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2023-03-24
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Fixed Wireless Is the New Telecom Thing. 2 Big Plays.<blockquote>固定无线是新的电信事物。两场大戏。</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":659952847,"tweetId":"659952847","gmtCreate":1679645575389,"gmtModify":1679645576762,"author":{"id":3440961280430337,"idStr":"3440961280430337","authorId":3440961280430337,"authorIdStr":"3440961280430337","name":"xiaomaomao","avatar":"https://static.tigerbbs.com/18311f38f450b453cba91061b2c75557","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>说说你对这篇新闻的看法...</p></body></html>","htmlText":"<html><head></head><body><p>说说你对这篇新闻的看法...</p></body></html>","text":"说说你对这篇新闻的看法...","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/659952847","repostId":2321515725,"repostType":2,"repost":{"id":"2321515725","kind":"highlight","pubTimestamp":1679630460,"share":"https://www.laohu8.com/m/news/2321515725?lang=zh_CN&edition=full","pubTime":"2023-03-24 12:01","market":"us","language":"en","title":"Fixed Wireless Is the New Telecom Thing. 2 Big Plays.<blockquote>固定无线是新的电信事物。两场大戏。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2321515725","media":"marketwatch","summary":"Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions ","content":"<p><html><body><div itemprop=\"articleBody\"> <div> <div> <div aria-hidden=\"true\"></div> </div> </div> <div> <div> <div aria-label=\"Listen to Article\" role=\"region\" tabindex=\"-1\"> </div> </div> </div> <div> <figure itemscope=\"\" itemtype=\"http://schema.org/ImageObject\"> <div> <img itemprop=\"contentUrl\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 300px, (max-width: 1299px) 300px, 300px\" src=\"https://images.barrons.com/im-747922?width=639&height=426\" srcset=\"https://images.barrons.com/im-747922?width=300&size=1.5 300w, https://images.barrons.com/im-747922?width=639&size=1.5 639w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=1.5 958w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=2 1278w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=3 1917w\" title=\"\"/> </div> <figcaption itemprop=\"caption\"> <h4>Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S.</h4> </figcaption> </figure> </div> Wireless home broadband is the hottest trend in the telecoms industry, offering customers cheap internet and quick self- installation. </p><p><blockquote><html><body><div itemprop=\"articleBody\"><div><div><div aria-hidden=\"true\"></div></div></div><div><div><div aria-label=\"Listen to Article\" role=\"region\" tabindex=\"-1\"></div></div></div><div><figure itemscope=\"\" itemtype=\"http://schema.org/ImageObject\"><div></div><figcaption itemprop=\"caption\"><h4>去年，固定无线占美国 350 万净额外宽带用户的 90%。</h4></figcaption></figure></div>无线家庭宽带是电信行业最热门的趋势，为客户提供廉价的互联网和快速的自助安装。</div></body></html></blockquote></p><p> There are two stocks investors should consider when looking at the opportunities with the technology. </p><p><blockquote>投资者在考虑该技术的机会时应该考虑两只股票。</blockquote></p><p> T-Mobile US (ticker: TMUS) and Verizon (VZ) Communications have sought to capitalize on the growth in fixed wireless, allowing them to offer home broadband services alongside their mobile services. This means they benefit from the traditional defensive qualities of telecoms stocks while also seizing market share from their cable rivals. </p><p><blockquote>T-Mobile US（股票代码：TMUS）和Verizon（VZ）通信公司试图利用固定无线的增长，使他们能够在移动服务的同时提供家庭宽带服务。这意味着他们受益于电信股票的传统防御性，同时也从有线电视竞争对手手中夺取市场份额。</blockquote></p><p> <div> Fixed wireless internet uses radio frequencies rather than cables to provide home broadband access. While maximum internet speeds are generally lower than those achieved via fiber, its big selling point is price—it is generally cheaper. </p><p><blockquote><div>固定无线互联网使用无线电频率而不是电缆来提供家庭宽带接入。