大摩:5G登場有機會提高ARPU 繼續看好中電信(0728.HK)及聯通(0762.HK)
摩根士丹利發表報告指,有報道指內地電訊營運商預計將於10月底推出5G商用版,初期定價將會較高,亦不會推出無限數據計劃,不同收費的下載速度亦有不同,料“
早鳥
”優惠折扣達20%至30%。
該行料電訊商之ARPU將有機會上升,定價將與現時高端4G服務相若,惟料廣泛應用將會較4G需要更長時間,主要由於初期應用有限,營運商亦暫時無意為適用之手機型號提供津貼。該行料至2020年底,5G於內地的滲透率仍僅得5%,遠低於中移動(0941.HK)
推出4G首年之11%滲透率。
中國電訊股之中,該行較看好聯通(0762.HK)
及中電信(0728.HK)
多於中移動(0941.HK)
,主要由於前兩者盈利增長較快及估值較低,聯通及中電信共享5G網絡亦較為有利。基於在共享5G網絡的情況下,料兩者地區網絡覆蓋與中移動的差距收窄,有助聯通及中電信搶佔中移動市場份額。
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