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Auction Action: Telecom operators gear up for 3G

January 21, 2011
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The telecom sector continued its growth momentum in 2010. The overall subscriber base crossed 700 million and two more operators, Vodafone Essar and Reliance Communications (RCOM), joined the 100 million user club after Bharti Airtel. Also, 2010 was an eventful year for Aircel, which became a pan-Indian player. Early 2010 witnessed substantial action with the auction of 3G and broadband wireless access (BWA) spectrum.

The process was kicked off in April 2010 and concluded in late May, after 34 days and 183 rounds of heavy contesting across the 22 service areas. The big rush for 3G spectrum had operators bid in excess of Rs 160 billion for a pan-Indian 3G licence. The high price surpassed all expectations, including those of the government, which raked in Rs 677.1 billion from the sale of 3G spectrum.

In the end, seven of the nine operators won 3G spectrum. Bharti Airtel, Vodafone Essar and RCOM won 20-year licences for Delhi and Mumbai. Bharti Airtel, RCOM and Aircel received licences in 13 circles each, while Idea Cellular followed with 11 circles. Vodafone Essar and Tata Teleservices Limited (TTSL) got nine circles each and S Tel secured three.

The latter half of the year saw the operators gearing up to roll out 3G services. TATA DOCOMO, the GSM arm of TTSL earned the distinction of being the first private operator to launch 3G services. It was quickly followed by RCOM, which launched the service in December.

The year2010 also saw a change in the pecking order of the operators. Bharti Airtel retained the top slot, followed by RCOM, Vodafone Essar, Bharat Sanchar Nigam Limited (BSNL), TTSL and Idea Cellular.

During the year, there was a marked emphasis on rural-centric value-added services. And, of course, tariffs continued their downward slide.

tele.net takes stock of the strategic moves of key telecom operators in 2010...

Bharti Airtel 

The year 2010 was a significant one for Bharti Airtel, the country’s leading mobile operator. If the acquisition of Zain Telecom’s African operations put the company on the global map, its 3G licence win in 13 circles was expected to strengthen its position in the domestic market.

As of December 2010, the company’s mobile subscriber base stood at over 152.49 million. Recently, Bharti was ranked among the top three telecom performers in the world (in terms of market value, average annual total shareholder return in 2010) by the Boston Consulting Group.

In early 2010, Bharti acquired Zain’s operations in 15 African countries. The $10.7 billion deal is India’s second largest overseas acquisition after Tata Steel’s acquisition of Corus for $13 billion in 2007. The acquisition made Bharti the world’s fifth largest wireless company with operations in 19 countries (including Seychelles, Sri Lanka, Jersey and Guernsey, and India) and a subscriber base of about 200 million as of September 2010. The Bharti-Zain combine is expected to generate annual revenues of $13 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of $5 billion a year post-transaction.

The other significant development was Bharti winning 3G spectrum for 13 circles (including the coveted Delhi and Mumbai circles) for Rs 122.95 billion and BWA spectrum for six circles. Bharti had hoped to obtain spectrum for all circles but the high price acted as a damper. Nevertheless, these 13 circles account for 68 per cent of its revenues and are expected to witness the strongest uptake of 3G services.

Bharti has since been focusing on putting its 3G plans on the fast track. It has selected Ericsson India, Nokia Siemens Networks (NSN) and Huawei Technologies as network partners to launch its 3G services.

In the global market, the operator was busy strengthening its foothold in Africa, following the Zain deal. The Malawi unit has rolled out a 3G network and plans to spend $100 million on network expansion in the next three years. It has also outlined expansion plans for Uganda, Nigeria and other countries.

On the financial front, 2010 was a difficult year for Bharti, like for its peers. Though its consolidated EBITDA margin, a key measure of profitability, was 33.7 per cent as of September 2010, its mobile market share in India dropped to 20.8 per cent in the quarter ended September 2010 from 23.4 per cent a year ago.

With tariffs dropping by 21 per cent to Re 0.44 per minute, Bharti’s ARPUs fell by 20 per cent during 2010. The operator’s ARPU stood at Rs 202 as of September 2010 compared to Rs 230 a year before as more than half of its new users came from rural and semi-urban areas. However, this trend is not unusual. Intense competition among over 12 service providers, including new players such as Uninor, MTS and TATA DOCOMO, led to a brutal tariff war, resulting in a drastic drop in margins.