虽然最大互联网速度通常低于通过光纤实现的速度，但它的一大卖点是价格——它通常更便宜。</div></blockquote></p><p> Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S., according to the Leichtman Research Group. The rate of adoption is impressive—in 2021 fixed wireless additions came to 730,000, accelerating to 3.1 million in 2022. </p><p><blockquote>根据Leichtman Research Group的数据，去年，固定无线占美国350万净额外宽带用户的90%。采用率令人印象深刻——2021年，固定无线新增数量达到73万台，2022年加速至310万台。</blockquote></p><p> T-Mobile US<span>,</span> which was a <em>Barron’s</em> stock pick last year, is the leader in fixed wireless among the three major carriers. It is targeting between seven million and eight million subscribers for its fixed wireless broadband by 2025, up from 2.6 million at the end of 2022. </p><p><blockquote>T-Mobile美国<span>,</span>这是一个<em>巴伦</em>去年选股，是三大运营商中固定无线业务的领头羊。该公司的目标是到 2025 年固定无线宽带用户达到 700 万至 800 万，高于 2022 年底的 260 万。</blockquote></p><p> T-Mobile US stock is up 15% over the past 12 months, outperforming an 11% fall in the S&P 500. It trades at around 18 times its projected earnings over the next 12 months, below its five-year average of 31 times according to FactSet. </p><p><blockquote>T-Mobile 美国股票在过去 12 个月中上涨了 15%，跑赢了标普500 11% 的跌幅。根据 FactSet 的数据，该公司未来 12 个月的市盈率约为预期市盈率的 18 倍，低于 31 倍的五年平均水平。</blockquote></p><p> Verizon has said it expects to have four million to five million<strong> </strong>subscribers to its fixed wireless service by the end of 2025, from 1.45 million at the end of last year. </p><p><blockquote>Verizon 表示预计将有 400 万至 500 万<strong></strong>到 2025 年底，其固定无线服务的用户数量将从去年年底的 145 万增加到 2025 年底。</blockquote></p><p> Verizon stock is down 27% over the past year, hit by subscriber losses in its mobile consumer segment. It trades at just 7.8 times its projected earnings over the next 12 months according to FactSet. </p><p><blockquote>由于移动消费者领域用户流失，Verizon 股价在过去一年下跌了 27%。根据 FactSet 的数据，该公司未来 12 个月的交易价格仅为其预计收益的 7.8 倍。</blockquote></p><p> Rival AT&T (T) is taking a contrasting path, by prioritizing fiber broadband and largely using fixed wireless only as a supplementary solution. AT&T doesn’t share its fixed wireless customer numbers. </p><p><blockquote>竞争对手美国电话电报公司（T）正在走一条截然不同的道路，优先考虑光纤宽带，并在很大程度上仅将固定无线作为补充解决方案。AT&T 不分享其固定无线客户号码。</blockquote></p><p><div></div> “In a lot of densely populated areas, with fixed wireless there’s not enough spectrum to serve customers in the longer term. We believe that fiber is the best medium to serve those customers,” Gordan Mansfield, AT&T’s vice president for global technology planning, told <em>Barron’s</em> recently at the Mobile World Congress in Barcelona. </p><p><blockquote><div></div>“美国电话电报公司负责全球技术规划的副总裁戈丹-曼斯菲尔德（Gordan Mansfield）说：”在许多人口稠密的地区，有了固定无线，就没有足够的频谱为客户提供长期服务。我们相信光纤是为这些客户提供服务的最佳媒介。<em>巴伦</em>最近在巴塞罗那举行的世界移动大会上。</blockquote></p><p> AT&T stock is up 5.1% over the past 12 months. </p><p><blockquote>AT&T 股价在过去 12 个月上涨了 5.1%。</blockquote></p><p> The wireless carriers aren’t only competing with each other but also with cable companies such as Comcast (CMCSA) and Charter Communications (CHTR). Fixed wireless is generally cheaper than a fiber connection. T-Mobile offers its home internet service for $50 a month with no annual contract. The median cost of a high-speed internet service in the U.S. last year was $74.99 a month, according to a Consumer Reports study carried out last year. </p><p><blockquote>无线运营商不仅相互竞争，还与康卡斯特（CMCSA）和特许通信（CHTR）等有线电视公司竞争。固定无线通常比光纤连接便宜。T-Mobile提供每月50美元的家庭互联网服务，没有年度合同。根据《消费者报告》去年进行的一项研究，去年美国高速互联网服务的成本中位数为每月74.99美元。