A potential merger between StarHub and M1 could support higher average revenue per user (ARPU) by creating a more consolidated telecommunications market in Singapore, according to CGS International. CGS International added that SIMBA remains limited to 10MHz of 5G-SA spectrum in the 2.1GHz band compared with 100MHz held by its competitors. If SIMBA is unable to sustain higher capex, the market could consolidate into two players, assuming a StarHub-M1 merger proceeds. If SIMBA remains in the market, it would operate with higher capex and lower free cash flow, reinforcing expectations for ARPU growth from 2027. CGS International estimated a StarHub-M1 merger would generate SGD70m in annual recurring synergies, equivalent to around 2% of the combined companies' FY2026 forecast revenue or 10% of forecast EBITDA.