Moreover, the operator had to spend a huge sum of money on the Zain acquisition, and on 3G and BWA spectrum. However, according to Sridhar Pai, founder and chief executive officer of Tonse Telecom, “Investment in spectrum as well as the international acquisition are long-term steps and should be looked at as the right step towards the making of a global conglomerate.”

The company has been taking initiatives to move ahead in the market. In line with its growing global footprint and the expected 3G service launch, Bharti recently undertook a brand overhaul, rechristening  itself “airtel”. The global branding exercise, expected to cost Rs 3 billion, covers Africa, Sri Lanka, Bangladesh and the Seychelles.

With a pan-Indian presence, an international footprint and differentiated services, the company will remain a frontrunner in the future.

Reliance Communications 

For RCOM, 2010 began on a good note. In March 2010, the company joined the 100 million mobile subscriber club (after Bharti Airtel) and became the world’s fourth largest, single-country mobile services operator. In the same month, it launched the largest and most aggressive broadband internet service under the brand name Reliance Netconnect Broadband Plus.

Thereafter, it set its sights on firming up its 3G plans. In the April 2010 spectrum auctions, RCOM obtained 3G spectrum in 13 circles for Rs 85.85 billion, including the coveted 20-year licences for Delhi and Mumbai.

In December 2010, RCOM launched 3G services in Delhi, Mumbai, Kolkata and Chandigarh. By the end of fiscal year 2010-11, the operator plans to launch 3G services across all 13 telecom circles where it has 3G licences. Moreover, the company is targeting a national footprint through associations with other 3G licensees in the remaining nine telecom circles during the course of the next year.

In June 2010, however, RCOM ran into a bit of rough weather. It had announced a deal, wherein its tower business would be combined with that of GTL Infrastructure to create the world’s largest independent telecom tower company with an enterprise value of Rs 500 billion and 80,000 towers. However, after several rounds of negotiation, the deal floundered and was called off.

Around the same time, RCOM also found itself dragged into controversy and was taken to court by BSNL, with the latter alleging that RCOM had paid low interconnection charges by masking international calls on its network as local calls, by tampering with the caller line identification facility. BSNL raised a bill of Rs 900 million against RCOM.  It won the case with the Supreme Court upholding BSNL’s right to impose the penalty on RCOM.

At the close of the year, RCOM also found itself in the thick of controversy over its role in the 2G spectrum issue. The Comptroller and Auditor General’s (CAG) report stated that Reliance Telecom was an initial shareholder in Swan Telecom, which was awarded licences in 13 circles in 2008. Reliance held 9.81 per cent equity in Swan in the form of 10.79 million shares. However, despite the indiscretion over the cross-holding issue that made Swan ineligible for a 2G licence, the company’s application was not disqualified. In fact, the company was allowed to resubmit the form in December 2007 with appropriate revisions in the shareholding pattern. Pointing out these anomalies, the CAG report termed Swan Telecom a “front company” of the Anil Ambani-led Reliance Telecom and doubted the latter’s “intention”.

RCOM, however, refuted these claims. In a company statement, the operator stated that it had no shareholding in the firm that got a licence in 2008. “Our group had no shareholding in Swan Telecom (now Etisalat DB) at the time of the grant of licence to them or any time thereafter, and that issue is accordingly not relevant to our company.” RCOM further stated that there had been no violation of its licence conditions at any stage on account of cross-holdings in excess of 10 per cent.

Controversies apart, RCOM remained focused on netting and retaining subscribers. To that end, it introduced a slew of innovative value-added services for users. Notable amongst these include the operator’s tie-up with Radio Mirchi and the Spice Global Group, wherein Radio Mirchi’s content is made available to Reliance Mobile subscribers on their mobile phones.

Another interesting example is RCOM’s tie-up with Nokia India to provide RCOM customers located in rural and semi-urban areas access to Ovi Life Tools. Under the agreement, RCOM will offer Ovi Life Tools services in two versions, subscription and pay-per-use.

