Three reasons for sector consolidation
• We consider three reasons for potential consolidation in mobile sector in 2022 or earlier
• Mobile service revenue is likely to improve in 2H21F after a disappointing 1Q21
• Prefer Singtel for annual earnings growth of 13% over FY21-23F and 3.6% yield. Upgrade StarHub to BUY for 4.7% yield coupled with earnings recovery and sector consolidation in 2022