</blockquote></p><p> “Some of those [fixed wireless] offers look pretty attractive and that’s what’s putting pressure particularly on the cable industry in the U.S.,” Kester Mann, director consumer-and-connectivity at consultancy CCS Insight, told <em>Barron’s</em>. </p><p><blockquote>“咨询公司 CCS Insight 的消费者和连接总监凯斯特-曼（Kester Mann）说：”其中一些（固定无线）产品看起来很有吸引力，这正是给美国有线电视行业带来压力的原因。<em>巴伦</em>.</blockquote></p><p> The question investors need to consider is whether fixed wireless is reaching its ceiling—both in terms of customers it can pick off from cable companies and in terms of<strong> </strong>technological capacity. Wireless networks have a limited amount of data they can process without speeds slowing. </p><p><blockquote>投资者需要考虑的问题是，固定无线是否已达到其上限——无论是从有线电视公司获得的客户数量还是从<strong></strong>技术能力。无线网络在速度不变慢的情况下可以处理的数据量有限。</blockquote></p><p></p><p> Analysts at UBS said in a recent research note<strong> </strong>they believe fixed wireless is near its peak rate of additions. However, they don’t expect a substantial drop in numbers of additions before 2024 “at the earliest.” That suggests T-Mobile US and Verizon’s subscriber numbers are set to benefit from their fixed wireless investments for some time yet.</p><p><blockquote>瑞银分析师在最近的一份研究报告中表示<strong></strong>他们认为固定无线接近其峰值添加率。不过，他们预计 “最早 ”在 2024 年之前，新增数量不会大幅下降。这表明 T-Mobile US 和 Verizon 的用户数量将在一段时间内从他们的固定无线投资中受益。</blockquote></p><p> There is also the prospect that advances in technology could extend the headroom for growth. The use of millimeter-wave spectrum—extremely high radio frequencies—allows wireless connections to rival the speed of fiber-optic cable over short distances. Demand for fixed wireless could incentivize operators to install the required equipment in dense, urban areas. </p><p><blockquote>技术进步也有可能扩大增长空间。毫米波频谱（极高的无线电频率）的使用使得无线连接在短距离内的速度可以与光纤电缆相媲美。对固定无线的需求可能会激励运营商在人口稠密的城市地区安装所需的设备。</blockquote></p><p> T-Mobile US and Verizon’s fixed wireless success has given them a strong foothold to offer popular bundles of mobile and home broadband. While cable companies are striking back with their own wireless offers, T-Mobile US and Verizon benefit from having their own network infrastructure in which they have already invested, rather than relying on partners, and not having to spend so much on fiber expansion. </p><p><blockquote>T-Mobile US 和 Verizon 固定无线业务的成功为他们提供广受欢迎的移动和家庭宽带捆绑包奠定了坚实的基础。虽然有线电视公司正在用自己的无线产品进行反击，但T-Mobile US和Verizon受益于拥有自己的网络基础设施，他们已经投资了这些基础设施，而不是依赖合作伙伴，也不必在光纤扩展上花费这么多。</blockquote></p><p> At least in the short term, the wireless carriers have won an advantage—which should stand them in good stead in a telecoms industry increasingly converging to try to offer customers all their needs on one network. </p><p><blockquote>至少在短期内，无线运营商赢得了优势——在电信行业日益趋同，试图在一个网络上为客户提供所有需求，这应该对他们有利。</blockquote></p><p> Write to Adam Clark at adam.clark@barrons.com</p><p><blockquote>写信给 Adam Clark：adam.clark@barrons.com</blockquote></p><p> </div> </div></body></html></p><p><blockquote></blockquote></p><p></p>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFixed Wireless Is the New Telecom Thing. 2 Big Plays.<blockquote>固定无线是新的电信事物。两场大戏。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2023-03-24 12:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div itemprop=\"articleBody\"> <div> <div> <div aria-hidden=\"true\"></div> </div> </div> <div> <div> <div aria-label=\"Listen to Article\" role=\"region\" tabindex=\"-1\"> </div> </div> </div> <div> <figure itemscope=\"\" itemtype=\"http://schema.org/ImageObject\"> <div> <img itemprop=\"contentUrl\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 300px, (max-width: 1299px) 300px, 300px\" src=\"https://images.barrons.com/im-747922?width=639&height=426\" srcset=\"https://images.barrons.com/im-747922?width=300&size=1.5 300w, https://images.barrons.com/im-747922?width=639&size=1.5 639w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=1.5 958w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=2 1278w, https://images.barrons.com/im-747922?width=639&size=1.5&pixel_ratio=3 1917w\" title=\"\"/> </div> <figcaption itemprop=\"caption\"> <h4>Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S.