Macquarie believes that the leaders, Telkomsel in which Telkom Indonesia, majority-owned by the Indonesian government, has a 65% holding and Singtel the remaining 35% and Indosat face difficult times ahead, ôwith capex remaining stubbornly high, market shares declining and profit growth slowingö. It argues that competition has become ômulti-prongedö, as well-capitalised contenders are emerging from amongst the 11 wireless licence holders, most of which are well funded...
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