"The wireless division was the star performer, generating an 8% revenue increase on strength in data services. The other positive development was that broadband revenues increased by 45% year-over-year to $227 million. Looking ahead, revenue growth for 2009 is forecast at 5%, with cellular and wireless broadband leading the way.

"The Philippines is a relatively small market and so will always be perceived as risky by foreign capital, no matter how true that may be at any given time. With a solid 6% dividend yield, Philippine Long Distance Telephone is a buy.

"PT Telekomunikasi Indonesia (NYSE: TLK) remains my favorite way to get exposure to the local Indonesian market.The company's strong cash flows and solid dividend yield makes it even more appealing in times like these.

On the growth side, PT Telekomunikasi should be the key beneficiary of mobile growth in Indonesia. The company's mobile unit, Telkomsel, has a dominant position.

"Because of its strong cash position and extended network, Telkomsel will be able to expand its dominance outside of Java, where it already enjoys a 70% market share.

"This is the area where the next wave of growth should appear as mobile penetration remains low in the hinterlands at 25-30%, whereas mobile penetration nationwide currently stands at around 40%. Buy PT Telekomunikasi Indonesia.

"Russian telecom, Mobile Telesystems (NYSE: MBT), recently reported solid fourth quarter earnings. Revenues were up 4% year over year to USD2.4 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3% to USD1.16 billion.

"Ukraine, Uzbekistan and Turkmenistan were the star performers, as growth from these markets came in much stronger than expected.

"Mobile TeleSystems is one of the largest mobile operators in Russia and the Commonwealth of Independent States, with almost 80 million consolidated subscribers as of September 2007.

"Russia accounts for almost 80% of consolidated subs, while Ukraine is the second-largest contributor. The company is also present in Uzbekistan, Turkmenistan and Armenia, and operates a joint venture in Belarus.

"The company offers an 8% dividend yield, which should be viewed as sustainable given the company's strong cash flow generation characteristic. Mobile TeleSystems remains a buy."

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