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大摩5G频谱的拍卖底价吸引料频谱竞争温和
格隆汇 07-22 16:23

摩根士丹利发表研究报告指,通讯事务管理局已就使用3.3吉赫(GHz)、3.5吉赫及4.9吉赫频带内的频谱定下拍卖底价,分别为每兆赫200万元(港元,下同)、每兆赫400万元及每兆赫300万元。该行乐见拍卖5G频谱的最低底价吸引,料本次拍卖频谱竞争温和,可节省电讯商的开支。

大摩表示,香港电讯(6823.HK)、数码通(0315.HK)及和记电讯(0215.HK)一向的投资行为以资本回报率(ROIC)为中心,加上中移动香港母公司中移动(0941.HK)将会在中国使用26吉赫及4.9吉赫频段,亦会减低其竞争3.5吉赫频段的意欲。该行又指,由于香港的经济结构,在工业用途中缺少5G货币化的机会。

大摩预期,香港电讯的5G频谱成本为40亿元,而数码通及和记电讯的5G频谱成本则为15亿元。该行指,只要最后的拍卖价格不高于底价10倍,电讯商并有机会节省开支。

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