Singapore's LTE network haunted by limited 4G handsets
OCBC believes 4G LTE is still more of a 2013 story at best.
Here's more from OCBC:
Limited 4G handsets
While the 4G premiums could be a minor stumbling block (but unlikely to deter early adopters), the bigger stumbling block is likely to come from the limited 4G handsets that are available. Currently, there are only four phones and two tablets that work on Singapore’s LTE network. However, this could change with the launch of the new iPhone 5, which is widely touted to be LTE-enabled.
LTE still a 2013 story at best
In any case, we believe that 4G LTE is still more of a 2013 story at best, as the mass market may still take some time to convert their 3G handsets to 4G. As such, we have not factored in any significant contribution from LTE until 2014 in our model. We continue to like M1 for its defensive earnings and relatively attractive dividend yield of 5.3%.