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Telecom sector update

Latest telecom statistics show cellular teledensity has reached 61% at the end of Nov ’10. In this regard, the cellular subscriber base has posted net additions of ~926k (0.92%MoM growth) in Nov ’10 to reach 101.6mn subscribers. During Nov’10, Warid outperformed the industry by increasing its subscriber base by 307k subscribers. Amongst the more established players, Telenor and Mobilink reported MoM net additions of 280k subscribers and 91k subscribers to their respective cellular bases in Nov’10. Similarly, China Mobile increased its subscriber base by 242k subscribers. However, Ufone recorded only a marginal growth of 0.03%MoM in sequential additions during Nov’10. Within the sector, we continue to like PTC which offers exposure to landline, WLL and the cellular market (Ufone).

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