5G services is on course to be made available to consumers in Dec 2021. However, DNB’s wholesale agreements with telcos would likely only be finalized by end-Mar 2022 as negotiations continue. The move to a single wholesale 5G network was already inevitable, thus the delay in negotiations does not materially affect telcos outlook. Our sector picks are TM (T MK, BUY, CP: MYR5.45, TP: MYR7.40) and Axiata (AXIATA MK, BUY, CP: MYR3.79, TP: MYR4.50).