和记电讯出售固网业务是好买卖吗_BEC初级作文

和记电讯出售固网业务是好买卖吗

固网业务比移动业务竞争更少，利润率更高。这反映了用户的惯性和较慢的升级周期。提供“最后一英里”基础设施的困难也是进入这一领域的障碍。

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.

由于对新智能手机的需求下降，去年和记电讯的营收萎缩了45%。该集团表示，希望利用这笔交易所得的款项来加强其在移动通讯领域的市场地位。以36倍历史市盈率的估值出售，和记电讯将拥有现金来支持这种举措。去年10月，九仓电讯(Wharf Telecom)被出售给包括TPG资本(TPG Capital)在内的一家财团，售价约为上一年盈利的30倍。近期上市的NetLink的市盈率为39倍，但它面临的国内竞争较少。该集团负责运营新加坡的光纤网络。

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.