Telcos

Telcos: KE does not expect a big impact on telco earnings in the near term, given: i) subscribers are locked into existing contracts and will not be able to switch immediately, ii) network rollout is still in progress. However, believes pricing should drop further, as more RSPs come on the market.
Prefers #M1, as expects smallest telco to reap the most upside given its lowest subscriber base.
Expects #SingTel and #StarHub to be impacted negatively, given their larger subscriber base...

Maintains ratings for all 3 Telcos.
#M1: Buy with $2.62 target
#StarHub: Buy with $2.78 target
#SingTel: Hold with $2.88 target