SINGAPORE: As lockdowns worldwide drive a surge in internet use, boosting online sales for businesses as varied as gaming and food delivery, the ...
SINGAPORE: As lockdowns worldwide drive a surge in internet use, boosting online sales for businesses as varied as gaming and food delivery, the stocks of internet providers are an unlikely laggard on global markets.
The poor showing illustrates the difficult dynamics facing carriers, even when their services are more essential than ever.Around the world, millions of people are confined to their homes and businesses closed as governments restrict movement to halt the spread of the coronavirus which has led to over 113,000 deaths.
"I can't yet say whether more time being spent in the home office will compensate for revenue losses that will arise because many companies or private individuals have to put off renewing their contracts or can't pay their bills."The outlook has driven stock drops as investors fret about dividends that have been under pressure for years.
To be sure, the sector is not devoid of defensive characteristics, with the 13 per cent fall in the MSCI world telecoms index comparing to a 16 per cent fall in the broader market . "These are engineers digging cables in the ground, not the ponytail guys coming up with all the ideas."Deutsche Telekom AG , conglomerate Bouygues SA and Telia Company AB are among only a few large telcos to delay or reduce dividends or downgrade forecasts due to the virus.Moody's Investors Service last week said Caribbean, Central American and Pacific network operator Digicel Group was at heightened risk of defaulting on bonds.
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