adds of 1.8 million subscribers in February 2012,
its highest in eight months, as against 1.3 million in January 2012.
Vodafone, however, reported net adds of 0.8 million, marginally down
from 0.9 million. The share in net adds increased from 15.4% to 20.8% for
Bharti and decreased from 10.1% to 9.5% for Vodafone.
Subscribers grow fastest in ‘A’ circles…
The net adds in ‘A’ circles improved significantly from 2.8 million in
January 2012 to 3.6 million in February 2012 representing a 29.7%
increase. The ‘C’ circles also increased their subscriber addition to 1.3
million in February, up from 1.2 million in January 2012. However, the net
adds in Metros and ‘B’ circles declined from 1.0 million in January 2012 to
0.6 million in February 2012 and 3.4 million to 3.3 million, respectively.
Others…
The net adds for Aircel as well as other operators remained flat at 0.8
million and 0.4 million in February 2012, respectively. However, DB
Etisalat and STel did not contribute to the subscriber addition in February
2012 as they have decided to wind up their operations in India after the
Supreme Court cancelled their licenses.
Industry Outlook
The government has filed a review petition against the Supreme Court
order of cancelling 122 licenses. Meanwhile, Idea and Uninor have been
adding subscribers aggressively in the circles where their licenses are
proposed to be cancelled. The government has budgeted | 40,000 crore
from the sale of spectrum in FY13 including the spectrum vacated due to
license cancellation. The final NTP 2011 has been in line with Trai
recommendations except that the one-time spectrum charges would be
decided by market prices during auctioning of licenses freed by new
operators. We expect the bidding to be rational and the auction prices to
be significantly lower than those recommended by Trai based on 3G
auction price. We expect the one-time license fees for spectrums above
6.2 MHz to be significantly lower for Bharti and Idea. We continue to rate
Bharti, Idea and RCom as BUY, HOLD and SELL, respectively.
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