亚洲5G：无线数据经济（Part_5）－亚太地区科技行业－41页.pdf

Completed 18 Apr 2018 02:56 AM HKT Disseminated 18 Apr 2018 03:03 AM HKT Asia Pacific Equity Research 18 April 2018 Clients should contact representatives and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. 5G in Asia: The Economics of Wireless Data, Part 5 What's in the price now? Uncertainties regarding 5G capex and potential monetization models have helped Asian Telecommunications drive 18% Asian Telco sector underperformance over the past year. Now is the AC Fraser Smith time to revisit the sector we think, however, with formalization of standards (Non-Standalone (NSA) in Dec-17, Standalone (SA) Jun-18), as well as imminent (65) 6882-2518 fraser.smith@ spectrum auctions/assignment (Korea/Australia in 2018, Japan/China in earl J.P. Morgan Securities Singapore Private 2019). Our detailed anal sis of NSA/SA capex requirements and potential Limited monetization opportunities, combined with implied growth and ROIC anal sis, James R. Sullivan, CFA AC indicates that significa