Telcos: JP Morgan has Telco Report, and remains OverWeight on Sector. Quote sector as Defensive Offense. Note that market drivers are changing and encourage benchmarked investors to increase weightings in Asian Telcos. Key exposures are China Unicom, P.T.
Indosat, Advanced Info, and Tulip Telecom. Asian Telcos avoid around 1/3 of EM downdrafts, and sector dividend yields. Key exposures (relative to domestic bond yields) are Chunghwa Telecom, AIS, Telstra, and Starhub.
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