Singtel associates' profit share stumbled 14% to $420m
The declines were led by Bharti, Telkomsel, and Globe.
Singtel's 8% drop in profits in Q4 was due to the 14% decline in its associates’ net profit contribution to $420m.
DBS Equity Research said the declines were led by Bharti, Telkomsel, and Globe and a lower stake in Netlink Trust.
RHB Research added that the regional mobile associates fell for the second consecutive quarter by 16% with the key drags from Telkomsel (-11%) and Airtel (-53%), partly mitigated by Advanced Info Service (AIS) (+6%).
The prepaid registration exercise in Indonesia has also triggered a fresh round of aggression in Q4 as telcos take the opportunity to grab share.
"Over in India, competition remains intense, with the pressure on revenue/earnings further exacerbated by the cut in domestic interconnect usage charge (IUC), which took effect in October 2017," RHB said.