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.
行業專家預計，馬來西亞電信業將根據政府雄心勃勃的Jendela計劃，爲即將到來的5G革命做好準備，並將進行戰略性合併。BMI Research技術分析師Alex Kheder表示，U Mobile Sdn Bhd被定位爲規模最小、在有線服務領域佔有率有限的參與者，在不斷擴大的5G格局中競爭時面臨着巨大挑戰。
Kheder強調了整合市場的必要性，理由是CelcomDigi等大型參與者的競爭壓力，該公司以激進的定價策略和通過共享基礎設施實現規模經濟而聞名。
針對最近有關明訊有興趣收購U Mobile的報道，主要股東Berjaya Corp Bhd的Tan Sri Vincent Tan Chee Yioun透露了拒絕該要約的計劃，而是選擇在月底之前進行首次公開募股。
儘管明訊和U Mobile都拒絕置評，但U Mobile確認了其致力於推進創新的5G解決方案併爲政府的5G網絡招標做準備。
分析師認爲，明訊擬議收購U Mobile的訂戶估計爲850萬，這將極大地增強明訊在馬來西亞的市場份額，縮小與CelcomDigi的差距，後者在合併後擁有20.4萬名訂閱者。
水星證券研究主管Toh Woo Kim強調了網絡共享和規模經濟方面的潛在協同效應，並指出U Mobile專注於價值驅動的細分市場，這是對明訊高端市場戰略的補充。
Toh駁回了明訊的其他電信目標，理由是Astro與核心電信業務存在分歧以及存在的挑戰。
分析師Alex Kheder推測，收購後U Mobile可能會出現用戶流失，這取決於Maxis維持U Mobile價格合理的產品的戰略。
Kheder概述了明訊在持續逐步淘汰2G和3G的情況下通過增強4G服務實現收入來源多元化的機會，從而在5G市場中佔據競爭地位。
在馬來西亞準備在2024年第三季度授予其第二個5G網絡之際，Maxis、CelcomDIGI和U Mobile仍然是與數字國家有限公司（DNB）並列的競爭者，在做出未來參與決定之前，它們共持有後者14％的權益。
