Strategic Market Position Analysis

Which is the Largest Telco in the World? It’s Not from China. T-Mobile has become the world’s largest telecom company by market capitalization, closing above $309 billion just ahead of Mobile World Congress 2025. This milestone comes only eight months after surpassing $200 billion, outpacing China Mobile and Verizon. Yet, T-Mobile remains smaller by revenue: $81 billion versus $140 billion (China Mobile) and $134 billion (Verizon). So why is the market betting on T-Mobile’s future? The answer lies in how the market values Telco's future growth over current size. T-Mobile has executed a capital strategy focused on high-margin growth areas rather than raw scale. Aggressive share buybacks have boosted earnings per share, while superior free cash flow conversion signals efficient operations. Its leadership in mid-band 5G provides a technological moat, expanding both consumer and enterprise markets. Investors see T-Mobile less as a utility and more as a growth tech stock, with potential upside from AI-driven networks and private 5G services for enterprises. Meanwhile, its competition remains weighed down by legacy infrastructure, higher debt loads, and slower innovation cycles. The telecom market is evolving: It’s no longer about who has the most subscribers or revenue but who is best positioned for the future. T-Mobile’s market cap reflects a clear market verdict: profitability, growth prospects, and capital discipline now define the leaders in telecom.

Headlines can be deceiving. A recent report pointed out that Singapore saw 3,000 restaurant closures in 2024, but it doesn’t tell the whole story. In the same period, there were 3,793 new openings, representing a roughly 26% net increase. So what happens next? 🥙 Rising Competition Amid High Costs: Even though the net number of establishments grew, existing restaurants face mounting pressure. Operational costs are higher than ever, rent continues to climb, ingredient prices remain volatile, and wages are increasing as businesses compete for scarce manpower. 🥙 Economic Uncertainty Adding to the Strain: The global and local economic outlooks are uncertain. As disposable incomes tighten, consumers might dine out less frequently or spend more cautiously. This softening demand hits even harder when the market is flooded with new players, forcing restaurants to work harder to attract a shrinking pool of customers. 🥙 Impact of Overseas Operators: A significant chunk of these new openings appears to come from well-funded overseas operators, where chains or brands that already have established playbooks and deep pockets are entering the market. While these entrants can bring fresh concepts and experiences, they often have the financial backing to weather losses for longer periods. Local operators, meanwhile, can end up squeezed, struggling to compete on marketing, pricing, and economies of scale. So, the question isn’t just “how many restaurants open or close,” but rather, “how can businesses adapt to survive these intense pressures?” With the long-term sustainability of the F&B industry in Singapore we need to be rethinking operational efficiency to exploring new revenue streams and customer engagement strategies, the path forward will require resilience, innovation, and perhaps a collective effort from the entire industry. As we continue to see shifts in the F&B landscape, we must also ask ourselves: what can be done to support this vital part of our economy, or will it collapse? Story by Jieying Yip.

T-Mobile just passed Verizon as the largest U.S. carrier. It was predictable, but the implications for the industry are bigger than the headline. The real story is not subscriber math. It is how digital friction has disappeared from switching. T-Mobile collapsed the entire porting and activation process into a 15-minute in-app flow. No retail visit. No upsell attempts. No waiting. When switching becomes an impulse decision, the old retention playbook collapses. This exposes who has been winning on actual customer value versus who has been winning on inertia. From my time in network engineering and customer operations, I saw how long the industry relied on friction as a buffer. Contracts, retail workflows, complex activation steps. Now that these are gone, the competitive field shifts to the basics: price, performance, service quality, and experience. There is a lesson here for every enterprise leader. When a competitor removes friction from your industry, market share can move very fast. The only durable defense is value delivered consistently. Verizon can still turn the ship, but the window is short. T-Mobile will be the largest across all segments by the end of 2026 if nothing changes. What other industries are one friction-removal away from a major reshuffling? #telecom #wireless #customersuccess #digitaltransformation #businessstrategy

