Industry experts foresee strategic mergers in Malaysia's telecommunications sector as it prepares for the impending 5G revolution under the government's ambitious Jendela initiative. U Mobile Sdn Bhd, positioned as the smallest player with a limited presence in wireline services, faces substantial challenges in competing within the expanding 5G landscape, according to BMI Research technology analyst Alex Kheder.
Kheder emphasised the necessity for market consolidation, citing competitive pressures from larger players like CelcomDigi, known for aggressive pricing strategies and economies of scale through shared infrastructure.
Responding to recent reports of Maxis' interest in acquiring U Mobile, major shareholder Berjaya Corp Bhd's Tan Sri Vincent Tan Chee Yioun disclosed plans to reject the offer, opting instead for an initial public offering by month-end.
While both Maxis and U Mobile declined to comment, U Mobile affirmed its commitment to advancing innovative 5G solutions and preparing for the government's 5G network tender.
Analysts believe Maxis' proposed acquisition of U Mobile, with its estimated 8.5 million subscribers, could significantly bolster Maxis' market presence in Malaysia, narrowing the gap with CelcomDigi, which leads with 20.4 million subscribers post-merger.
Mercury Securities' head of research, Toh Woo Kim, highlighted potential synergies in network sharing and economies of scale, noting U Mobile's focus on value-driven segments complementing Maxis' premium market strategy.
Toh dismissed other telco targets for Maxis, citing Astro's divergence from core telco operations and existing challenges.
Analyst Alex Kheder speculated on potential subscriber attrition at U Mobile post-acquisition, contingent on Maxis' strategy to maintain U Mobile's affordable offerings.
Kheder outlined opportunities for Maxis to diversify revenue streams through enhanced 4G services amid ongoing 2G and 3G phase-outs, positioning itself competitively in the 5G market.
As Malaysia prepares to award its second 5G network in Q3 2024, Maxis, CelcomDigi, and U Mobile remain contenders alongside Digital Nasional Bhd (DNB), where they collectively hold 14% interests pending decisions on future participation.
行业专家预计，马来西亚电信业将根据政府雄心勃勃的Jendela计划，为即将到来的5G革命做好准备，并将进行战略性合并。BMI Research技术分析师Alex Kheder表示，U Mobile Sdn Bhd被定位为规模最小、在有线服务领域占有率有限的参与者，在不断扩大的5G格局中竞争时面临着巨大挑战。
Kheder强调了整合市场的必要性，理由是CelcomDigi等大型参与者的竞争压力，该公司以激进的定价策略和通过共享基础设施实现规模经济而闻名。
针对最近有关明讯有兴趣收购U Mobile的报道，主要股东Berjaya Corp Bhd的Tan Sri Vincent Tan Chee Yioun透露了拒绝该要约的计划，而是选择在月底之前进行首次公开募股。
尽管明讯和U Mobile都拒绝置评，但U Mobile确认了其致力于推进创新的5G解决方案并为政府的5G网络招标做准备。
分析师认为，明讯拟议收购U Mobile的订户估计为850万，这将极大地增强明讯在马来西亚的市场份额，缩小与CelcomDigi的差距，后者在合并后拥有20.4万名订阅者。
水星证券研究主管Toh Woo Kim强调了网络共享和规模经济方面的潜在协同效应，并指出U Mobile专注于价值驱动的细分市场，这是对明讯高端市场战略的补充。
Toh驳回了明讯的其他电信目标，理由是Astro与核心电信业务存在分歧以及存在的挑战。
分析师Alex Kheder推测，收购后U Mobile可能会出现用户流失，这取决于Maxis维持U Mobile价格合理的产品的战略。
Kheder概述了明讯在持续逐步淘汰2G和3G的情况下通过增强4G服务实现收入来源多元化的机会，从而在5G市场中占据竞争地位。
在马来西亚准备在2024年第三季度授予其第二个5G网络之际，Maxis、CelcomDIGI和U Mobile仍然是与数字国家有限公司（DNB）并列的竞争者，在做出未来参与决定之前，它们共持有后者14％的权益。
