SINGAPORE (Nov 23): DBS Group Research is keeping its “buy” calls on Netlink NBN Trust, Singtel and StarHub, amid “abysmal capex” spent so far by new entrant TPG Telecom.

“At the current level of capex spend, TPG’s network at commercial launch in 2Q19 is unlikely to pose a major threat to the incumbents, in our view, due to potential network quality issues,” says analyst Sachin Mittal in a Wednesday report.

“Network quality issues would make it difficult for TPG to lure low-end subscribers, who already enjoy much better network quality and coverage through Mobile Virtual Network operators (MVNOs) that ride on the incumbents’ mobile networks,” he adds.

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