Commentary: Tencent's market capitalisation over China Mobile, Chinese operators need quiet promotion of internal forces, China Mobile, Tencent-IT information
On September 5, is a red-letter day for Mascherano, on this day, Tencent's market value more than China Mobile, Asia's most valuable company. But this is not a Flash in the Pan, September 6, Tencent shares continue to rise, market value will exceed $ 2 trillion and widened the gap with China Mobile. Tencent's market value more than China Mobile, which became the Internet recently, telecommunications industry focus of attention and discussion.
Some telecommunications circles are frustrated, that operators should make reflections and adjustments in institutional mechanisms, product innovation and open cooperation, have not done enough, it should continue to deepen. However, in my opinion, is going to reflect on domestic carriers, but do not despair, because not a single industry, no company can always stands in the forefront .
Since the beginning of this century, the rise of the Internet makes the traditional telecommunications industry encountered unprecedented challenges and pressures. The emergence of a large number of new business on the Internet, makes the traditional business of telecom operators continue to marginalised, low-value smartphones and other new terminals appeared, universal carriers to be less dominant in the industry chain. Industrial chain and focus on profit transfers to the business layer and Terminal, represents such as Google, Facebook, and provides network operators in profit at the bottom. Moreover, people are more optimistic about the future of Internet companies, which is clearly reflected in the capital markets, market capitalization and earnings is the barometer.
In the telecommunications and Internet industry similarly high levels of the United States, AT&T and Verizon's market value has to be Google, Amazon and Facebook these Internet companies, and the differences were obvious. Google's market value at about $ 540 billion, Facebook and Amazon's market value is about $ 350 billion, and at and t and Verizon $ 252.2 billion and US $ 215.1 billion in market value.
Judging from the p/e ratio, 60 times times Facebook, Google for 30 times. And at and t and Verizon as the eldest two of the carriers in the world, only 17 times and 14 times times earnings. In the second quarter of this year, AT&T, Verizon's operating income and net income are higher than that of Google, Facebook and Amazon, but its market capitalization and earnings below, simply because investors were more optimistic about the growth of the Internet business of the future.
Tencent and China Mobile, is such a relationship. First half of the year, Tencent's revenues and net income less than China Mobile's 1/3, but its price-earnings ratio (51 times) but is China Mobile (15 times), three times more than doubled. So in terms of total market value, Tencent beyond China Mobile need not make a fuss, this is not an isolated phenomenon, are not emergencies, but development of the telecommunications and Internet industry stage and the external environment.
What's more, Tencent's market value surpass China Mobile, domestic carriers, is also a kind of "liberation", said companies now have a higher tree operators encounter stress less, they can dive down to practice skills, gain new impetus.
Over the years, outsiders to the operators a lot of "profiteering" bias, supported by many, China Mobile is the most valuable company in China and Asia is one of them. Not for speculation, how mobile you will be most valuable? Outside every now and then because of some event, such as the flow is zero, international roaming fees, long distance roaming, caller fees to criticize operators of "profiteering". China Mobile now has removed a "Halo" may not be a good thing for domestic operators.
In fact, these Internet companies Facebook, Google, Tencent is the "windfall" money than carriers. Ability to earn strong not measured by net profit, figuratively, sell product to sell 1000 Yuan, earn 100 Yuan, and sold 500 Yuan, netted 80 Yuan, who will make money? B of course. As of this point, profit margin is an important indicator for measuring enterprises ' ability to make money, first half of the year, Tencent's margins of almost 30%, and 16.4% China Mobile, China Telecom and China Unicom is lower, 6.05% and 3.8%, respectively. Look who's the money masters!
Today, the telecommunications industry is in a period of change, domestic operators are promoting the implementation of the transition strategy. China Telecom has established a transition strategy 3.0, in accordance with the network intelligence, business ecology, operational intelligence themes, promoting the network reconfiguration, business restructuring, operations, reconstruction and management of reconstruction. China Mobile is a comprehensive implementation of the "connected" strategy, to do big scale, better connection connection service application, strong connection. For domestic operators in transition, needed a favourable external environment. Lost "most valuable" so a tall hat, if reducing criticism now and then is no longer business as usual because "monopoly profits" were hung and beat up by public opinion, for operators, was worth!
