瑞信-亚太地区-电信行业-COVID-19之下的亚洲电信行业的防御能力如何？-2020.4.2-34页
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2020-04-26 22:21:31
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AsiaTelecomsSectorCOVID-19:Howdefensiveisthetelcosector?TelecommunicationServices|CommentFigure1:ServicerevenueforecastsbymarketbeforeandafterCOVID-19Source:Companydata,CreditSuisseestimatesTourismandroamingunderpressure,alongwithGDP.Whilethetelecomssectortendstobedrivenbysecularfactors(competitionandregulation),theCOVID-19outbreakandsuppressionmeasuresaresettohaveprimary(roaming),secondary(GDP)andtertiary(‘nationalservice’)impactsonrevenuegeneration,inparticularinthecellularsegment.WequantifytheimpactofCOVID-19market-by-market.HongKongismostaffected,witha5.3ppreductioninexpectedrevenuegrowth,butThailandandSingaporearealsoimpacted,tothetuneof3.3ppand2.5pprespectively.ThisdrivesthroughtolowerearningsacrossthesectorwiththelargestearningscutsinHongKong,Malaysia,ThailandandIndonesia(thoughtheextentislessthanconsumerdiscretionarysectorswillface).Afullsummaryofrevenueandearningsamendmentsissetoutonpage12.Stockcalls.AfterbakingintheCOVID-19effectsweretainPTTelkomasaregionaltoppick.ItsROICisa
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