The hikes in prepaid tariffs by the incumbents in 2H2011 found limited success with continued price arbitrage. While rev/min ticked up, minutes growth declined sharply, probably exacerbated by unfavorable macro backdrop (esp. high inflation). Going forward, operators are likely to balance rev/min and mins growth with focus on rev/market share. Expect only moderate competition with little risk of disruptive pricing given 1) high capacity utilization of incumbents and 2) new entrants facing business disruption.