New Zealand-based fixed-line wholesaler Chorus has outlined new guidance for capital expenditure of between $NZ560 million ($433 million) and $NZ610 million in fiscal 2013. The company is helping build New Zealand’s ultra-fast broadband network, and has a target to pass 100,000 premises by June next year. Since being spun off from Telecom New Zealand in late 2011, the stock has risen about 8 per cent, underperforming the 34 per cent surge for its parent, which is engaged in a $300 million share buyback. An unfavourable mid-May ruling on wholesale prices reminded investors of the regulatory risks inherent in the sector, driving the stock to its lowest levels since listing. Chorus’s capital expenditure is forecast to decline significantly in coming years, increasing its scope to return capital to shareholders. The stock offers diversification away from telcos more exposed to consumers.