SINGAPORE (Dec 7): CIMB is rating Singapore’s telco sector a “neutral”, citing challenges posed by the fourth mobile player. But Singtel gets the only “add” call, given better medium-term earnings growth outlook compared to its peers and being the least impacted by the new player.

Analyst Foong Choong Chen notes that industry mobile revenue is expected to remain weak going into 2017, due to continued decline in voice roaming and IDD usage, higher subscription of SIM-only plans with lower monthly fees as well as upsized data offerings.

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