Which telco is winning the broadband and bundling wars?

SingTel is now the clear leader in broadband market share but races neck-and-neck against Starhub in service bundling adoption.

Here's more from PhillipCapital:

Broadband. SingTel added 21k fibre broadband customers in the quarter as compared to 7k for M1. Starhub does not disclose its fibre customer base. Based on our estimates using statistics disclosed by IDA and the companies, SingTel probably dominated the fibre broadband market with a share of 60%. Starhub probably has a lower fibre subscriber count as it could still offer high speed MaxOnline plans on its cable network. 

Order of decreasing preference: SingTel, Starhub, M1. We maintain our view that bundling of services would be the critical success factor for the local Telcos. Bundling of services ensures better customer stickiness (lower churn; lower SAC) and would allow for cross provision of services (eg. PayTV on mobile devices). Over the years, Starhub had been a strong advocate of service bundling through its hubbing plans. SingTel caught up on Starhub with strong growth in the PayTV subscriber base. M1 is still a laggard in this field. 

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