BMI View: We have made only minor forecast adjustments this quarter for Q118 as our core view remains unchanged and the markets continue to perform in line with our forecasts. Malawi and Mozambique are among the least attractive telecoms markets in Sub-Saharan Africa. In Malawi several would-be mobile operators failed to launch and not even unified service licences can detract from the poor return on investment outlook posed by the country's rural market. Mozambique fares a little better as a merger of state-owned fixed and mobile businesses is planned, while new entrant Movitel has grown rapidly. However, rural populations are also a disincentive to investment.