New Entry Risk Weighs on Singapore Operators

Singapore Moves to Offer Discount Spectrum for a 4th Telecom Entrant

Singapore Telcos. Price War Fears Overdone Ahead of Possible 4th Entrant.

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Equity Bottom-Up

<p>We have previously identified potential for a 4th operator in Singapore, but assumed it would be small cells and MVNO based. The requirement for a full network build out raises the cost of investments and reduces the returns. Stocks now reflect a new entry which is becoming less, not more likely. M1 was hardest hit in recent months and has limited downside if there is a new entrant and significant upside if not.</p>

We have previously identified potential for a 4th operator in Singapore, but assumed it would be small cells and MVNO based. The requirement for a full network build out raises the cost of investments and reduces the returns. Stocks now reflect a new entry which is becoming less, not more likely. M1 was hardest hit in recent months and has limited downside if there is a new entrant and significant upside if not.

Doubts grow about entry of a 4th Mobile Operator

M1 Ltd

Doubts grow about entry of a 4th Mobile Operator