VTLs are here, but roaming revenue is still stuck in the slow lane

THE gradual normalisation of international travel must be music to the ears of Singapore's mobile network operators (MNOs). Their mobile revenues have flatlined in the last 2 years as the Covid-19 pandemic took away roaming income.

Incumbents' postpaid mobile average revenues per user (ARPUs) are hovering at S$28 a month, compared with about S$40 as at end-2019.

Management has indicated that ARPUs have bottomed out. Assuming that roaming snaps back to pre-pandemic levels, investors should expect significant upside from now.