He adds that there is still room for further recovery, with the number of tourists in October still standing at half of pre-pandemic levels. This momentum coupled with 5G-led average revenue per unit (ARPU) uplift might lead to revenue growth of 4% for 2024, says Mittal.
DBS Group Research analyst Sachin Mittal says the coming 2023 will be “another exciting year” for the telecom sector, with mobile recovery set to continue, led by doubling of 5G users and tourist arrivals.
In his Dec 5 report, Mittal says that inbound and outbound travel easing after April has benefitted the mobile services segment. Recovery in roaming and prepaid revenue is expected to lead to an over 6% y-o-y rise in mobile services revenue in 2023, compared to the 2% decline in 2021 and 24% decline in 2020.