NEW T-Mobile said it plans to purchase around 30% of UScellular spectrum holdings, all of its 4.5 million customers and its retail stores in a deal worth $4.4 billion. T-Mobile has also said it will make job offers to "a significant number" of UScellular's employees as part of the transaction. Broadly, the deal builds on T-Mobile's efforts to grow its wireless business through the acquisitions of Sprint in 2020 (worth $26 billion) and Mint Mobile in 2024 (worth $1.3 billion). However, T-Mobile may face challenges in getting regulators to approve its latest acquisition – particularly given new research that found T-Mobile's purchase of Sprint "led to higher prices and consumer harm." But some analysts, such as Blair Levin, believe T-Mobile's move on UScellular will ultimately pass regulatory muster. "We believe the transaction(s) is likely to gain government approval but there would likely be a second request [for information]. Further, given the current antitrust leadership, the odds don't reach the high level of certainty that they would have in a prior time," wrote Levin, a policy adviser to New Street Research and a former high-level FCC official, in a note to investors Tuesday, following the announcement of T-Mobile's deal for UScellular. The Biden administration has moved against a number of prominent companies in antitrust actions in recent years. T-Mobile's new agreement with UScellular also highlights the challenges that smaller, regional wireless network operators like UScellular have faced in recent years. Indeed, UScellular is just the latest in a long line of such operators to sell their operations to larger wireless players. "In the face of rising competition and increasing capital intensity required to keep pace with the latest technologies, and following our careful and deliberate strategic review, we are confident that continuing to deliver on our mission requires a level of scale and investment that is best achieved by integrating our wireless operations with those of T-Mobile," said LeRoy T. Carlson Jr., chair of the board of directors of UScellular, in a release. LeRoy T. Carlson Jr. is the son of LeRoy T. Carlson, who founded TDS – the parent company of UScellular – in 1969. Under his leadership, TDS grew from a collection of small, rural telephone operations in Wisconsin to a national telecommunications provider with billions of dollars in revenue. LeRoy T. Carlson died in 2016 at the age of 100. Walter C. D. Carlson, LeRoy T. Carlson Jr. and other members of the Carlson family have since guided TDS. The company put UScellular up for sale last year. T-Mobile's stock jumped from around $165 to $168 per share on the news of its bid for UScellular Tuesday. Shares in both TDS and UScellular fell in response to the news. MORE: https://lnkd.in/gwDmnipB

PAKISTAN’S FOOD & BEVERAGE INDUSTRY: THE EXECUTION CRISIS Pakistan’s Food & Beverage (F&B) industry is in deep trouble. Major players are facing declining sales, shrinking market share, and rapid CEO turnover. After the post-COVID consumption boom, inflation-driven price hikes have pushed consumers toward smaller, agile competitors and unbranded alternatives. While many blame inflation, the real issue is deeper: years of cost-cutting, centralization, and weak execution have left Pakistan’s F&B giants struggling to compete. Key Strategic Problems 1️⃣ Investor Pressure & Short-Term Thinking Publicly traded food companies and large FMCGs prioritize quick financial wins over sustainable business models. Under pressure from shareholders, they resort to cost-cutting and price hikes instead of long-term strategic investments. This approach is evident in companies like Engro Foods (now FrieslandCampina), Nestlé Pakistan, and National Foods, where aggressive pricing strategies have led to declining consumer trust and shrinking market shares. 2️⃣ Over-Centralization & Bureaucracy Instead of empowering local teams, decision-making remains highly centralized in corporate headquarters. The result? Slow innovation, weak distribution strategies, and marketing campaigns disconnected from real consumer needs. A classic example is Unilever Pakistan’s food segment, which has struggled to compete with more localized brands that better understand consumer preferences. 3️⃣ Talent Drain & Execution Gap Pakistan’s food industry was once driven by strong local sales teams, expert distributors, and market execution specialists. However, continuous downsizing, reliance on data over field experience, and an exodus of skilled professionals have severely weakened execution. As a result, regional brands like Shan Foods, Sufi, and Freshmate have gained market share by offering more agility, better retail execution, and competitive pricing. Lessons from Danone: A Playbook for Pakistan While many global F&B giants struggle, Danone has taken a different approach—rebuilding local capabilities, decentralizing decision-making, and prioritizing value-driven pricing. This has helped them regain consumer trust and improve retailer relationships. Pakistan’s food sector can learn from this by: 🔹 Rebuilding local execution teams – Invest in frontline sales & distribution. 🔹 Rethinking pricing strategies – Move from inflation-driven hikes to value-driven pricing. 🔹 Cutting bureaucracy – Empower regional teams to make fast decisions. 🔹 Balancing investor expectations with long-term market share growth. Conclusion: Pakistan’s F&B Crisis is an Execution Crisis Pakistan’s F&B giants are losing not because of inflation, but because of poor execution. Over-centralization and excessive cost-cutting have weakened distribution networks, alienated consumers, and allowed regional players to thrive. What do you think? Can Pakistan’s food industry turn things around

