EDITORS PLEASE NOTE THIS EDIT CONTAINS 4:3 CONVERTED MATERIAL (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "I'm Tara Joseph, looking at the week ahead in Asia with Peter Thal Larsen, editor of Breakingviews for the region. And Peter, let's start in India, we are going to have the first big IPO test, in I think two years' time, in the coming weeks." (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "Yes, it's Bharti Infratel. I mean we say big, it's less than a billion dollars but you know in these troubled markets, the banks and the investors will take anything they can get. This is the towers that host the technology that allows cellphone networks to work and Bharti is basically the first Indian company to try and spin off this tower business." (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "Is it going to be successful? Are people going to wade into this?" (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "I think that is the big question really. It opens for public subscription next week so we'll get a first sense of whether investors, particularly retail investors are going to line up for this. (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "What's your guess though? It is something that's going to be..." (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "I think it should work. The Indian market has rallied a lot of the back of these reforms. Money is flowing back into India and also this is a kind of infrastructure asset, it has a reasonably predictable cash flow. But the telecoms sector has been sort of surrounded in controversy, licenses being awarded for less than the market price, fines, scandals, corruption. So you can never be quite sure with Indian telecoms. But if it is a success and I think it probably will get away. Then, u can expect other Indian telecoms companies to try and follow suit." (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "That will be a very interesting one to watch. Over in Southeast Asia, as Christmas approaches it's sort of been a miracle year especially if you look at the Philippines and other countries around the region in terms of equity performance, et cetera. Is there looking overstretched by the end of 2012?" (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "Well, we all know that markets then to get a bit carried away. And for the Philippines, which people have been in despair about for decades, to suddenly become a hot boom market. You always tend to think the enthusiasm runs a bit ahead of reality. There is a danger with overheating, there is a problem potentially with inflation. And also there is the big question which hangs over all of these markets, which is what happens to the funds flowing in when interest rates normalise. When the U.S. recovers, the FED starts raising rates at some point, then do we see a reversal and a potential sort of outflow?" (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "So watch for that. It's your prediction that we are going to see those outflows as 2013 gets in?" (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "I think it's a bit too early to predict that. There are lots of people who think the FED will keep rates, keep the QE infinity going through 2013, possibly even through 2014. But I think the longer it carries on, the more people will be wondering about when the reversal will come. As we see with this hot money, as it rushes in, it can rush out very quickly as well." (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "Finally, a quick note on Japan. Elections coming up, bleak data we've already seen, another big pile of data in the upcoming week. Worrying times as we head into elections?" (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "Well, particularly how this gets played politically. We know Japan is not in great shape. We know GDP is weak, potentially negative. We saw another business confidence survey which shows that the mood is still fairly grim. Consumer confidence, GDP revisions, are of these are kind of political talking points. And we have the most interesting elections we had in Japan for many years where the outcome going in a week and a half beforehand is still very uncertain. And so that data could influence the outcome, particularly because we've seen... even though Abe of the LDP is ahead and favourite to win, lots of voters are undecided. And this data and how it plays in the political debate will influence them." (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "Date and politics in Japan, definitely one to watch. Peter, thanks very much." (SOUNDBITE) (English) REUTERS BREAKINGVIEWS ASIA EDITOR, PETER THAL LARSEN, SAYING: "Thank you."