发帖
雷达卡
Summary
The shift toward a data-centric wireless business model creates
capacity pressures which are altering the supply and demand
balance in the sector. We have shifted towards a more positive view
on wireless data in Asia in the last six months. We believe best-inclass
operators that have a balanced handset subsidy strategy and
superior network quality will be able to both take market share and
increase operating margins. We see the re-linking of data usage and
revenues and the emergence of high-quality, low-cost smartphones
as powerful secular catalysts. We favour integrated operators with a
strong track record of network investment. We view capex as a
competitive weapon that limits the potential for sustained pricing
disruption from sub-scale operators. Our top picks are wellpositioned
around this shift toward a data-centric model.
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