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富瑞:ASM太平洋(0522.HK)季績疲弱反映5G資本開支或低於預期 但內地電信商仍被低估
格隆匯 11-04 15:41

富瑞發佈報告稱,ASM太平洋(00522.HK)第三季業績疲弱意味着內地5G資本開支在短期及可預見的將來都較市場預期低,而期內業績疲弱主要由於中國電信(00728.HK)及中國聯通(00762.HK)的共建共享計劃導致基站需要重新設計。該行認為,內地電信商仍然被低估。

該行表示,由於中國電信及中國聯通有5G共建共享計劃,相信內地第三季及第四季的5G基站建設會放緩。另外,為了利用3.5GHz頻段內的200MHz連續頻譜,中國電信及中國聯通需要更高能量。該行稱,中國電信及中國聯通重新設計基站有助較中國移動(00941)提供更優質的網絡表現,但重新設計需時。

該行又稱,中國電信及中國聯通需要在5G獨立組網(SA)設備完善後才能共建5G網絡,預計2020年中旬能完備。所以,該行認為中國電信及中國聯通直至2020年下半年,也會有較少動力加速5G建設。

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