After Zain finally released its detailed financial statement for its third-quarter earnings (<a href="http://www.zain.com/download/able/reports/zainER9m09.pdf">direct link to the PDF here</a>), the regional telecommunication analysts earned their keep by releasing updated analysis reports. <br/><br/>Shuaa Capital's Simon Simonian breaks down the numbers, and what this means for the potential stake sale of Zain to a consortium of Indian and Malaysian firms after the break. <br/> state-owned Bharat Sanchar Nigam (BSNL) is likely to leave the consortium led by Delhi-based Vavasi Group. BSNL allegedly left the consortium over disagreements on Zain's valuation and a new partner is expected to rejoin the deal by the end of the month, the paper says.