Disclosure: Writer is invested in both Starhub and Singtel. I wrote in the past about the fundamentals of investing in Singapore Telecoms and what is the future are in store (Singtel,M1 and Starhub analysis here). I also wrote about the coming changes in the industry, how it is going to be bad for developed market telcos (article here). Many of my friends do not agree with me. It is still perceived that

1. People still need voice calls therefore the telcos will not die
2. Telcos are inevitably backed by Temasek therefore they will not die
3. More smartphone will definitely increase revenue

These are very dangerous assumptions and we are starting to see my scenarios played out. As a recap, technologically

1. ARPU for voice will fall. People will change communication means. With telcos competing, consumers are not likely to still pay your standard 25 bucks or 50 ...

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