■ Mobile: More downside to pricing. We believe TPG is likely to aggressively target the low-tier and mid-tier data segments as the data price curve has flattened over the last three years. Further, legacy revenues (caller id and voice overage) are set to decline as TPG is expected to charge only for data. Our global peer RoIC comparison shows that the Singapore telecoms market continues to see an excess return, reflecting the potential for further price cuts. We expect the mobile sector's revenue to decline at a three-year CAGR (2017-20E) of c.5% (post IFRS 15), mainly led by the decline in ARPU. Read More