和記電訊出售固網(wǎng)業(yè)務(wù)是好買賣嗎

由雕龍文庫 分享時(shí)間：2024-03-02 11:55:10 收藏本文

The market for mobile telecoms promises growth but teems with competition. So infrastructure investors are increasingly pegging their hopes on the greater stability of “wired” broadband businesses. An example: I Squared Capital has agreed to buy HGC, the fixed-line subsidiary of Li Ka-shing’s Hutchison Telecom, for HK$14.5bn ($1.9bn). Shares in Hong Kong-listed Hutchison jumped 6.8 per cent to two-year highs.

移動(dòng)通訊市場(chǎng)增長潛力巨大，但競(jìng)爭(zhēng)激烈。因此，基礎(chǔ)電訊設(shè)施投資者越來越多地寄希望于更穩(wěn)定的“有線”寬帶業(yè)務(wù)。一個(gè)例子是：I Squared Capital已同意以145億港元（合19億美元）的價(jià)格，收購李嘉誠(Li Ka-shing)旗下和記電訊香港(Hutchison Telecommunications HK)的固網(wǎng)電訊業(yè)務(wù)子公司——和記環(huán)球電訊(HGC)。香港上市的和記電訊股價(jià)上漲6.8%，至兩年高點(diǎn)。

Online TV offerings have helped demand for broadband connections delivered through fixed lines. The International Telecommunications Union estimates the number of fixed broadband customers grew 11 per cent to 884m in the year to 2024. The Asia-Pacific region is half the total, and grew faster.

在線電視節(jié)目提升了對(duì)通過固網(wǎng)提供的寬帶連接的需求。國際電信聯(lián)盟(ITU)估計(jì)，2024年，固網(wǎng)寬帶用戶數(shù)量增長11%，至8.84億。亞太地區(qū)占總數(shù)的一半，且增長更快。

The fixed-line business is less competitive than mobile and comes with higher margins. This reflects subscribers’ inertia and a slower upgrade cycle. The difficulty of providing “l(fā)ast-mile” infrastructure provides a barrier to entry, too.

固網(wǎng)業(yè)務(wù)比移動(dòng)業(yè)務(wù)競(jìng)爭(zhēng)更少，利潤率更高。這反映了用戶的慣性和較慢的升級(jí)周期。提供“最后一英里”基礎(chǔ)設(shè)施的困難也是進(jìn)入這一領(lǐng)域的障礙。

Hutchison’s revenues shrunk 45 per cent last year, due to lower demand for new smartphones. The group has said that it wants to use the transaction proceeds to strengthen its market position in the mobile business. At a sale price of 36 times trailing earnings, there will be cash to support that. In October, Wharf Telecom sold its fixed-line business to a consortium including TPG at roughly 30 times prior year earnings. NetLink, the recently floated group that manages Singapore’s fibre network, trades at 39 times earnings but faces less domestic competition.

由于對(duì)新智能手機(jī)的需求下降，去年和記電訊的營收萎縮了45%。該集團(tuán)表示，希望利用這筆交易所得的款項(xiàng)來加強(qiáng)其在移動(dòng)通訊領(lǐng)域的市場(chǎng)地位。以36倍歷史市盈率的估值出售，和記電訊將擁有現(xiàn)金來支持這種舉措。去年10月，九倉電訊(Wharf Telecom)被出售給包括TPG資本(TPG Capital)在內(nèi)的一家財(cái)團(tuán)，售價(jià)約為上一年盈利的30倍。近期上市的NetLink的市盈率為39倍，但它面臨的國內(nèi)競(jìng)爭(zhēng)較少。該集團(tuán)負(fù)責(zé)運(yùn)營新加坡的光纖網(wǎng)絡(luò)。

Such high valuations might tempt other operators to monetise their broadband assets in order to throw more cash at winning market share in mobile. They should be careful. Hutchison will at least have a choice of fixed-line providers from which it can rent capacity once it has sold HGC. This is not the case in all jurisdictions. It may sometimes be more prudent to remain a monopolist than become a customer of one.

如此高的估值可能誘使其他運(yùn)營商將旗下寬帶資產(chǎn)貨幣化，以拿出更多現(xiàn)金爭(zhēng)奪移動(dòng)通訊領(lǐng)域的市場(chǎng)份額。他們應(yīng)該慎重。出售了和記環(huán)球電訊，和記電訊至少可以選擇租用哪家固網(wǎng)供應(yīng)商的設(shè)施。但并非在所有司法管轄區(qū)都是如此。有時(shí)候，保持壟斷者地位可能比成為壟斷者的用戶更為穩(wěn)妥。