DBS Group Research believes that the mobile sector is prime for a consolidation in 2022 or earlier. 

In a telecommunications sector report on June 9, analyst Sachin Mittal finds three reasons for this sector consolidations: (i) David Teoh, founder of TPG Telecom has resigned from TPG Australia in March 2021 and is likely to focus on TPG Singapore, where he holds about 37% stake. (ii) With 5G services projected to have 58% market share in 2025, TPG’s 4G network might become less relevant in two to three years (ii) M1 is divesting its network assets to a Special Purpose Vehicle (SPV), which could potentially buy more network assets.


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