BUZZ-View from the buyside: Old Mutual's Murphy taps into telcos

** Old Mutual Global Investors' Simon Murphy getting exposure to telcos, which should benefit from changes to regulatory framework, through Vodafone

** Key problem in EU mobile telcos has been competition laws enabling c.3-4 operators in region's markets in bid to increase price competition & secure lowest price for consumer - this has hit cos' ability to invest into networks

** Regulators have newfound openness to M&A (step-up in investments into faster networks could help revive economy), which should help sector turn corner after yrs of declining revenues

** Says VOD's massive "Project Spring" upgrade to third & fourth generation mobile networks will lead to a differentiated network vs competitors & better returns

** Also holds BT & Inmarsat

** BT, a "steady story"; pricing environment in UK telecoms sector quite benign

** Says while satellite co Inmarsat (Other OTC: IMASF - news) has performed strongly (up c.19 pct YTD) & on c.35x 1yr fwd PE, growth potential when final GX satellite goes up "absolutely phenomenal"

** When GX up, co will have "massive competitive advantage" for high frequency data driven demand e.g. ships, govts; peers heavily indebted & can't afford capex to put up constellations

** "Really big kicker" over next yrs will be use of phones in-flight on commercial airlines, PM says

** Murphy manages Old Mutual UK Equity Fund & Old Mutual UK Opportunities Fund; stocks held in both funds (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)