Author: kktan
SingTel – BT
Boost for SingTel’s mobile subscriber base
Its regional mobile subscribers up 34% y-o-y in Q2
A SUBSCRIBER boom at overseas associates Bharti and Telkomsel helped lift Singapore Telecommunications’ regional mobile subscriber base to 351 million in the second quarter, up 34 per cent from a year ago.
For the three months ended June 30, the company’s largest overseas associate Bharti added 74.6 million customers from the same period in 2009 to bring its mobile base to 177 million.
This was helped by the addition of 36.4 million customers in Africa after Bharti had successfully acquired MTN’s mobile operations across 15 African markets during the quarter.
SingTel’s Indonesian associate Telkomsel also turned in a strong quarter with its subscriber tally climbing 16 per cent from last year to 88.3 million.
Telkomsel added 6.4 million mobile customers in Q2, a marked improvement from a mere 307,000 in the preceding quarter.
Thailand’s AIS also saw a year-on-year improvement with its mobile base growing 8 per cent to 30 million in the second quarter.
Bangladesh’s PBTL on the other hand, added 33,000 more subscribers from 2009 to bring its tally to nearly two million.
However, customer numbers waned across SingTel’s remaining overseas associates Globe and Warid.
In the Philippines, Globe saw its mobile base shrink 2 per cent year-on-year to 24.6 million in Q2. Warid’s subscriber tally fell 5 per cent to 16.9 million.
SingTel’s Australian subsidiary Optus added 190,000 mobile users in Q2 to lift its base to 8.7 million.
On the home front, SingTel added 122,000 more cellular subscribers from last year as customers continue to lap up newfangled smartphones from handset makers such as Apple, Samsung and HTC.
The firm continues to lead the local mobile market with 3.11 million subscribers in the second quarter.
SingTel – BT
Boost for SingTel’s mobile subscriber base
Its regional mobile subscribers up 34% y-o-y in Q2
A SUBSCRIBER boom at overseas associates Bharti and Telkomsel helped lift Singapore Telecommunications’ regional mobile subscriber base to 351 million in the second quarter, up 34 per cent from a year ago.
For the three months ended June 30, the company’s largest overseas associate Bharti added 74.6 million customers from the same period in 2009 to bring its mobile base to 177 million.
This was helped by the addition of 36.4 million customers in Africa after Bharti had successfully acquired MTN’s mobile operations across 15 African markets during the quarter.
SingTel’s Indonesian associate Telkomsel also turned in a strong quarter with its subscriber tally climbing 16 per cent from last year to 88.3 million.
Telkomsel added 6.4 million mobile customers in Q2, a marked improvement from a mere 307,000 in the preceding quarter.
Thailand’s AIS also saw a year-on-year improvement with its mobile base growing 8 per cent to 30 million in the second quarter.
Bangladesh’s PBTL on the other hand, added 33,000 more subscribers from 2009 to bring its tally to nearly two million.
However, customer numbers waned across SingTel’s remaining overseas associates Globe and Warid.
In the Philippines, Globe saw its mobile base shrink 2 per cent year-on-year to 24.6 million in Q2. Warid’s subscriber tally fell 5 per cent to 16.9 million.
SingTel’s Australian subsidiary Optus added 190,000 mobile users in Q2 to lift its base to 8.7 million.
On the home front, SingTel added 122,000 more cellular subscribers from last year as customers continue to lap up newfangled smartphones from handset makers such as Apple, Samsung and HTC.
The firm continues to lead the local mobile market with 3.11 million subscribers in the second quarter.
SingTel – BT
Bharti outlook better as price war recedes
(NEW DELHI) The focus for Bharti Airtel will be to maintain profit margins as a vicious price war recedes, after India’s top telecoms firm reported that quarterly profits fell by a third.
Facing tough competition in a crowded home market, Bharti, an associate of Singapore Telecommunications, is betting on opportunities in Africa, where the mobile penetration level at 32 per cent is less than India’s 54 per cent and there are fewer competitors.
Bharti’s results included its new African operations, which were on its balance sheet for only 23 days in the quarter ended June. Bharti acquired the business from Kuwaiti telecoms group Zain for US$9 billion in June and became the world’s fifth-biggest mobile operator.