Africa's healthcare market is projected to grow to $66 billion by 2030, fuelled by rapid population growth and urbanisation. Yet, foreign investors often exit prematurely, citing misaligned strategies and regulatory complexities. Why? The answer lies in a critical misunderstanding: Africa is not a monolith. To succeed, healthcare investors must move beyond one-size-fits-all models. Here's what matters most: → Regulatory and Policy Dynamics Each African country operates under distinct regulatory frameworks. For example, Nigeria has robust PPP policies, while Kenya offers tax incentives to private healthcare investors. Navigating these differences is key to operational success. → Urban vs. Rural Divide Over 60% of Africans live in rural areas where healthcare access remains a challenge. Asset-light clinics, mobile health solutions, and telemedicine are essential innovations for reaching these underserved populations effectively. → Leveraging Public-Private Partnerships (PPPs) PPPs account for 25% of healthcare infrastructure projects in Africa. They are critical for sharing risks, mobilising resources, and ensuring service continuity. Countries like South Africa and Ghana have leveraged PPPs to build hospitals and improve health outcomes. → Adapting Business Models Flexible, localised approaches work best. For instance, Ethiopia's push for community health centers demonstrates the value of scalable, asset-light models, while private diagnostic labs in Kenya have addressed critical service gaps. → Addressing Financial Sustainability Healthcare expenditure in Africa is rising, but out-of-pocket payments still dominate, constituting over 35% of total health spending. This highlights the urgent need for affordable, innovative payment solutions. Africa's healthcare sector is imperative for business. By 2030, the continent will have the largest working-age population in the world, driving demand for accessible and efficient healthcare solutions. Investors who succeed here don't just bring capital. They bring: → commitment,  → cultural understanding, and  → long-term vision. The question is no longer, "Should we invest in African healthcare?" but rather, "Are we prepared to do it right?"

The Unsolved Puzzle in Saudi Arabia’s F&B Market: Can Anyone Crack the Model? Despite all the buzz, investment, and exciting openings, Saudi Arabia’s F&B market still hasn’t cracked its most critical challenge: the right business model. Everyone is building cafés, burger joints, fine dining, heritage concepts, you name it. But beneath the surface of this rapid growth lies a persistent problem few have fully solved: How do you build a business that balances traffic and profitability margins, without compromising quality or brand? Right now, most concepts fall into one of two camps: 1. The Traffic-Chasers Focusing on volume, low prices, fast turnover, and trend-driven menus. They rely on daily crowds, heavy promotions, and social media hype to keep the wheels turning. They win on footfall, but often lose on margins. 2. The Experience-First Players Premium brands offering exceptional products, immersive experiences, and curated menus. They aim to set a new standard, but often price themselves into a niche. They win on brand and experience, but struggle with scalability and business sustainability. So, what’s the problem? We have only seen few scalable, sustainable models in Saudi Arabia that successfully do both. Everyone is succeeding on one side of the equation, but very few are winning it all. We need more than just ideas, we need models that work: ·       Delivering value without racing to the bottom ·       Scaling without diluting brand ·       Serving crowds and standards Trends won’t be enough. The next success story won’t be the flashiest, it’ll be the most balanced. So we ask the market: Who will crack the code? #F&BChallenge #SaudiArabia #Vision2030 #RestaurantStrategy #FoodAndBeverage #Hospitality #BusinessModel #KSAInvestment #BrandVsTraffic #The100Truths  

