Releasing the latest update on the New Zealand telecommunications company, Mr Han said Chorus' non-broadband copper connections were down just 19,000 after a 47,000 loss in the June half year.
Broadband connections were steady at 1.2million.
''This is a solid feat given the 28,000 connection losses in the June half and shows the success of Chorus' 'Ask For Better Broadband' campaign.''
The campaign was designed to raise consumer awareness of broadband options available for Kiwis, especially of the copper-enabled kind such as very high-speed digital subscriber line, or VDSL, Chorus offered.
Chorus increased VDSL line connections by 50,000 in the September quarter, offsetting more than half of the 88,000 asymmetric digital subscriber lines, or ADSL, lost during the period, he said.
The positive figures might explain the 10% rally in Chorus shares since the September quarter data points were released on October 13, pushing the stock to a 9% premium on Morningstar's unchanged $3.90 fair-value estimate.
One set of numbers did not constitute a trend and Mr Han said he was waiting to see further evidence of stabilising line connections before revisiting the intrinsic assessment of Chorus.
Mr Han's update included a glowing report of Chorus chief executive Kate McKenzie, who replaced Mark Ratcliffe in December 2016.
Chorus could not have hoped for a more well-credentialed telecommunications executive - one who boasted a 12-year career with Telstra, he said.
''This was a battle-hardened stint that most recently included, as the chief operating officer, managing the fallout from Telstra's high-profile mobile network failures in recent years and rectifying the issues.''
Ms McKenzie's experience gained in a company directly in the firing line of the national broadband network, or NBN, in Australia, would be important for Chorus, a company responsible for rolling out the NBN-equivalent in New Zealand, Mr Han said.
Equally critical was Ms McKenzie's legal background and the time she spent in charge of Telstra's regulatory and public policy issues.
''We view the rest of the senior management team as solid.''
The risks ahead for Chorus were regulatory, and included the contractural agreement with the New Zealand Government, higher-than-estimated construction costs of the fibre network, delays in the network rollout and a low fibre take-up rate, he said.
Chorus lacked pricing power as the price it could charge for access to its copper network and infrastructure was determined by the Commerce Commission.
Unfavourable outcomes from any regulatory decisions on access pricing could trigger a material decrease in long-term earnings estimates.
And Crown Fibre Holdings' contribution to the ultra-fast broadband rollout depended on Chorus' ability to execute.
Failure to meet construction milestones would result in the termination of the network construction agreement, Mr Han said.
On the positive side for the company, rising demand for data would support the uptake of fibre-based broadband services.
Chorus had a proven track record for delivering network rollouts, lowering execution risk.
Regulatory certainty had been achieved for copper pricing until at least 2020, he said.