Similarly, sharpening its focus on the rural market, the company has launched several rural-centric services such as BharatNet and Grameen VAS. According to a statement issued by RCOM, its rural enabler blueprint is based on a three-pronged strategy. It states: “Driving internet penetration across the rural and suburban terrain, focusing on high-impact machine-to-machine (M2M) solutions, and providing VAS specific to rural needs under the Grameen VAS initiative across 600,000 villages are the main tenets of our strategy.”

These efforts are paying off. RCOM is the country’s second largest telecom operator today. As of December 2010, it trails behind Bharti Airtel with 125 million subscribers.

RCOM’s financials, however, were a bit disappointing for 2010. For the quarter ended September 2010, RCOM reported a 39.7 per cent drop in net profit, from Rs 7.4 billion in the quarter ended September 2009 to Rs 4.46 billion. The company has attributed this decline in profit to the ongoing tariff war in the Indian telecom space and to investments made in rolling out its GSM network. RCOM’s revenues for the quarter ended September 2010 were Rs 51.18 billion, down 10.2 per cent from Rs 57.02 billion in the corresponding quarter of the preceding year.

Also, the operator is pulling out all the stops to become debt-free. At its shareholders’ meeting in September 2010, Anil Ambani, chairman, Anil Dhirubhai Ambani Group, said that RCOM is trying to become debt-free in two or three years through a stake sale, sale of tower assets, lower capital expenditure and rising free cash flow.

On the whole, the company is on a good wicket. It has been quietly pulling in all its resources to work towards achieving the 200 million subscriber mark. With the expansion of its GSM network, CDMA mobile broadband network and launch of 3G, it will be interesting to see how RCOM plays its cards and impacts market dynamics.

Vodafone Essar 

The year 2010 proved to be a costly one for Vodafone Essar as it spent the better part of the year involved in a tax dispute with the Income Tax Department. In a first-of-its-kind case upheld by the court, in September 2010, the Income Tax Department claimed a capital gains tax of Rs 112.17 billion from Vodafone for its acquisition of a controlling stake in Hutchison Essar in 2007 for $11 billion.

In November 2010, the Supreme Court ordered Vodafone to make a down payment of Rs 25 billion to cover part of its disputed tax bill. The company was also asked to provide a bank guarantee from an Indian national bank for Rs 85 billion by the end of January 2011.

Despite insisting that it was not liable to pay any capital gains tax for a transaction executed outside the country, Vodafone had to spend the closing months of 2010 garnering funds for the deposits and arranging for counterguarantees from international banks.

Apart from this, for the world’s largest telecom operator (according to subscriber numbers) it was business as usual. Vodafone Essar, the Indian arm of Vodafone Plc, retained its position in the country as the second largest GSM operator in terms of subscriber numbers. In order to retain its existing users and widen its subscriber base, the company adopted a “mass customisation” approach. Vodafone constantly tried to be in sync with customer needs, and introduced products and services tailored to suit the varied usage patterns of its customers. The success of the strategy is reflected in its subscriber numbers. In November 2010, the operator added the maximum GSM subscribers – 3.12 million – and, in terms of overall subscriber numbers, accounted for a market share of 22.88 per cent with 124.25 million subscribers in the GSM space as of December 2010.

A key development for the company in 2010 was its winning 3G licences in nine circles for Rs 116.17 billion. The nine circles include the three lucrative metros – Mumbai, Delhi and Kolkata. Planning to launch 3G services in the country in early 2011, Vodafone has selected NSN and Ericsson to supply, implement and manage its 3G network. While NSN will provide the gear for rolling out 3G services in six circles (Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh [East], West Bengal [excluding Kolkata] and Haryana), Ericsson will manage the network in the three metro circles. NSN will supply its energy efficient radio and core network technology. Apart from this, it will also operate Vodafone Essar’s 3G network for three years under a managed services contract. Ericsson, on the other hand, will provide network rollout services, tuning, spare parts and training services, along with the 3G common core platform and transmission.

While some operators have launched the service last year, Vodafone is looking to first educate its users about the potential of 3G services. It believes that while the first phase will witness the uptake of services like entertainment, sports and news, the next phase will see a number of economic enablers such as m-commerce, e-governance and specific information like market prices gaining traction.

