Actually, the two issues highlighted in todays downgrade (PSTN and moblie market) were specifically addressed by SSB in their paper of 12 Aug -
† Fixed to Mobile substitution is really starting to bite - PSTN declines (80% margin) are not being completely offset by solid mobile growth (45% margin).
† We have lowered our FY06e, FY07e and FY08e forecasts by 9.5%, 13% and 11%. Our forecasts now assume: (i) PSTN revenues decline by 7.5% in FY06e and 5.4% in FY07e; (ii) higher mobile costs ($200m pa); and (ii) higher opex and capex from IP migration ($600m over two years).
why the panic at profit downgrade?, page-4
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$3.90 |
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| Open | High | Low | Value | Volume |
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