Pakistan's mobile market continues to grow at a phenomenal pace, adding 5.034mn subscribers in the first quarter of2019. As penetration rates lag far below 100% and current numbers are exacerbated by multi-SIM ownership, we believe thatorganic growth prospects remain significant. 4G uptake continues to be very strong, and 3G is already showing initial signs ofdecline, suggesting that there is an appetite for premium data services. However, we highlight that low growth in spending powerand the lack of disposable income in the country remain downside risks to long-term prospects.
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