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腾讯市值超
中国移动，中国运营商需静心提升自己的内力 -
中国移动,
腾讯 - IT资讯
9月5日，对于小马哥来说是值得纪念的日子，这一天，腾讯市值超过中国移动，成为亚洲市值最高的公司。而且这不是昙花一现，9月6日腾讯股价继续上涨，市值突破2万亿港元，拉大了与中国移动的差距。腾讯市值超过中国移动，这成为最近一段时间互联网界、电信业界人士关注和讨论的焦点。
一些电信业界人士对此感到沮丧，认为运营商应该对此进行反思，在体制机制调整方面、产品业务创新和开放合作方面做得还不够，应该继续深化。不过，在我看来，国内运营商是要去反思，但不必沮丧，因为从来没有哪一个行业、没有哪一家企业能够一直屹立于潮头。
本世纪初以来，互联网的兴起使得传统电信业遭遇空前挑战和压力。大量互联网新兴业务的出现，使得电信运营商的传统业务不断被边缘化、低值化，智能手机等新型终端的出现、普及又使得运营商在产业链中的主导性降低。产业链的重点和利润向业务层与终端层转移，谷歌、Facebook等就是代表，而提供网络层的运营商在利润曲线中位于谷底。而且，人们更加看好互联网企业的未来，这在资本市场上体现得非常明显，市值和市盈率就是晴雨表。
在电信业和互联网业发展水平同样很高的美国，AT&T和Verizon的市值已经被谷歌、亚马逊和Facebook这些互联网企业超越，而且差距明显。目前谷歌的市值在5400亿美元左右，Facebook和亚马逊的市值在3500亿美元左右，而AT&T和Verizon的市值则为2522亿美元和2151亿美元。
从市盈率指标来看，Facebook为60倍，谷歌为30倍。而AT&T和Verizon作为全世界运营商中的老大和老二，市盈率分别只有17倍和14倍。今年第二季度财报中，AT&T、Verizon的营业收入和净利润都比谷歌、Facebook和亚马逊高，但是市值和市盈率落后，只因为投资者更看好互联网企业的未来成长性。
腾讯和中国移动，也是这样的关系。今年上半年，腾讯的营业收入和净利均不到中国移动的1/3，但是腾讯的市盈率（51倍）却是中国移动（15倍）的三倍多。所以在总市值上，腾讯超越中国移动没必要大惊小怪，这不是个别现象，也不是突发事件，而是电信产业和互联网产业发展所处阶段和外部环境不同使然。
更何况，腾讯市值超越中国移动，对国内运营商来说，也是一种“解脱”，都说树大招风，现在有了一棵更高的树，运营商遭遇的外界压力会小一些，可以潜下心来练好内功，获得新的发展推动力。
一直以来，外界都对国内运营商存在着“暴利”的偏见，佐证很多，中国移动是国内乃至亚洲市值最高的公司就是其中之一。不牟取暴利，你中国移动怎么会市值最高？外界时不时因为一些事件，比如流量不清零、国际漫游费、长途漫游费、来电显示费等等来批评运营商“暴利”。现在中国移动卸下了这一“光环”，对国内运营商来说未尝不是一件好事。
实际上，Facebook、谷歌、腾讯这些互联网企业才是“暴利”，比运营商会赚钱。赚钱能力强不强不能用净利润来衡量，打个比方，甲卖产品卖了1000元，净赚100元，而乙卖了500元，净赚80元，谁更会赚钱？当然是乙。等同此理，利润率才是衡量企业赚钱能力的重要指标，今年上半年，腾讯的利润率接近30%，而中国移动则为16.4%，中国电信和中国联通则更低，分别为6.05%和3.8%。看看，谁才是赚钱高手！
如今，电信业正处于变革时期，国内运营商都在推进实施转型策略。中国电信正式确立了转型3.0战略，按照网络智能化、业务生态化、运营智慧化的三大方向，推进网络重构、业务重构、运营重构和管理重构。中国移动则全面实施“大连接”战略，要做大连接规模、做优连接服务、做强连接应用。对于处于转型期的国内运营商来说，需要一个良好的外部环境。丢掉“市值最高”这样一顶高帽子，如果能减少非议，不再像以往那样时不时因为“垄断暴利”而被舆论吊打一顿，那对运营商来说，值了！