APAC Telcos Update Q2 2023

Summary

Asia Pacific telecom operators extended their growth streak into the second quarter of 2023, with the vast majority of carriers across the region reporting positive year-over-year revenue gains even as the pace of growth moderated slightly from prior quarters. Bangladeshi, Indian and Indonesian operators stood out as the region's clearest growth engines, while profitability across the sector reached its strongest level in over a year as operators leaned into cost discipline and higher-margin data revenue.

Data monetization emerged as the common thread behind the region's strongest performers, with operators in Bangladesh, India and Indonesia crediting subscriber growth in data services, improved realizations and convergence strategies bundling mobile with home broadband for their revenue gains. Meanwhile, capital expenditure intensity continued easing across the region as most markets moved past peak 5G rollout spending, even as select operators accelerated network investment to expand tower coverage and 4G capacity in specific markets.

Average revenue per user showed signs of broad stabilization across roughly half the operators analyzed, while a handful of standout performers posted double-digit ARPU growth driven by unlimited data plans, advertising services and premium plan tiers. Japanese operators continued to command the region's highest ARPU levels even as tariff and regulatory pressure weighed on near-term momentum, setting up a telecom landscape where data intensity, convergence and premiumization increasingly separate growth leaders from laggards.

• Revenue, EBITDA, CAPEX and ARPU trends across the region's leading telcos
• Convergence strategies bundling mobile, broadband and home services
• Data-led ARPU growth through unlimited plans and premium tiers

As 5G capital spending eases across Asia Pacific, which operators are converting data intensity into sustainable margin gains?