Investors Are Leaving Billions on the Table—Here’s Why A major challenge in African investment is risk mispricing—either overestimating risks that aren’t as bad as they seem or underestimating critical risks that can derail investments. OVERESTIMATING RISK Western media and analysts often paint Africa as a single high-risk market. But Africa isn’t one country—it’s 54 distinct economies, each with its own political and economic landscape. Political Risk: Some nations, like South Sudan, face instability, while others, like Botswana, are politically stable. Lumping them all together or broadly creates flawed risk assessments. Liquidity & FX Risk: Nigeria is often tagged as an FX-challenged market, and its Eurobond pricing remains high, but its floating exchange rate has improved liquidity and created significant return opportunity. Corruption Perception: A country like Namibia maintains high transparency but often gets grouped with high-corruption economies, leading to missed opportunities. UNDERESTIMATING RISK On the flip side, some risks are downplayed, especially when excitement over opportunities takes over. Regulatory & Policy Risk: Many investors rushed into African fintech after glowing reports but didn’t account for regulations—like what ensued with crypto regulation in some markets. A harsh lesson for those who didn’t factor this into their equation. Government Policies: Over the last five years, sudden regulatory changes — especially in banking and fintech — have disrupted markets, blindsiding unprepared investors. MARKET SIZE & SCALABILITY Africa’s market potential is often overlooked. Nigeria alone has over 220M people—nearly 70% of the U.S. population in a much smaller landmass. While per capita GDP is lower, billion-dollar fintechs like Moniepoint, PalmPay, and OPay have emerged from just one subsector (agent banking) in under six years. Other booming sectors include logistics, agriculture, and transportation. Companies like Moove are scaling rapidly, while Egypt and Ethiopia (100M+ people each) present major investment opportunities. THE “HOTEL MEETING” PROBLEM Too many investors rely on reports or hotel meetings instead of engaging directly with local businesses and regulators. True diligence requires stepping into the market. HOW INVESTORS CAN GET IT RIGHT ✅ Talk to operators on the ground – Engage with logistics firms if you're investing in logistics, fintech founders if you're looking at fintech, and VCs that are actively investing. ✅ Visit the country – Just as you wouldn’t discuss “investing in Europe” without specifying which markets, the same holds true for Africa, each country has its own opportunities. ✅ Partner with local experts – They bridge the gap between perception and reality—a challenge often caused by a lack of accurate information. Africa isn’t just an emerging market—it’s a trillion-dollar opportunity. Smart investors who understand its diverse markets and risks will unlock its full potential.

