In Singapore, with a sky-high mobile penetration rate of 150% and stagnant subscription numbers since 2014, there is literally no room to attract new consumers. With an already saturated market, the Singapore telco industry is fast becoming a zero-sum game. New alternatives such as online services and new entrants will only further fragment the market and capture niche segments at the expense of incumbents’ market share. This applies all of StarHub’s 3 business segments: mobile, broadband and cable TV. We may have to prepare ourselves to enter a new norm of more sluggish top-line growth for incumbents, and valuations that take that into account.