Can SIMBA survive?

Singapore Telcos - DBS Research 2026-06-25: Can SIMBA survive?

Can SIMBA survive?

SGinvestors.io

Published: 2026-06-26 12:52 AM

SIMBA's spectrum constraint could become a big crippling factor. Mandatory 5G Standalone (SA) transition by mid-2026 removes SIMBA's fallback on 4G; Singtel & StarHub operate 5G-SA already.
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SIMBA’s capacity constraint is positive for Singtel & StarHub.

Singapore's switch to next-generation 5G to complete by mid-2026, removing every operator's 4G fallback

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Essentially all of SIMBA's usable 5G capacity sits in a single 10MHz of 2100MHz, while peers run their 5G standalone networks on 100MHz of 3.5GHz apiece. The real risk is total network capacity, not whether the network is labelled 4G or 5G. Whichever generation of network is used, all of an operator's traffic still has to fit through the same fixed amount of spectrum it owns, and SIMBA owns far less usable 5G capacity than its rivals.
Of SIMBA's roughly 70MHz of total spectrum, only 20MHz (10MHz at 900MHz and 10MHz at 2100MHz) is currently authorised for 5G use. More importantly, its dedicated 5G-SA capacity remains limited to 10MHz at 2100MHz, versus 100MHz of 3.5GHz spectrum for Singtel and the StarHub-M1 Antina JV. The remaining ~50MHz across 2.3GHz and 2.5GHz is licenced for 4G services only and cannot relieve future 5G capacity constraints.
With SIMBA's customer base growing fast, this thin layer of 5G-capable spectrum is carrying more traffic with very little spare room, a problem that will eventually show up as slower speeds and patchier coverage at busy times. This capacity squeeze is compounded by a regulatory risk that exists independently of how satisfied customers are with the network today.
According to OpenSignal’s report published in June 2025, SIMBA users frequently experience data stagnation (bars show full signal, but web pages won't load) or total disconnection on certain MRT lines (like the North-East Line) and deep basement malls. SIMBA’s free cross-border roaming data (especially in Malaysia) is highly rated by daily commuters for its value and relative stability.
At the same time, the regulator is investigating whether SIMBA used spectrum it was not authorised to use, and the outcome could mean fines or a forced reduction in SIMBA's already-thin capacity.