The analytics of the invest bank concerns that fixed operators more attractive than mobile ones.
Credit Suisse Investment Bank basic price and ratings of “Vympelcom” and MTS. According the Bank analytics mobile operator loses revenues not only from ruble dampening but from the services consumption level decreasing. Therefore, the Company experts pay attention the fixed communications operators which as they suppose there are more opportunities to increase revenues and the subscribers more loyal.
Credit Suisse decreased basic price of “Vympelcom” and MTS up to 9 and 27 USD for the one depository receipt in parallel. Recommendations upon MTS issues were revised up to “down market” from “upper market”, upon “Vympelcom” issues up to “neutral” from “upper market”. “We note increasing the risk of the Russian mobile operators reduction in yield nominated in national currency, and we decreased the forecast for the changes of ‘Vympelcom’ and MTS revenues in 2009 year in Russia up to −1% for a few per cent of the increase that had been forecasted before. We also more carefully estimated the developing perspectives of the operators’ businesses in the CIS countries. We expect that MTS revenues in the Ukraine will decrease up to 17% and ‘Vympelcom’ revenues in Kazakhstan will decrease up to 6% comparing with 2008 year”, — reported the Bank.
Upon the viewpoint of the Credit Suisse analytics, the mobile operators’ revenues will suffer not only from the ruble dampening but from the services consumption level decreasing as well. The end users will limit the wastes on the mobile communications because of the unemployment and salary decreasing, and corporate clients will do the same within the borders of the total decreasing of the operational costs. Therefore, the Company experts pay attention the fixed communications operators which as they suppose there are more opportunities to increase revenues and the subscribers more loyal.
Fixed telecommunications operators rendering internet access services are stable in regard to the range of the cash flow, concerns Anna Kurbatova, analytic of the UniCredit Aton. “The fixed operators risk minimally — owing to a few factors the subscribers lose the consumer preferences slowly. On the other hands, indefinite position concerning ‘Svyazinvest’ destiny decreases the attractiveness of the regional telecom operators,” — clarified analytic.