Norway's Telenor 2016 revenue guidance lags forecast

* Q4 adjusted EBITDA NOK 10.86 bln vs fcast NOK 10.99 bln

* Says 2016 revenue to grow by 2-4 pct, Reuters fcast was 5.7 pct

* Sees fierce competition in some key Asian markets (Adds detail)

OSLO, Feb 10 (Reuters) - Revenues in Norwegian mobile phone operator Telenor will grow less than anticipated this year, partly due to increased competitions in some key Asian markets, as it reported fourth-quarter core earning in line with forecasts on Wednesday.

In its first published guidance for 2016, Telenor said it expected full-year revenue to grow by 2-4 percent, against five percent in 2015. Analysts in a Reuters poll had expected 2016 revenue growth of 5.7 percent.

The firm expects its operating margin before depreciation and amortisation (EBITDA) to ease to a range of 33-34 percent in 2016, against 34-35 percent in 2015. Capital expenditure as a proportion of revenues, excluding licences and spectrum, is expected in the range of 17-19 percent, like it was in 2015.

"Telenor expects ... fierce competition and headwinds in key markets like Thailand and Malaysia (to) put pressure on EBITDA margin expectations," the firm said in a statement.

Telenor's adjusted quarterly EBITDA rose to 10.86 billion crowns ($1.27 billion) in the fourth quarter from 9.32 billion crowns a year ago, against expectations for 10.99 billion crowns in a Reuters poll of analysts.

Telenor has around 200 million subscribers across Europe and Asia.

($1 = 8.5724 Norwegian crowns) (Reporting by Gwladys Fouche, editing by Terje Solsvik)