A key strategy followed by the company in the past few years has been selling Vodafone-branded handsets at affordable prices. In the past, the approach helped Vodafone secure a foothold in the rural markets. Now, the company intends to use the same game plan in urban areas to push its 3G services. The company has been selling Vodafone-branded devices in India since September 2007. However, so far it has not been able to make big money on them. Nevertheless, with 3G coming in, the company expects a new start as services like internet access and movie downloads will mandate the use of advanced handsets with a bigger screen size and higher technological capability. In the coming years, the company plans to focus on high-end 3G handsets and gradually exit the ultra-low-cost segment.

Going forward, 3G will be the most significant area that the company, with its global expertise, will focus on.

In 2011, Vodafone Essar also plans to unlock value by demerging its tower business and selling it off to an independent tower company. The company’s 7,000 telecom towers are expected to generate $1.2 billion. According to industry analysts, this move can help ease the debt burden, which increased substantially after the 3G spectrum payout and the cash outflow resulting from the ongoing tax case.

Overall, Vodafone will employ more of the strategies it has been using to pitch for higher revenues, more subscribers, bigger VAS revenues and a strong brand value. Despite some grey areas, industry experts predict that five years from now, Vodafone Essar will continue to be a top-league player and hold its own in a highly competitive environment.

BSNL 

The going has been tough for state-owned operator, BSNL. In spite of owning an extensive and robust network across India and having held a leadership position in the telecom space up till 2008, BSNL has been struggling to maintain its foothold in the sector over the past few years.

The company’s position deteriorated further during the past year, both in terms of subscriber numbers as well as profit margins. BSNL, which held the second position in terms of wireless subscribers as of June 2008, was pushed to the fifth spot by October 2010 with a mobile subscriber base of 80.73 million. The operator’s mainstay – its landline business from which it still derived 63 per cent of its revenue – also lost steam. Though the operator still led the wireline segment with a 73.51 per cent market share as of October 2010, it was losing subscribers rapidly. In 2010, the operator’s wireline subscriber base declined by 1.93 million and, given the growing preference for wireless telephony, the slide is expected to continue.

A major reason for this was that BSNL was unable to expand its network and services on time. Every effort by the operator to procure equipment was either thwarted or got mired in controversy, leading to more delays.

Another major setback for the operator came in 2010 when, for the first time since its inception, it plunged into losses. For fiscal 2009-10, BSNL posted net losses of Rs 18.66 billion and revenue declined by 10.52 per cent compared to the previous fiscal. The loss was incurred due to the fall in revenue, given the huge reduction in tariffs, fierce competition, decline in fixed wireline connections as well as the wage revision for the period January 2007-March 2010, which resulted in an additional expenditure of Rs 29 billion.

Concerned about the PSU’s state of affairs, the prime minister decided to intervene and set up a committee led by Sam Pitroda to draft a recovery road map. The committee suggested options like a strategic stake sale of 30 per cent; pruning of staff by one third; and hiving off the fixed line business from the mobile business and thereafter listing the latter on the stock exchange. However, these remedies were strongly opposed by the operator’s employee unions and the management was faced with strike threats and protests. Post the protests, a high-level committee was constituted by the communications ministry to look into the Pitroda Committee’s recommendations. In November 2010, the committee suggested that disinvestment in the PSU should be deferred by at least two years.

While other operators fought for 3G and BWA spectrum, BSNL was not able to derive much from these technologies. While BSNL was given 3G and BWA spectrum much ahead of its private counterparts, with the aim of helping it get a head start in the next-generation technologies, the company failed to capitalise on this opportunity and garner a substantial 3G subscriber base. On the contrary, the company had to bear a huge cash outflow by paying the matching bids for the 3G and BWA licences in all its circles. It paid Rs 83.13 billion for BWA and Rs 101.86 billion for 3G spectrum. The company sought a refund of the fee paid, stating that it did not have the option of participating in the auction and choosing the circles it wanted. Its plea, however, was rejected by the government.

Nevertheless, BSNL put in a lot of effort to make a business case out of its 3G and BWA offerings. It placed a Rs 3 billion contract with ZTE Corporation for the supply of Wi-Max systems for its broadband rollout. The company also selected ITI for supplying equipment for 2G and 3G telephony networks. To attract subscribers to its 3G service, it reduced the cost of its unlimited 3G data plan from Rs 2,499 to Rs 1,359 apart from announcing a massive reduction in other 3G data plans.

