Asean Telco Analyst. Ex CLSA, JPMorgan & HSBC

Luis Antonio Hilado

Thematic (Sector/Industry)

<ul><li>Telco service providers continue to face the challenges of pressure on traditional sources of carriage revenue and from attempts to realize real and/or market valuation upside from OTT forays</li><li>The need for speed continues to provide grounds for governments and consumers to keep telco capex high and suppress returns</li></ul>

Telco service providers continue to face the challenges of pressure on traditional sources of carriage revenue and from attempts to realize real and/or market valuation upside from OTT foraysThe need for speed continues to provide grounds for governments and consumers to keep telco capex high and suppress returns

Untethered Thoughts: Setting the Base (Bias) Line

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<ul><li class="p1">Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018.</li><li class="p1">We therefore downgrade our StarHub forecasts by around 20% from 2018 onward and lower our fair value estimate to SGD 2.50 from SGD 3.10 per share.</li><li class="p1">Our forecasts now assume that StarHub will cut its dividend from SGD 0.20 per year to SGD 0.18 per year in 2018.</li></ul>Analyst: Dan Baker

Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018.We therefore downgrade our StarHub forecasts by around 20% from 2018 onward and lower our fair value estimate to SGD 2.50 from SGD 3.10 per share.Our forecasts now assume that StarHub will cut its dividend from SGD 0.20 per year to SGD 0.18 per year in 2018.Analyst: Dan Baker

TPG Confirmed as Fourth Mobile Entrant; StarHub FVE Down to S$2.50

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

After some delay, the Singapore regulator (IMDA) announced yesterday there were two qualified candidates for the 4th cellular license: MyRepublic and <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG (TPM AU)</a> . The third bidder AirYotta did not qualify. We expect the auction (the New Entrant Spectrum Auction = NESA) to take place before the end of 2016. It is now almost certain that there will be a fourth entrant in Singapore but having two bidders is not the worst outcome for the incumbent operators. At least there is some bid tension and…

After some delay, the Singapore regulator (IMDA) announced yesterday there were two qualified candidates for the 4th cellular license: MyRepublic and TPG (TPM AU) . The third bidder AirYotta did not qualify. We expect the auction (the New Entrant Spectrum Auction = NESA) to take place before the end of 2016. It is now almost certain that there will be a fourth entrant in Singapore but having two bidders is not the worst outcome for the incumbent operators. At least there is some bid tension and…

Singapore Telcos: And Then There Were Two (Bidders for the 4th License).

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Kelusa Asia Focus Funds

The M1 3Q 2016 results demonstrate how headwinds for the telecom industry in Singapore are getting stronger. For those of you who have not looked at M1's Q3 2016, I've just compiled a brief snapshot with the summary of the earnings relative to quarters of past years<div class="content-highlight">M1 Quarterly Results Snapshot</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/989/original/M17.png?1476855740" class="editor-image img-responsive" data-smartkarma-image-id="14989"></figure>Source : Company<div class="content-highlight">Weak ARPU'S</div>ARPU's for postpaid subscribers declined -7.7% YoY from 61.5 SGD/month to 56.5 SGD/month. The weaker ARPU's for M1 were driven by  1)  Lower roaming rates 2) Decline in customers…

The M1 3Q 2016 results demonstrate how headwinds for the telecom industry in Singapore are getting stronger. For those of you who have not looked at M1's Q3 2016, I've just compiled a brief snapshot with the summary of the earnings relative to quarters of past yearsM1 Quarterly Results SnapshotSource : CompanyWeak ARPU'SARPU's for postpaid subscribers declined -7.7% YoY from 61.5 SGD/month to 56.5 SGD/month. The weaker ARPU's for M1 were driven by  1)  Lower roaming rates 2) Decline in customers…

M1 3Q2016 : Depressing ARPU Trend To Spillover Into Comps ?

The surprising emergence of <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG (TPM AU)</a> has thrown a well-funded, large, and disruptive contender into the mix as a 4th entrant. While TPG has little operating experience in mobile (they have an MVNO with around 500k subscribers in Australia), they may be looking to obtain useful wireless exposure ahead of a potential wireless access NBN-bypass strategy in Australia. The MyRepublic bid was well signalled and comes from a recognised disruptive brand. airYotta is an unknown name but seems to be a…

The surprising emergence of TPG (TPM AU) has thrown a well-funded, large, and disruptive contender into the mix as a 4th entrant. While TPG has little operating experience in mobile (they have an MVNO with around 500k subscribers in Australia), they may be looking to obtain useful wireless exposure ahead of a potential wireless access NBN-bypass strategy in Australia. The MyRepublic bid was well signalled and comes from a recognised disruptive brand. airYotta is an unknown name but seems to be a…

Singapore Telcos: A (Nasty) TPG Surprise.

Singapore

M1 Ltd. provides mobile voice, data communications, broadband and fixed communications services in Singapore. The Company operates high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN).

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M1 Ltd (M1 SP)

Untethered Thoughts: Setting the Base (Bias) Line

Telco service providers continue to face the challenges of pressure on traditional sources of carriage revenue and from attempts to realize real...

Luis Antonio Hilado

TPG Confirmed as Fourth Mobile Entrant; StarHub FVE Down to S$2.50

Australian telecom operator TPG has purchased mobile spectrum licenses in Singapore and confirmed plans to launch a mobile network in 2018. We...

Morningstar, Inc.

Singapore Telcos: And Then There Were Two (Bidders for the 4th License).

After some delay, the Singapore regulator (IMDA) announced yesterday there were two qualified candidates for the 4th cellular license: MyRepublic...

New Street Research

M1 3Q2016 : Depressing ARPU Trend To Spillover Into Comps ?

The M1 3Q 2016 results demonstrate how headwinds for the telecom industry in Singapore are getting stronger. For those of you who have not looked...

Sameer Taneja

Singapore Telcos: A (Nasty) TPG Surprise.

The surprising emergence of TPG (TPM AU) has thrown a well-funded, large, and disruptive contender into the mix as a 4th entrant. While TPG has...

New Street Research

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