Africa is not a single market—it’s a vibrant patchwork of more than 50 countries, each with its own language, culture, regulations and opportunities. Winning here means treating the continent with the same respect you’d give to any major region, while also recognizing what makes it unique. It starts with a clear vision: Where do you want to be in five years? Do you aim to lead in a specific sector, or build a regional footprint that spans several countries? Having that north star helps you decide whether to focus on rapidly growing hubs like #Nigeria and #Kenya or invest in emerging corridors such as West Africa’s coastal economies. Once you know where you’re headed, narrow your focus. Trying to be everywhere at once is a recipe for wasted #resources. Pick the #markets that align with your strengths—whether it’s #manufacturing, tech-enabled services or consumer goods—and prioritize those. Define what scale means for you in each market: Is it three cities with a combined population of 10 million, or presence in a handful of capitals? Then build the ecosystem you need to thrive: local #partnerships, #distribution networks and regulatory know‑how. Innovation can’t be an afterthought. Products and services that fly in mature markets often fall flat here unless they’re adapted to local needs. Rethink your model to meet customers where they are, and get lean to drive down costs and price points. Many #African #businesses have shown how technology can leapfrog legacy systems—mobile money is a prime example. In 2023 the mobile industry contributed about 7 percent to Sub‑Saharan Africa’s GDP—roughly $140 billion—and is set to grow even more. Talent is another lever. More than 60 percent of #Africa's population is under 25, and by 2035 more young #Africans will enter the workforce each year than in the rest of the world combined. Yet skills gaps remain, especially for frontline roles. Invest in vocational training, create clear pathways for internal mobility, and harness the power of inclusion—women’s participation in the economy can add trillions to GDP over the next decade. Companies that grow talent from within gain loyalty and local insight that outsiders simply can’t replicate. Finally, think long term. Volatility is part of the story, but so is resilience. Diversify across regions and #products to hedge against shocks, integrate up and down your value chain to capture more value, and engage with governments to foster stable frameworks for investment. When you solve Africa’s unmet needs in #health, #housing, #energy or consumer staples, you tap into some of the world’s fastest‑growing markets: 11 of the 20 fastest‑growing #economies today are in Sub‑Saharan Africa. Success here isn’t a one‑off project, it’s an ongoing journey. What’s your first step? 🔄️ Repost to your network to educate others. #AfricaBusiness #EmergingMarkets #GrowthStrategy

Africa is not a single market but 54 distinct economies, each with unique opportunities. With 1.4 billion people and a $3 trillion GDP, the continent has a booming startup ecosystem, raising $4.5 billion in VC funding in 2024. By 2035, Africa will have the world’s largest workforce, creating immense investment potential. For foreign investors, approaching Africa as a monolith is a common mistake. Success requires a localized approach, as different regions dominate different industries. North Africa: Gateway to Europe & MENA Key markets: Egypt, Morocco, Tunisia. Egypt is a fintech leader with MNT-Halan ($1B valuation) and a thriving AI sector. Morocco is Africa’s top automotive hub, producing 400,000+ vehicles annually. Tunisia’s Startup Act has fueled a wave of VC-backed tech companies. West Africa: Fintech & Consumer Growth Key markets: Nigeria, Ghana, Senegal. Nigeria is Africa’s largest economy ($363B GDP) and a fintech giant, home to Flutterwave ($3B valuation) and Paystack (acquired by Stripe for $200M). Ghana and Ivory Coast lead in cocoa exports, while Senegal’s Wave ($1.7B valuation) is transforming mobile banking. Lagos is Africa’s Silicon Valley. East Africa: Mobile-First Innovation Key markets: Kenya, Ethiopia, Rwanda. Kenya’s M-Pesa drives a $90B cashless economy, while Rwanda is a tech-friendly nation using AI and Zipline drones for healthcare. Ethiopia’s fintech scene is rising, fueled by hydropower investments. Nairobi is a key hub for VC-backed startups. Southern Africa: Fintech & Industrial Strength Key markets: South Africa, Zambia, Botswana. South Africa’s JSE ($1T market cap) supports fintech unicorns like TymeBank and Yoco. The region excels in mining, renewable energy, and infrastructure, while Cape Town fosters SaaS and AI startups. Central Africa: Untapped Potential Key markets: DR Congo, Cameroon. DR Congo supplies 70% of the world’s cobalt, critical for EV batteries, while Cameroon’s tech sector is growing. However, infrastructure and regulations remain barriers to large-scale VC funding. Unlike Silicon Valley, African startups solve urgent real-world problems, fintech expands financial growth, agritech boosts food security, and health-tech bridges medical gaps. 700M+ smartphone users by 2026 will accelerate digital adoption. The rise of AfCFTA (African Continental Free Trade Agreement), which connects 1.4 billion people into a single trade zone, is going to make cross-border business easier than ever. However, challenges such as regulatory complexity, currency fluctuations, and political instability remain. Investors should partner with local experts, leverage regional strengths, and take a long-term approach to unlock Africa’s full potential. With the right strategy, Africa is the next big frontier for venture capital.