That was the past. Today, profits lie in providing a range of cellular and data transmission services. Soon, offering broadband transmission over quick fiber-optic cable or, one day in the future, lasers, will be key. Many have already started. The Philippines, Hong Kong and Malaysia each have six cellular operators.
Competition is also fierce in long-distance and data transmission.
Kiss your modem goodbye. The question now is whether the telcos can make a rapid transition from well-fed favored sons to nimble, hungry competitors. Investors seem to think so. They have bid up many of the region's large telephone companies this year. The surges have partly come on the back of overall Asian stock rallies, but they've also happened because investors see these companies as legitimate Asian Internet plays.