</h4> </figcaption> </figure> </div> Wireless home broadband is the hottest trend in the telecoms industry, offering customers cheap internet and quick self- installation. </p><p><blockquote><html><body><div itemprop=\"articleBody\"><div><div><div aria-hidden=\"true\"></div></div></div><div><div><div aria-label=\"Listen to Article\" role=\"region\" tabindex=\"-1\"></div></div></div><div><figure itemscope=\"\" itemtype=\"http://schema.org/ImageObject\"><div></div><figcaption itemprop=\"caption\"><h4>去年，固定无线占美国 350 万净额外宽带用户的 90%。</h4></figcaption></figure></div>无线家庭宽带是电信行业最热门的趋势，为客户提供廉价的互联网和快速的自助安装。</div></body></html></blockquote></p><p> There are two stocks investors should consider when looking at the opportunities with the technology. </p><p><blockquote>投资者在考虑该技术的机会时应该考虑两只股票。</blockquote></p><p> T-Mobile US (ticker: TMUS) and Verizon (VZ) Communications have sought to capitalize on the growth in fixed wireless, allowing them to offer home broadband services alongside their mobile services. This means they benefit from the traditional defensive qualities of telecoms stocks while also seizing market share from their cable rivals. </p><p><blockquote>T-Mobile US（股票代码：TMUS）和Verizon（VZ）通信公司试图利用固定无线的增长，使他们能够在移动服务的同时提供家庭宽带服务。这意味着他们受益于电信股票的传统防御性，同时也从有线电视竞争对手手中夺取市场份额。</blockquote></p><p> <div> Fixed wireless internet uses radio frequencies rather than cables to provide home broadband access. While maximum internet speeds are generally lower than those achieved via fiber, its big selling point is price—it is generally cheaper. </p><p><blockquote><div>固定无线互联网使用无线电频率而不是电缆来提供家庭宽带接入。虽然最大互联网速度通常低于通过光纤实现的速度，但它的一大卖点是价格——它通常更便宜。</div></blockquote></p><p> Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S., according to the Leichtman Research Group. The rate of adoption is impressive—in 2021 fixed wireless additions came to 730,000, accelerating to 3.1 million in 2022. </p><p><blockquote>根据Leichtman Research Group的数据，去年，固定无线占美国350万净额外宽带用户的90%。采用率令人印象深刻——2021年，固定无线新增数量达到73万台，2022年加速至310万台。</blockquote></p><p> T-Mobile US<span>,</span> which was a <em>Barron’s</em> stock pick last year, is the leader in fixed wireless among the three major carriers. It is targeting between seven million and eight million subscribers for its fixed wireless broadband by 2025, up from 2.6 million at the end of 2022. </p><p><blockquote>T-Mobile美国<span>,</span>这是一个<em>巴伦</em>去年选股，是三大运营商中固定无线业务的领头羊。该公司的目标是到 2025 年固定无线宽带用户达到 700 万至 800 万，高于 2022 年底的 260 万。</blockquote></p><p> T-Mobile US stock is up 15% over the past 12 months, outperforming an 11% fall in the S&P 500. It trades at around 18 times its projected earnings over the next 12 months, below its five-year average of 31 times according to FactSet. </p><p><blockquote>T-Mobile 美国股票在过去 12 个月中上涨了 15%，跑赢了标普500 11% 的跌幅。根据 FactSet 的数据，该公司未来 12 个月的市盈率约为预期市盈率的 18 倍，低于 31 倍的五年平均水平。</blockquote></p><p> Verizon has said it expects to have four million to five million<strong> </strong>subscribers to its fixed wireless service by the end of 2025, from 1.45 million at the end of last year. </p><p><blockquote>Verizon 表示预计将有 400 万至 500 万<strong></strong>到 2025 年底，其固定无线服务的用户数量将从去年年底的 145 万增加到 2025 年底。</blockquote></p><p> Verizon stock is down 27% over the past year, hit by subscriber losses in its mobile consumer segment. It trades at just 7.8 times its projected earnings over the next 12 months according to FactSet. </p><p><blockquote>由于移动消费者领域用户流失，Verizon 股价在过去一年下跌了 27%。