“We think the desired results of industry consolidation, if it happens at all in 2025, may not percolate to the incumbents,” says Hussaini.
Although the potential for telco consolidation in Singapore remains, it is unlikely to ease competition among incumbents due to Simba’s strong growth, says Maybank Securities analyst Hussaini Saifee in his Jan 6 note.
Simba has captured 5% of Singapore telcos revenue market share within four years of its launch and is expected to gain further traction. This is due to its competitively priced mobile and fixed broadband plans, which are 30% to 50% cheaper than the incumbents' lower-speed options. While Simba’s network is comparatively weaker, the end-user experience shows only a modest lag of 6% to 10%. These dynamics are likely to intensify competition in the industry.
