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Telecom Sector: monthly update

Latest telecom statistics for the month of Oct ’09 show that overall teledensity has remained static at 62.4%. The cellular subscriber base has posted net additions of only 10.4k (5.96%YoY) in Oct ’09 to remain stagnant at 96mn subscribers. The latest 668 SIM verification system has kept cellular growth in check as unverified connections get blocked. As a result, cellular teledensity has remained unmoved at 58.6% in Oct ‘09. On the WLL front, total subscriber base has increased by 1.18%MoM (16.67%YoY) to reach 2.71mn subscribers during the review period with total Fixed Teledensity (Fixed Line Density and WLL Density) remaining static at 3.8%. We reiterate that prospects of M&A activity within the industry cannot be ruled out with five cellular players aggressively trying to increase market share in a mature industry. Within the sector, we continue to like PTCL which offers exposure to landline, WLL and the cellular market (Ufone).

AKD Research

December 18 2009

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