To lower its costs, the operator decided to take the franchise route to roll out its BWA network and awarded contracts to four companies – Teracom, Take Solutions, Adishwar India and Ampoules.

On other fronts too, the company took several steps to regain its lost standing in the telecom space. In an attempt to salvage its wireline business, the operator offered national long distance calls at the same tariff as local calls to its landline subscribers across the country. The operator also invited bids from private telecom companies to share its 3G network and hoped to raise Rs 25 billion-Rs 50 billion over a five-year period by entering into 3G roaming arrangements. Though no operator bid for the offer due to conflicts over the price and terms of the contract, BSNL is expected to come out with a revised offer to attract buyers.

The company’s internet and broadband segment performed well over the past few years and the PSU has pegged high hopes on this vertical in the future. In the past one year, its total internet subscriber base witnessed a 25.9 per cent growth, increasing from 8.07 million in September 2009 to 10.17 million in September 2010. BSNL expects the numbers to increase further with the growth of wireless internet, and 3G and BWA picking up in the market.

Going forward, the mobile, broadband and enterprise segments are expected to be the key growth areas for BSNL. A separate vertical has been created to focus on their growth and the company has lined up a capex of Rs 14.8 billion for 2010-11. BSNL’s other thrust area will be VAS, which contribute nearly 20 per cent to its total revenues. With the growth of 3G, the company can increase and evolve its VAS offerings.

Industry experts are also of the view that the operator should consider the sale or lease of excess network infrastructure like signal towers, transmission links, real estate assets and optic fibre links, to open an alternative revenue stream.

Moreover, for next-generation services to pick up, the operator needs to put in efforts to change its positioning in the eyes of consumers. It should invest on both branding and marketing along with improving its quality of service to attract high-end users.

TTSL 

The year began on a positive note for TTSL with the service provider replacing Idea Cellular as the fifth largest Indian telecom operator in January 2010. This can be attributed to the successful launch of GSM services (under the TATA DOCOMO brand) in mid-2009.

Moreover, TATA DOCOMO became the first private operator to launch 3G services in the country. In November 2010, it launched 3G services in all its nine circles of operation – Maharashtra, Gujarat, Karnataka, Kerala, Punjab, Haryana, Uttar Pradesh (West), Rajasthan and Madhya Pradesh. The company plans to cover 51 per cent of cities with a population of over 1 million and 60 per cent of cities that have a population of over 500,000. The operator has introduced several aggressive tariff plans for 3G. For example, for a monthly payment of Rs 1,000, post-paid customers can avail of a 3.6 Mbps connection, which entails 5 GB of free data downloads. Prepaid users can avail of the same benefits by recharging with a Rs 1,000 special tariff voucher. For smartphones with support for 3G, users can pay monthly rentals ranging from Rs 500 to Rs 2,000 to avail of free local and STD talk minutes of 750 to 5,000 minutes. Free data usage under these plans range from 250 MB to 2 GB.

Today, TTSL caters to 84.23 million mobile users, besides 1.27 million wireline subscribers. The operator has also launched innovative VAS offerings and tariff packages. Its “pay-per-use” strategy for launching GSM services not only changed the pricing dynamics of the industry, but also allowed the company to sign up subscribers in droves.

The company also introduced several bundled handset offers. For instance, TATA DOCOMO joined hands with HTC Corporation to launch the HTC 7 Mozart in the country. Packed with features like a 3.7-inch WVGA resolution screen, an 8 megapixel camera and support for video recording, the handset is priced at Rs 26,490. Besides, it comes bundled with special data plans for its customers.

The company aims to cross the 100 million mobile subscriber mark by March 2011. With the addition of nearly 2.5 million subscribers every month, the target does not seem overambitious. TTSL’s market share has already risen to over 11 per cent.

Meanwhile, with the tower business emerging as a promising revenue stream, TTSL hived off its tower business, Wireless-TT Info-Services Limited (WTTIL), to independent tower company Quippo Telecom Infrastructure Limited (QTIL). QTIL paid Rs 23 billion for a 49 per cent stake in WTTIL and transferred about 5,000 towers to the new company, Viom Networks. In August 2010, the company sold 11 per cent stake to the Macquarie SBI Infrastructure Fund for Rs 14.2 billion. The proceeds were largely used to retire the company’s debt.

