5G与云：会改变你的生活么？.docxVIP

Equities Diversified Telecoms September 2019 S P O TL I G H T 5G and the cloud Will it change your life? Cloud Radio Access Network (RAN) is a potential game-changer in mobile – lowering costs and enabling new services, particularly as the industry moves to 5G Rakuten Mobile is the global pioneer – we conclude it can disrupt the Japanese market. Challengers in the US or Germany face a much tougher task We have Buy ratings on Rakuten, Deutsche Telekom, and Vodafone; Reduce on DoCoMo, SoftBank Corp, and DISH Play video with Neale Anderson Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Diversified Equities ● Diversified Telecoms September 2019 PAGE PAGE 40 PAGE PAGE 39 Why read this report? Cloud Radio Access Network promises lower costs and better services – it could be a game-changer for certain new entrants as well as for incumbents, especially once 5G reaches scale Rakuten Mobile is the global pioneer with this technology, and we conclude it can use Cloud RAN to disrupt the Japanese market – challengers in the US or Germany face a much tougher task We have Buy ratings on Rakuten, Deutsche Telekom, and Vodafone; Reduce on DoCoMo, SoftBank Corp, and DISH Cloud Radio Access Networks (Cloud RAN) promises to bring the flexibility of cloud computing to mobile. Mobile networks are both complex and time-sensitive, resulting in hardware and software that is tightly linked. ‘Cloud RAN’ promises to virtualise radio network functions, separating hardware from software and enabling operators to use off-the-shelf equipment. Capacity and processing power can be scaled up and down as required and allocated where needed. Services can be created, configured and adjusted on an ongoing basis, much as Netflix and other cloud-based leaders adjust their services and pricing. Near term, this approach promises to lower costs. For R