Chile Telecommunications Q4 2018
The market slowed in its growth trajectory in the last few years, which was expected given its high penetration level andprevious growth levels. Operators have been aggressively disconnecting inactive SIMs, posing downside risks to our forecasts.However, MVNOs and other smaller operators focused on the low-cost end of the market will continue to foster strong competition,which we have seen in falling ARPUs for the major players. 4G will remain the main source of growth in the market, as playerscompete to roll out advanced networks and upsell their 4G customers on advanced services and content. On the wireline side, voicecontinues its inevitable decline, while fibre investments are paying off as shown by a strong uptake, encouraging operators toexpand their networks to underserved areas.