■ Fixed line: SingTel to maintain its dominance. SingTel is the market leader in the fixed-line sector with a market share of c.78% as of 2017. Despite the rising competition, we expect SingTel to maintain its dominance in the sector and also forecast the company to lose a mere 40 bp market share over the next three years. We expect growth in the sector to be mainly led by the Broadband and Enterprise segments as Pay TV is facing structural headwinds. We believe the entry of TPG may reinvigorate competition in the Broadband segment in the medium term.
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Source : Credit Suisse Asia Pacific Equity Research
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