Spectrum rights auction turns out to be a two-way battle between incumbents

It is said to be the most hotly contested spectrum auction in Singapore’s history.

The recent bidding by the Infocomm Media Development Authority (IMDA) received a total request for 225MHz of spectrum, 50MHz in excess of the 175MHz of spectrum available.

According to UOB KayHian, this is the most hotly contested spectrum auction in the history of Singapore, with the auction lasting for four consecutive working days.

"In the past, spectrum rights were largely allocated at reserve price. The added spectrum will increase capacity for telcos to serve more customers. It does not necessary increase data throughput as these spectrum are meant for 4G technology and not 5G," said the brokerage firm.

It noted how the spectrum rights auction was actually more like a two-way clash between Singtel and StarHub. Singtel has vast financial resources, enabling it to bid a whopping $564m.

"According to management, Singtel has secured the necessary spectrum to expand its mobile business. The 700MHz spectrum band is the most efficient and versatile spectrum band and is able to support the growth of IOT (Internet of Things) and 5G initiatives in the future," noted UOB KayHian.

Meanwhile, StarHub has prepared a war chest by raising $300m through a medium-term notes programme last May.

"StarHub is the bigger casualty compared to Singtel, as it is more dependent on the
mobile business in Singapore. The funds raised from its medium-term notes have been
fully deployed," added the brokerage firm.

M1 avoided the hotly contested remaining sole spectrum lot of 10MHz for the 900Mhz frequency band whilst TPG only secured 10MHz of 2500MHz at a price of $23.8m.

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