SIN Telco Sector - NGNBN: Not expecting disruptive outcome for incumbents IDA will be releasing the request-for-proposal (RFP) for the Next-Generation National Broadband Network (NGNBN) after market close today.
We believe that IDA's objective of introducing a landscape that would accelerate innovation through a broader participation of players across the value chain is constrained by three key factors which we highlight in our note.
This is likely to result in an outcome that will not be disruptive to the incumbents, namely SingTel and StarHub.
Maintaining our Overweight rating for the telecommunications sector with StarHub as our top pick, followed by SingTel.
Quick Takes
- StarHub (S$2.93) - ARPU growth story
- SingTel (S$3.8 - Market share gainer at M1’s expense
- MobileOne (S$2.05) - Market share erosion on SingTel assault
- China Hongxing Sports (S$0.9 - Dilution and risk concerns priced in
- Sino-Environment Technology (S$2.21) - Core business intact
- Sinomem Technology (S$0.85) - Negatives priced in
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