《大行報告》大摩:聯通及中電信共建5G網絡影響均正面 對鐵塔影響中性
就聯通(00762.HK)與中電信(00728.HK)進行5G網絡共建共享合作,簽署《5G網絡共建共享框架合作協議書》,而兩公司他日業務部份仍會獨立營運,摩根士丹利發表報告表示,相信今次協議明顯對聯通及中電信均影響正面,但對中國鐵塔影響屬中性。
該行認為,上述協議明顯對聯通及中電信均影響正面,市場亦會關注中移動(00941.HK)相關開支,其網絡優勢未來或會消減,重申在中資電訊股喜愛聯通及中電訊多於中移動。
大摩稱,重申對中國鐵塔「增持」投資評級,估計聯通夥中電信合作發展5G網絡資本開支,將會與中移動相約。而對照聯通及中電信過往投資4G網成本較中移動為少。
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