Telecoms Embrace Digital Transformation Amid Changing Landscape
Telecoms Embrace Digital Transformation Amid Changing Landscape
The telecommunications sector has made notable strides, particularly with the recent announcement of the 5G spectrum recipient, which is expected to bring an end to the long-standing impasse affecting the industry.
电信板块已取得显著进展,特别是最近宣布的5g概念频谱获得者,预计将结束长期困扰该行业的僵局。
RHB Investment Bank Bhd (RHB Research) has maintained a NEUTRAL outlook on the sector, indicating that while this development is promising, uncertainties regarding its overall impact on sector earnings and costs remain.
RHb投资银行有限公司(RHb研究)维持该板块的中立看法,表示尽管这一发展令人鼓舞,但对该行业收入和成本的整体影响仍存在不确定性。
RHB Research recommended Telekom Malaysia Bhd$TM (4863.MY)$, $AXIATA (6888.MY)$ and $CDB (6947.MY)$ as their top picks, highlighting a balanced view with four buy ratings and two neutrals among the six stocks covered. The competitive landscape among mobile network operators (MNOs) continues to intensify, with companies focusing on tactical promotions to sustain their market shares. The research house noted that this tight competition is likely to suppress mobile data yields, particularly as unlimited offers dominate promotional efforts.
RHb研究建议买入马来西亚电讯有限公司股票$TM (4863.MY)$, $AXIATA (6888.MY)$和页面。$CDB (6947.MY)$ 作为他们的首选,强调平衡观点,在覆盖的六只股票中,有四个买入评级和两个中立态度。移动网络运营商之间的竞争格局持续加剧,公司专注于战术促销以维持其市场份额。研究机构指出,这种激烈的竞争可能会压制移动数据收益,特别是在无限优惠主导促销活动的情况下。
Although 5G adoption is gaining momentum, driven by attractive device campaigns, the lack of retail use cases and high data quotas indicate that monetisation may take time. Migration activities and the upselling of fibre broadband packages could provide some support for average revenue per user (ARPU).
尽管5g概念的采用势头正在增强,受吸引人的设备活动推动,但零售使用案例的缺乏和高数据配额表明商业化可能需要一些时间。迁移活动和光纤宽带套餐的推广可能会为每用户平均营业收入(ARPU)提供一些支持。
As interest rates enter a down cycle, digital infrastructure assets are witnessing increased valuations, which may lead to corporate actions and mergers and acquisitions within the sector in 2025.
随着利率期货进入下行周期,数字基础设施资产的估值不断增加,这可能导致2025年内该行业出现企业行动和并购。
RHB Research identifies TM as a key beneficiary of the growing demand for data centres and artificial intelligence (AI), bolstered by its stronghold over fibre and digital infrastructure assets in Malaysia. The expansion of its dual-core data centre facilities in Cyberjaya and Iskandar Puteri is expected to meet rising co-location demands, with the potential for data centre EBITDA to double by FY27.
RHb研究确定Tm是数据中心和人工智能(AI)需求增长的重要受益者,受其在马来西亚光纤和数字基础设施资产上的控制增强。预计在Cyberjaya和Iskandar Puteri扩展双核数据中心设施可满足不断增长的协作需求,有望使数据中心EBITDA到FY27年翻番。
Furthermore, TM's joint venture with Singtel to develop a 64MW AI data centre in Johor could contribute RM80-RM85 million in earnings, approximately 4% of FY27's PATAMI and 37 sen to TM's discounted cash flow (DCF) valuation, according to RHB Research's estimates.
此外,根据RHb研究的估计,TM与新电信合资在柔佛发展64MW人工智能数据中心可为公司贡献8千万至8千5百万令吉的收入,约占FY27的PATAMI的4%,对TM的贴现现金流估值贡献37仙。
Despite the anticipated resolution of the 5G spectrum tender, the research house cautions that the outcome may not resolve all existing challenges. The new framework introduces uncertainties around wholesale costs, the cost to serve and capital expenditure, which could limit the potential upside for MNOs.
尽管预期5g概念频谱招标问题将得到解决,但研究机构警告称,结果可能无法解决所有现有挑战。新框架引入了关于批发成本、服务成本和资本支出的不确定性,这可能限制移动网络运营商的上行潜力。
The success of these outcomes will depend on network collaborations established with non-5G spectrum holders. The dual 5G network framework shifts the sector from a single wholesale network model, and additional spending on the second 5G network provider, along with site densification efforts, is expected to benefit infrastructure players like TM and OCK Group Bhd.
这些结果的成功将取决于与非5g概念频谱持有者建立的网络协作。双5g概念网络框架将该板块从单一批发网络模式转变,第二个5g概念网络提供商的额外支出,以及站点密集化工作预计将使像Tm和OCk集团有利的创业公司获益。
The stocks mentioned in the report are as follows, alongside their target prices (TP):
报告中提到的股票如下,以及它们的目标价格(TP):
Axiata — Buy, TP RM3.40
CelcomDigi — Buy, TP RM4.55
OCK — Buy, TP 78 sen
TM — Buy, RM8.40
$MAXIS (6012.MY)$ — Neutral, TP RM3.86
Time dotCom — Neutral, TP RM5.10
Axiata — 买入,目标价RM3.40
CelcomDigi — 买入,目标价RM4.55
OCk — 买入,目标价78仙
Tm — 买入,目标价RM8.40
$MAXIS (6012.MY)$ — 中立,目标价RM3.86
Time dotCom — 中立,目标价5.10马币