Going forward, besides enhancing its 3G portfolio, the company intends to focus on handsets, an area where CDMA operators face a huge challenge. Towards this end, the company has forged alliances with handset manufacturers such as Samsung, Spice and Micromax.

Also on the cards is a reshuffle of the top order of TTSL. Anil Sardana, managing director of TTSL, will take over as managing director (MD) of Tata Power.  Sardana’s position will be taken over by N. Srinath, who is currently MD and chief executive officer of Tata Communications. Vinod Kumar who is a director on the board of Tata Communications and manages the global data business unit, will replace N. Srinath with effect from February 1, 2011.

Idea Cellular 

Competition and numerous tariff cuts in the telecom industry notwithstanding, Idea Cellular, India’s sixth largest cellular operator, managed to hold its own during 2010.

Having launched services in all 22 circles by December 2009, Idea began 2010 as a pan-Indian operator. Over the year, the company maintained its growth momentum and soon became the third largest mobile operator in India in revenue terms.

In the 3G spectrum auctions, the operator focused mostly on those circles where it had a competitive edge. Though it did not receive licences for Delhi or Mumbai, it won 3G spectrum for 11 circles, namely, Maharashtra, Gujarat, Andhra Pradesh, Kerala, Punjab, Haryana, Uttar Pradesh (East), Uttar Pradesh (West), Madhya Pradesh, Himachal Pradesh, and Jammu & Kashmir. The total outgo for 3G spectrum was Rs 57.69 billion – far lower than what other operators paid for a similar 3G footprint.

It raised over 40 per cent (Rs 24 billion) of this from internal accruals. This amount was largely sourced from funds raised through the sale of Idea’s stake in Aditya Birla Telecom to private equity player Providence in 2009. The operator also raised Rs 5 billion through the issue of commercial paper. The remaining amount was paid through a mix of long- and short-term loans from a consortium of banks led by IDBI Bank.

The company is now ready to offer gold standard 3G mobile and data services to their subscribers across the country. They plan to form alliances with key operators to offer 3G services.

By not participating in the BWA auction, the company continued to maintain its pure-play cellular service provider image. Moreover, with an already stretched balance sheet following the 3G payout, it would have made little sense for the operator to pay a high price for BWA spectrum, especially because there is no immediate demand for BWA services in India.

Idea has been a keen VAS player. It has tied up with Malayali news channel Indiavision TV and technology provider IMImobile to provide live news services in Malayalam to users in Kerala. The service has been a big hit in the region.  Idea also became the first telecom operator to launch mobile banking services, by forming an alliance with Axis Bank for a pilot project to provide money remittance services. During 2010, the share of VAS in Idea’s overall revenues increased significantly. In the quarter ended September 2010, the contribution of VAS  in total revenues stood at 12.9 per cent. Also, during 2010, Idea continued its brand-building efforts to emerge as one of the “buzziest brands” across various sectors.

Industry experts believe that one of Idea’s strengths lies in creating a distinct brand identity. Its “What an Idea, Sirji” campaign has not just differentiated the brand from the rest, but has also introduced a social component in telecom advertising. Idea’s 2010 ad series provides a platform for environment-related issues by building awareness on the preservation of trees.

The campaign may not have won Idea more subscribers, but it certainly served its purpose by earning huge brand recall and creating public interest.

More recently, Idea launched a series of ads, which aimed at highlighting its readiness for mobile number portability (MNP). The ads show the company’s brand ambassador, Abhishek Bachchan, proposing a new idea to unhappy mobile users to switch to a network that offers better services, better products and tariffs, and better network quality through the message, “No Idea, Get Idea”.

As of December 2010, its cellular subscriber base stood at 81.77 million giving it a mobile market share of over 10 per cent. Going forward, the company has identified several key focus areas. With falling tariffs and ARPUs, Idea will explore the VAS and 3G markets in search of new revenue streams.

The company reportedly plans to introduce 3G mobile services in the fourth quarter of 2010-11. It has already selected global equipment vendors NSN and Ericsson, among others, to buy equipment for these services.

Net, net, Idea is one of the stronger telecom players in the country. Though it trails major operators in terms of subscriber numbers, its fresh approach and innovative strategies should translate into big gains.


 
 
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