根据 FactSet 的数据，该公司未来 12 个月的交易价格仅为其预计收益的 7.8 倍。</blockquote></p><p> Rival AT&T (T) is taking a contrasting path, by prioritizing fiber broadband and largely using fixed wireless only as a supplementary solution. AT&T doesn’t share its fixed wireless customer numbers. </p><p><blockquote>竞争对手美国电话电报公司（T）正在走一条截然不同的道路，优先考虑光纤宽带，并在很大程度上仅将固定无线作为补充解决方案。AT&T 不分享其固定无线客户号码。</blockquote></p><p><div></div> “In a lot of densely populated areas, with fixed wireless there’s not enough spectrum to serve customers in the longer term. We believe that fiber is the best medium to serve those customers,” Gordan Mansfield, AT&T’s vice president for global technology planning, told <em>Barron’s</em> recently at the Mobile World Congress in Barcelona. </p><p><blockquote><div></div>“美国电话电报公司负责全球技术规划的副总裁戈丹-曼斯菲尔德（Gordan Mansfield）说：”在许多人口稠密的地区，有了固定无线，就没有足够的频谱为客户提供长期服务。我们相信光纤是为这些客户提供服务的最佳媒介。<em>巴伦</em>最近在巴塞罗那举行的世界移动大会上。</blockquote></p><p> AT&T stock is up 5.1% over the past 12 months. </p><p><blockquote>AT&T 股价在过去 12 个月上涨了 5.1%。</blockquote></p><p> The wireless carriers aren’t only competing with each other but also with cable companies such as Comcast (CMCSA) and Charter Communications (CHTR). Fixed wireless is generally cheaper than a fiber connection. T-Mobile offers its home internet service for $50 a month with no annual contract. The median cost of a high-speed internet service in the U.S. last year was $74.99 a month, according to a Consumer Reports study carried out last year. </p><p><blockquote>无线运营商不仅相互竞争，还与康卡斯特（CMCSA）和特许通信（CHTR）等有线电视公司竞争。固定无线通常比光纤连接便宜。T-Mobile提供每月50美元的家庭互联网服务，没有年度合同。根据《消费者报告》去年进行的一项研究，去年美国高速互联网服务的成本中位数为每月74.99美元。</blockquote></p><p> “Some of those [fixed wireless] offers look pretty attractive and that’s what’s putting pressure particularly on the cable industry in the U.S.,” Kester Mann, director consumer-and-connectivity at consultancy CCS Insight, told <em>Barron’s</em>. </p><p><blockquote>“咨询公司 CCS Insight 的消费者和连接总监凯斯特-曼（Kester Mann）说：”其中一些（固定无线）产品看起来很有吸引力，这正是给美国有线电视行业带来压力的原因。<em>巴伦</em>.</blockquote></p><p> The question investors need to consider is whether fixed wireless is reaching its ceiling—both in terms of customers it can pick off from cable companies and in terms of<strong> </strong>technological capacity. Wireless networks have a limited amount of data they can process without speeds slowing. </p><p><blockquote>投资者需要考虑的问题是，固定无线是否已达到其上限——无论是从有线电视公司获得的客户数量还是从<strong></strong>技术能力。无线网络在速度不变慢的情况下可以处理的数据量有限。</blockquote></p><p></p><p> Analysts at UBS said in a recent research note<strong> </strong>they believe fixed wireless is near its peak rate of additions. However, they don’t expect a substantial drop in numbers of additions before 2024 “at the earliest.” That suggests T-Mobile US and Verizon’s subscriber numbers are set to benefit from their fixed wireless investments for some time yet.</p><p><blockquote>瑞银分析师在最近的一份研究报告中表示<strong></strong>他们认为固定无线接近其峰值添加率。不过，他们预计 “最早 ”在 2024 年之前，新增数量不会大幅下降。这表明 T-Mobile US 和 Verizon 的用户数量将在一段时间内从他们的固定无线投资中受益。</blockquote></p><p> There is also the prospect that advances in technology could extend the headroom for growth. The use of millimeter-wave spectrum—extremely high radio frequencies—allows wireless connections to rival the speed of fiber-optic cable over short distances. Demand for fixed wireless could incentivize operators to install the required equipment in dense, urban areas. </p><p><blockquote>技术进步也有可能扩大增长空间。毫米波频谱（极高的无线电频率）的使用使得无线连接在短距离内的速度可以与光纤电缆相媲美。对固定无线的需求可能会激励运营商在人口稠密的城市地区安装所需的设备。