独家
在美国银行下调评级后，印度证交所的Airtel股价暴跌超过5%
美银证券在一份报告中表示:“我们认为Bharti的估值很高，并认为安全边际有限，因为我们认为下一轮关税上调的风险被推迟到大选后，这将导致下行风险，因为通胀和国际卢比贬值的逆风可能会影响需求，并导致未来更高的资本支出/利息支付。”
周三下午早些时候，Airtel股价下跌3.95%，至761.5卢比。
美银证券在一份报告中表示:“我们认为Bharti的估值很高，并认为安全边际有限，因为我们认为下一轮关税上调的风险被推迟到大选后，这将导致下行风险，因为通胀和国际卢比贬值的逆风可能会影响需求，并导致未来更高的资本支出/利息支付。”
这家全球券商补充称，Airtel若要捍卫其市场份额，就必须提高资本支出并与之匹配依赖Jio这是为了在5G部署方面不落后于市场领导者。“这将降低Bharti的自由现金流和roic。”
Airtel和Jio都在竞相推出新产品5 g服务年底前实现全印度5G覆盖。事实上，两家电信公司都在提前进行资本支出，这将在未来18个月出现更高的支出5 g部署．
美银证券(BofA Securities)表示，由于印度市场基本上只有2.5家企业，在竞争较低的情况下，Airtel的股价存在溢价。“展望未来，我们看到竞争风险加剧，Jio在后付费市场变得咄咄逼人，这是Bharti的大本营，”该经纪公司表示。该公司补充称，这种情况可能导致对竞争对手潜艇的挖角，从而导致有机净增量放缓。
不过，美银预计Bharti将从亏损中获得市场份额沃达丰的想法(Vi)——甚至尚未宣布5G推出计划——还将从政府带来的任何进一步电信行业收益中获益。它还预计Airtel的企业和(家庭)宽带业务势头将保持强劲。
Airtel和Jio的目标是到2024年3月实现1亿至1.5亿5G转换
行业高管和分析师们表示，下一个财年将是电信运营商的一个过渡阶段，他们不仅将重点放在尽可能多地覆盖全国，还将微调网络结构，鼓励消费者习惯的养成。
![\"Airtel](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure>Kolkata: Bharti Airtel<\/a> shares plunged over 5% on BSE Wednesday after brokerage BofA Securities<\/a> downgraded the telco to underperform (U\/P) from neutral, citing limited margin of safety if the next round of tariff hikes<\/a> are delayed in the run-up to the 2024 general elections.The Airtel stock was down 3.95% to Rs 761.5 in Wednesday early afternoon trade on the exchange.
\u201cWe consider Bharti\u2019s valuation as rich and see limited margin of safety as we see risks of the next round of tariff hikes being pushed back to post-general elections, which would lead to downside risks, in that, inflation and INR-depreciation headwinds could impact demand and lead to higher capex\/interest payments going ahead,\u201d BofA Secuities said in a note.
<\/div><\/div>J P Morgan backed the view, saying Bharti\u2019s stock price is building in a 10% tariff hike, and if that doesn\u2019t come through over the next three months, it will be a sentiment negative for the stock and could lead to a de-rating.
The global brokerage added that for Airtel to defend its market share it would have to increase its capex and match Reliance Jio<\/a>\u2019s in order to not fall behind the market leader on 5G rollouts. \u201cThis will drive lower free cash flows and declining ROICs for Bharti.\u201d
Both Airtel and Jio are in a race to roll out 5G services<\/a> by the year-end and achieve pan India 5G coverage. Both telcos, in fact, are bringing ahead their capex, which will see higher spends over the next 18 months on 5G deployments<\/a>.
According to BofA Securities, the Airtel stock has traded at a premium amid low competition, with India largely being a 2.5-player market. \u201cGoing ahead, we see risks of competition intensifying with Jio getting aggressive in the postpaid market, which is Bharti\u2019s stronghold,\u201d the brokerage said. Such a scenario, it added, could lead to poaching of competitors' subs causing a slowdown in organic net additions.
BofA, though, expects Bharti to gain market share from loss-making Vodafone Idea<\/a> (Vi) -- which is yet to even announce 5G rollout plans -- and also gain from any further telecom sector benefits from the government. It also expects Airtel\u2019s enterprise and (home) broadband business momentum to stay strong.
The global brokerage added that for Airtel to defend its market share it would have to increase its capex and match Reliance Jio<\/a>\u2019s in order to not fall behind the market leader on 5G rollouts. \u201cThis will drive lower free cash flows and declining ROICs for Bharti.\u201d
Both Airtel and Jio are in a race to roll out 5G services<\/a> by the year-end and achieve pan India 5G coverage. Both telcos, in fact, are bringing ahead their capex, which will see higher spends over the next 18 months on 5G deployments<\/a>.
According to BofA Securities, the Airtel stock has traded at a premium amid low competition, with India largely being a 2.5-player market. \u201cGoing ahead, we see risks of competition intensifying with Jio getting aggressive in the postpaid market, which is Bharti\u2019s stronghold,\u201d the brokerage said. Such a scenario, it added, could lead to poaching of competitors' subs causing a slowdown in organic net additions.
BofA, though, expects Bharti to gain market share from loss-making Vodafone Idea<\/a> (Vi) -- which is yet to even announce 5G rollout plans -- and also gain from any further telecom sector benefits from the government. It also expects Airtel\u2019s enterprise and (home) broadband business momentum to stay strong.