1. The possibility of sanctions is the biggest downside risk for Myanmar's telecoms sector, given the relatively high levels of foreign ownership in the principal operators and in tower companies (towercos). Restrictions on fund inflows would set back Myanmar's digital economy even further. 2. Investments into other segments, such as digital services would see a pull back in light of sustained internet shutdowns and disruptions, further weakening the already-poor returns potential. 3. The organic growth opportunity in Myanmar's telecoms sector is still strong given that rural areas remain unserved, although the uncertain regulatory outlook will continue to weigh on investment sentiment, while slow growth in purchasing power will limit upselling of premium digital services.
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