Here's why M1 may be winning Singapore's telco race

Thanks to strong 4G market share.

According to Maybank Kim Eng, M1’s mobile revenue growth has picked up steadily in 2012 on the back of its outperforming non-voice revenue, bucking the downward or flat trend of the other two operators.

Here's more:

Given that this has been done without any significant increase in overall market share or ARPU, we believe that this could be due to M1 gaining market share in the 4G base, especially since the steepest jump in mobile revenue occurred in 4Q12, the quarter after it introduced 4G plans.

Monetisation should kick in sooner than later. We believe M1 will benefit faster and sooner than expected from the higher data traffic and ARPU uplift that will come from (1) 4G adoption and (2) richer mobile content.

In our view, 4G adoption will take place faster than 3G for the obvious reason that nobody can do without their smart devices anymore. Compared to 2009 when 3G first came into the picture, smartphones are now universally available (even 4G) and mobile content is a lot more richer and compelling.

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