</blockquote></p><p> T-Mobile US and Verizon’s fixed wireless success has given them a strong foothold to offer popular bundles of mobile and home broadband. While cable companies are striking back with their own wireless offers, T-Mobile US and Verizon benefit from having their own network infrastructure in which they have already invested, rather than relying on partners, and not having to spend so much on fiber expansion. </p><p><blockquote>T-Mobile US 和 Verizon 固定无线业务的成功为他们提供广受欢迎的移动和家庭宽带捆绑包奠定了坚实的基础。虽然有线电视公司正在用自己的无线产品进行反击，但T-Mobile US和Verizon受益于拥有自己的网络基础设施，他们已经投资了这些基础设施，而不是依赖合作伙伴，也不必在光纤扩展上花费这么多。</blockquote></p><p> At least in the short term, the wireless carriers have won an advantage—which should stand them in good stead in a telecoms industry increasingly converging to try to offer customers all their needs on one network. </p><p><blockquote>至少在短期内，无线运营商赢得了优势——在电信行业日益趋同，试图在一个网络上为客户提供所有需求，这应该对他们有利。</blockquote></p><p> Write to Adam Clark at adam.clark@barrons.com</p><p><blockquote>写信给 Adam Clark：adam.clark@barrons.com</blockquote></p><p> </div> </div></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/t-mobile-verizon-stocks-wireless-broadband-51058e82?mod=newsviewer_click\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.barrons.com/im-747922?size=1.777777777777778&width=220 220w","relate_stocks":{"LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4115":"综合电信业务","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4570":"地缘局势概念股","BK4566":"资本集团","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","CMCSA":"康卡斯特","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","BK4515":"5G概念","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4559":"巴菲特持仓","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4588":"碎股","BK4550":"红杉资本持仓","VZ":"Verizon Comms","BK4507":"流媒体概念","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","CHTR":"特许通讯","NGD":"New Gold","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","BK4017":"黄金","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","BK4100":"有线和卫星","T":"At&T","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","BK4581":"高盛持仓","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC"},"source_url":"https://www.marketwatch.com/articles/t-mobile-verizon-stocks-wireless-broadband-51058e82?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321515725","content_text":"Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S. Wireless home broadband is the hottest trend in the telecoms industry, offering customers cheap internet and quick self- installation. There are two stocks investors should consider when looking at the opportunities with the technology. T-Mobile US (ticker: TMUS) and Verizon (VZ) Communications have sought to capitalize on the growth in fixed wireless, allowing them to offer home broadband services alongside their mobile services. This means they benefit from the traditional defensive qualities of telecoms stocks while also seizing market share from their cable rivals. Fixed wireless internet uses radio frequencies rather than cables to provide home broadband access. While maximum internet speeds are generally lower than those achieved via fiber, its big selling point is price—it is generally cheaper. Last year, fixed wireless represented 90% of the 3.5 million net additional broadband subscriptions in the U.S., according to the Leichtman Research Group. The rate of adoption is impressive—in 2021 fixed wireless additions came to 730,000, accelerating to 3.1 million in 2022. T-Mobile US, which was a Barron’s stock pick last year, is the leader in fixed wireless among the three major carriers. It is targeting between seven million and eight million subscribers for its fixed wireless broadband by 2025, up from 2.6 million at the end of 2022. T-Mobile US stock is up 15% over the past 12 months, outperforming an 11% fall in the S&P 500. It trades at