SINGAPORE (Oct 4): Singapore’s telco sector is seing a shakeup with three contenders throwing their hat into the ring to be the republic’s fourth player.

This has led Daiwa Capital Markets to downgrade the sector from “neutral” to “negative". M1 has also been downgraded to “hold” with StarHub and Singtel held at “underperform” and “hold” respectively.

The possibility of a new player in the telecom market is now highly likely, notes analyst Ramakrishna Maruvada in a Monday report. This has a knock-on effect on the three incumbents, as they might have to spend more and offer larger discounts to retain their customers.

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