SINGAPORE (Oct 16): DBS Group Research says M1 is taking a leaf out of Circles.Life’s playbook and undercutting the efforts of Singtel and StarHub to stabilise average revenue per user (ARPU) – even before the entry of fourth mobile operator TPG Telecom.

“While the market is concerned about TPG’s entry in late 2018, Circles.Life is quietly chipping away market share under the radar,” says DBS analyst Sachin Mittal in a Monday report.

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