Maybank Kim Eng has initiated coverage on the Singapore telco with a “positive” call.

Analyst Kareen Chan believes the worst is over for the sector and that it should gradually see recovery returning to its pre-Covid-19 levels.

“Singapore telcos have fallen 8-27% y-t-d, reflecting the earnings impact from Covid-19. Competition in the mobile segment appears stable and 5G average revenue per user (ARPU) uplift could come as early as end-2021,” Chan says in a Nov 30 report.

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