Telecom

Telecom: Dreaded price war has begun; M1 most at risk
The industry dreaded price war has emerged as Starhub and M1 pushed out new data offerings a day after MyRepublic and SingTel unveiled theirs.

- Singtel's CEO had earlier warned that a price war would make the whole industry suffer and customer experience, poorer.
- The disruption may come as a positive for consumers, but not for the bottom line of telco operators.

Maybank KE remains positive on Singtel (Buy, TP: $4.40) due to its diversified income stream.
Meanwhile, M1 (Hold, TP: $3.09) would be the most at risk given that the bulk of its earnings are derived from Singapore's mobile industry, while StarHub (Hold, TP: $4.00) would partially be sheltered with its Pay TV and other platforms.