What a year it has been for the Singapore telecom industry. The crazy competition has seen StarHub retrenching 300 staff while M1 is the subject of buyout offer by Keppel and SPH. Despite the extensive shake-up in the local telecom industry, leading player SingTel stands tall against the relentless waves of changes. SingTel share price also remains resilient in the face of the unprecedented disruptions that had impacted StarHub and M1. With 735 million mobile customers in 21 countries, SingTel’s investment moat is indeed unassailable.

Investors would note that SingTel share price has been bearish in recent months. However, the recent M1 general offer had led to a mini recovery for SingTel share price because many observers to think that the industry consolidation would benefit SingTel. But investors should not rejoice as a looming nightmare unfolds. As a matter of fact, the key battles to be fought for …