around 18 times its projected earnings over the next 12 months, below its five-year average of 31 times according to FactSet. Verizon has said it expects to have four million to five million subscribers to its fixed wireless service by the end of 2025, from 1.45 million at the end of last year. Verizon stock is down 27% over the past year, hit by subscriber losses in its mobile consumer segment. It trades at just 7.8 times its projected earnings over the next 12 months according to FactSet. Rival AT&T (T) is taking a contrasting path, by prioritizing fiber broadband and largely using fixed wireless only as a supplementary solution. AT&T doesn’t share its fixed wireless customer numbers. “In a lot of densely populated areas, with fixed wireless there’s not enough spectrum to serve customers in the longer term. We believe that fiber is the best medium to serve those customers,” Gordan Mansfield, AT&T’s vice president for global technology planning, told Barron’s recently at the Mobile World Congress in Barcelona. AT&T stock is up 5.1% over the past 12 months. The wireless carriers aren’t only competing with each other but also with cable companies such as Comcast (CMCSA) and Charter Communications (CHTR). Fixed wireless is generally cheaper than a fiber connection. T-Mobile offers its home internet service for $50 a month with no annual contract. The median cost of a high-speed internet service in the U.S. last year was $74.99 a month, according to a Consumer Reports study carried out last year. “Some of those [fixed wireless] offers look pretty attractive and that’s what’s putting pressure particularly on the cable industry in the U.S.,” Kester Mann, director consumer-and-connectivity at consultancy CCS Insight, told Barron’s. The question investors need to consider is whether fixed wireless is reaching its ceiling—both in terms of customers it can pick off from cable companies and in terms of technological capacity. Wireless networks have a limited amount of data they can process without speeds slowing. Analysts at UBS said in a recent research note they believe fixed wireless is near its peak rate of additions. However, they don’t expect a substantial drop in numbers of additions before 2024 “at the earliest.” That suggests T-Mobile US and Verizon’s subscriber numbers are set to benefit from their fixed wireless investments for some time yet. There is also the prospect that advances in technology could extend the headroom for growth. The use of millimeter-wave spectrum—extremely high radio frequencies—allows wireless connections to rival the speed of fiber-optic cable over short distances. Demand for fixed wireless could incentivize operators to install the required equipment in dense, urban areas. T-Mobile US and Verizon’s fixed wireless success has given them a strong foothold to offer popular bundles of mobile and home broadband. While cable companies are striking back with their own wireless offers, T-Mobile US and Verizon benefit from having their own network infrastructure in which they have already invested, rather than relying on partners, and not having to spend so much on fiber expansion. At least in the short term, the wireless carriers have won an advantage—which should stand them in good stead in a telecoms industry increasingly converging to try to offer customers all their needs on one network. Write to Adam Clark at adam.clark@barrons.com","news_type":1,"symbols_score_info":{"VZ":1,"CMCSA":1,"T":1,"CHTR":1,"NGD":1}},"isVote":1,"tweetType":1,"viewCount":6627,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":25,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/659952847"}
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