After call prices in India tumbled to as low as 0.4 US cents a minute – with most of the price declines taking place in the second half of 2009 – there were no big price cuts in April-June.
Bharti’s earnings before interest, taxes, depreciation and amortisation margin was 36.9 per cent in April-June, compared with 41.3 per cent a year ago.
Bharti said that net profit fell to 16.82 billion rupees (S$490 million) under international accounting standards for its first quarter ended June, from 24.75 billion rupees a year ago.
Derivatives and exchange fluctuations led to a loss of 2.16 billion rupees as the US dollar strengthened. Bharti had a forex gain of 2.79 billion rupees a year ago. Total revenue rose to 122.31 billion rupees from 104.14 billion rupees. — Reuters
SingTel – BT
Bharti outlook better as price war recedes
(NEW DELHI) The focus for Bharti Airtel will be to maintain profit margins as a vicious price war recedes, after India’s top telecoms firm reported that quarterly profits fell by a third.
Facing tough competition in a crowded home market, Bharti, an associate of Singapore Telecommunications, is betting on opportunities in Africa, where the mobile penetration level at 32 per cent is less than India’s 54 per cent and there are fewer competitors.
Bharti’s results included its new African operations, which were on its balance sheet for only 23 days in the quarter ended June. Bharti acquired the business from Kuwaiti telecoms group Zain for US$9 billion in June and became the world’s fifth-biggest mobile operator.
After call prices in India tumbled to as low as 0.4 US cents a minute – with most of the price declines taking place in the second half of 2009 – there were no big price cuts in April-June.
Bharti’s earnings before interest, taxes, depreciation and amortisation margin was 36.9 per cent in April-June, compared with 41.3 per cent a year ago.
Bharti said that net profit fell to 16.82 billion rupees (S$490 million) under international accounting standards for its first quarter ended June, from 24.75 billion rupees a year ago.
Derivatives and exchange fluctuations led to a loss of 2.16 billion rupees as the US dollar strengthened. Bharti had a forex gain of 2.79 billion rupees a year ago. Total revenue rose to 122.31 billion rupees from 104.14 billion rupees. — Reuters
SMRT – Lim and Tan
Unfortunate Punching Bag
• The Edge‘s timely “defense” of Saw Phaik Hwa (SMRT’s CEO) in its latest issue noted the following:
– The fare-setting Public Transport Council (PTC) has no representation from either SMRT or Comfort Delgro, which owns 75.25% of SBS Transit. Members come from the LTA, academia, labor unions, grassroots organizations, professional bodies and businesses.
– Fare hikes / adjustments are determined by a formula that takes into account inflation, national average earnings, less productivity gains.
– Operators may apply for fare hikes / adjustments once a year. (Between 2000 and 2007, there were 5 fare increases of a few cents each time. In 2008, a nominal 0.7% increase was granted, less than the 3% cap provided for; and in 2009, fares were actually reduced by 4.6% as the operators passed on savings from the 2009 Budget.)
– The recently implemented distance-fare scheme was an initiative of the LTA.
– The rail infrastructure was built and designed by the Land Transport Authority. The number of carriages, ie capacity of trains, would have been designed by LTA.
– The Downtown Line, due for completion from 2015, is “still” up for grabs. (*Yet, ask 100 train commuters, and 99 are likely to think SMRT is the sole operator of all MRT lines; North South, East West, North East and Circle Lines.)
– SMRT shares have returned 18.3% per annum since 2000.
• We have long maintained that the perennial question the authorities have to deal with is, is public transport a public service (offering subsidies is then entirely the government’s prerogative; fare hike may not be granted even if provided for by the formula) and then act accordingly: privatize SMRT and SBS Transit.
• The Edge noted that there are currently 10 “Hold” and 8 “Sell” recommendations by broking houses, with no one calling a “BUY”.
• We have however been calling a BUY, and are happy to keep it that way. Assuming 8.75 cents per share dividend for ye Mar’11, yield is a reasonably attractive 4.3%.
*All, except for North Ease Line operated by SMRT.