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1、DeutscheBankMarketsResearchAsiaIndustryDateIndiaIndianTelecoms22January2018TelecommunicationsCompanyUpdateSrinivasRao,CFAJiomaintainsmomentumonprofits,ResearchAnalyst(+65)64234114butpricingstanceisaconcernsrini.rao@db.comBharticlosestheproductgapbutatacostPe
2、terMilliken,CFAWhileJiohasmaintainedthemomentumonsubscriberadditions,BhartihasResearchAnalystbeeninchingcloserondataandvoiceusagemetrics.Overall,Jioreported(+852)22036190revenueofRs69bnandEBITDAmarginof38.2%comparedtoRs107.5bnandpeter.milliken@db.com32.6%mar
3、ginforBharti.TherearereportingdifferenceswhichunderstateJio’srevenuesandoverstatemarginrelativetoBharti.Jio’sdigitalstrategyisbestPei-YuLooreflectedinitsSG&AcostswhichremaindemonstrablylowerthanBharti.TheResearchAssociatekeyconcernisJiopricingstancewhichaims
4、todelivermore‘value’relativeto(+65)64236435incumbents–thishastranslatedtopricecutsaftertheincumbentsmatchedpei-yu.loo@db.comJio’soffers.Keymetrics:JiovsBhartiSubscribers:Jio(160mn),Bharti(290m,ofwhich62mbroadbandsubs).Netadds:Jio+21.5mn,Bharti(+6.9mnbroadban
5、dnetadds).ARPU:JioRs154(-1.5%QoQ)Bharti(Rs123,-15.2%QoQ).Datausagepersub:Jio(9.6GB),Bharti5.3GB(+31%QoQ).Bharti’soverallnetworkthroughputgrew41%QoQto1,106mnGBcomparedtoJio14%growthto4,310mnGB.JionetworkandSG&AcostsaresignificantlylowercomparedtoBhartiJio’sne
6、tworkopex(Rs17.3bn)ishalfofBharti(36.4bn)thoughthemobilesitecountislikelytobecloser(120KestforJiovs160KforBharti).However,Jio’ssitesarelargelyownedcomparedtoBharti(rented),thusimpactingnetworkcosts.Jio’sSG&Acosts(Rs4.7bn)aredramaticallylowercomparedtoBharti(
7、Rs23bn)–thisislikelyduetoJio’ssuccessfulusageofitsapptodeliverallitsdiscountoffersandplanrecharges.WebelievethiswillremainamajorsourceofcompetitiveadvantageforJiointhemediumterm(tableinsidewithdetails).JiopricingstanceremainsarisktosectorrevenuesAftertworoun
8、dsofpriceincreasessinceApr2017,whentheservicewentfrom‘free-to-pay’,Jiorecentlychangeditsoffersbyincreasingthedailydatalimitsorreducingitstariffsbyaround10-20%(tableinside).Thecompanyindicatedtha
