投资者正在加拿大电信股中抄底，此前政府债券收益率上升以及来自SpaceX的竞争引发该板块大幅下跌。
Investors are bargain hunting in Canadian telecommunication stocks after rising government-bond yields and competition from SpaceX sparked steep declines in the group.
追踪该行业五大公司的标普/多伦多证交所综合通信服务指数在2026年已下跌17%。与此同时，更广泛的加拿大股市基准指数上涨了14%。
The S&P/TSX Composite Communications Services Index, which tracks five major companies in the sector, has dropped 17% in 2026. The broader Canadian stocks benchmark, meanwhile, is up 14%.
由于美国和加拿大政府债务收益率今年快速攀升，加拿大电信股因其稳定的现金流和派息能力而作为债券替代品的吸引力受到了削弱。现在，该行业的一些投资者正利用抛售机会买入遭重创的股票。部分投资者对Rogers Communications Inc.（罗杰斯通信公司）尤为看好，该股今年下跌约15%，此前该公司表示将出售一家合并后的体育、媒体和娱乐公司的少数股权。
The appeal of Canadian telecom stocks as bond proxies because of their stable cash flows and dividend-paying capabilities has been dented this year as government-debt yields in the US and Canada climbed rapidly. Now, some investors in the sector are taking advantage of the selloff to buy beaten-down shares. A few are particularly bullish on Rogers Communications Inc. — down around 15% this year — after the firm said it would sell a minority stake in a consolidated sports, media and entertainment company.
总部位于多伦多的资产管理公司J. Zechner Associates Inc.总裁John Zechner在接受采访时表示：“我们最近一直在利用疲软加仓。”
“We’ve been adding on some of the weakness recently,” John Zechner, president of Toronto-based asset manager J. Zechner Associates Inc., said in an interview.
Zechner还持有BCE Inc.和Telus Corp.等其他电信公司的仓位，他表示之所以看好Rogers，是因为该公司今年早些时候下调了资本支出指引。目前Rogers在其公司平均投资组合中的占比为2.2%，而去年12月约为1.8%。
Zechner, who also has positions in other telecommunications companies such as BCE Inc. and Telus Corp., said he’s bullish on Rogers since it reduced its capital expenditures guidance earlier this year. Rogers now takes up 2.2% of the average portfolio at his firm, compared to about 1.8% last December.
尽管投资者担心SpaceX的Starlink业务可能带来竞争，从而扰乱无线服务提供商的市场，但Zechner对此不以为意。他称SpaceX的风险“有点荒谬”，表示该威胁距离太远，不会影响电信公司的当前估值。
While investors have been worried about potential competition from SpaceX’s Starlink business disrupting the market for wireless providers, Zechner is unfazed. He called the SpaceX risks “somewhat ludicrous,” saying the threat is too far away to impact current valuations of telecom companies.
“对我来说，这根本不是个问题，”他说，“这只是创造了一个额外的买入点。”LetkoBrosseau的投资组合经理Julie Bouianovskaia同样不担心SpaceX的竞争，并让团队增持了电信股票。
“To me it was such a non-issue,” he said. “It just created an additional buying point.”Julie Bouianovskaia, portfolio manager at LetkoBrosseau, also brushed off the SpaceX concerns to add telecom names to her team’s portfolio.
“我们今年增加了对加拿大电信运营商的持仓，这反映了估值更具吸引力，以及我们预期未来几年自由现金流生成将更强劲、杠杆率将下降，且行业基本面最终会有所改善，”她说。
“We have increased our exposure to Canadian telcos this year, reflecting more attractive valuations and our expectations for stronger free cash flow generation, declining leverage and an eventual improvement in industry fundamentals over the coming years,” she said.
总体而言，分析师对该板块主要个股看涨，根据彭博汇编的数据，72% 的分析师给予罗杰斯通讯（Rogers）买入等效评级，魁北克媒体集团（Quebecor Inc.）近 67%，BCE 约 58%。
Overall, analysts appear bullish on major stocks in the sector, with 72% of them holding a buy-equivalent rating for Rogers, nearly 67% for Quebecor Inc. and about 58% for BCE, according to data compiled by Bloomberg.
TD Cowen 分析师 Vince Valentini 对所有加拿大电信股票均给予买入评级，他表示，不认为有许多交易员因担心行业前景恶化而回避这些股票。
TD Cowen analyst Vince Valentini, who has a buy rating on all Canadian telecom names, said he doesn’t think many traders were staying away from these stocks over concerns that industry prospects were worsening.
“恰恰相反，”Valentini 说。“实际上情况正在逐渐好转，但这还不足以在美债收益率刷新多年新高时吸引投资者对这些股票产生兴趣。” 仍有一些投资者，如多伦多 Middlefield Group Inc. 首席投资官 Rob Lauzon，在 9 月下旬更广泛的电信板块因债券收益率上升而抛售时买入了罗杰斯股份。虽然 Lauzon 更偏好电信以外的板块，但他看好罗杰斯的体育资产，认为市场低估了这些资产的价值。
“It’s quite the opposite,” Valentini said. “It’s actually gradually getting better, but that’s not enough to get people interested in the stocks when bond yields in the US are hitting new multiyear highs.”There are still some investors like Rob Lauzon, chief investment officer at Middlefield Group Inc. in Toronto, who bought Rogers shares in late September as the broader sector was selling off due to rising bond yields. While Lauzon prefers other sectors to telecoms, he likes Rogers for its sports assets, which he thinks the market has undervalued.
罗杰斯上周发布财报时表示，得益于体育赛事门票和广告收入增加，业绩超过了分析师预期。在去年将其在枫叶体育娱乐公司（Maple Leaf Sports & Entertainment）的股份翻倍后，它最近收购了该公司 100% 的控制权，该公司运营多伦多猛龙篮球队和多伦多枫叶冰球队等现场娱乐资产。
Rogers beat analyst estimates on higher ticketing and advertising revenue from sports, it said when it reported earnings last week. After doubling its stake in Maple Leaf Sports & Entertainment last year, it recently acquired 100% control of that business, which runs the Toronto Raptors basketball club and Toronto Maple Leafs hockey team, among other live entertainment properties.
Middlefield 的多元化基金组合目前对罗杰斯的配置比例为 3%，而今年早些时候该股票在组合中的配置为零。
Middlefield’s diversified funds portfolios now have a 3% allocation to Rogers, compared to having no exposure to the stock earlier this year.
Lauzon 补充说，因 SpaceX 相关担忧，他在这笔交易上“已经亏了几块钱”，但他预期罗杰斯股价将在未来几个月反弹，具体取决于其出售股份的规模有多大。
Lauzon added that he has “already lost a few bucks” on the trade because of the SpaceX concerns, but he expects Rogers’ stock to bounce back over the next few months, depending on how big of a stake it sells.
“我这周可能真的会买更多，就是为了在45加元左右把成本摊到40多加元的中段，”Lauzon说，并补充道，如果他的判断准确，他预期股价会上涨20%以上，升至55加元至60加元区间，加上股息派发，“这对我的单位持有人来说是个不错的总回报。”
“I might actually buy more this week just to kind of get more in the mid-forties here at C$45,” Lauzon said, adding that he’s eyeing a more than 20% share boost that would bring the price closer to a C$55 to C$60 range if his call proves correct, plus dividend payments. “That’s a good total return for my unitholders.”