Interesting data from Credit Suisse on global carrier capex:
The aggregate CY08 carrier capex growth outlook increased to 12.3% from 10.7% … most of the improved CY08 outlook is driven by the Chinese carriers.
It should be noted that the average capex growth for the last 5 years (and the last 20 years) is 15%, so even with upward revisions, 2008 is a slow year for capex. The game, of course, is figuring out what fires the capex firehose is pointed at. While year to year growth fluctuates +/-5-10%, specific segments change much more. This is what yields the volatility and investment opportunities for what is really a sleepy sector at a macro level.