Indeed the calculation is not correct.
1) ISP needs to pay NLT per user S$13.50 per month, so it is in general impossible to offer S$15 or even S$20 per month Fibre Internet service (with GST). The previous lowest price plan was from WC and SIMBA for 2.5Gbps at S$21.80 per month, but both have raised the price later.
Reference:
https://www.dbs.com.sg/treasures/ai...t/data/en/DBSV/052024/NETLINK_SP_05202024.xml
Residential connection continues to be the key contributor at 60% of revenue in 4Q24 (60% in 3Q24). In 4Q24, NLT’s residential fibre connection increased to 1.507mn from 1.501mn in 3Q24 while non-residential fibre connections increased to 53.5k from 53.2k. From April 2024, residential connection pricing was lowered by 2% to S$13.50 per connection while non-residential is unchanged at S$55 per connection.
2) Router bulk purchase price will be much lower. In fact M1 is offering TP-Link Archer BE805 at S$360 (S$15 x 24) with PWP. M1 is also offer a pair of Asus ZenWiFi BT10 at S$504 (S$21 x 24). So we know the cost price by M1 for Archer BE805 is lower than S$360. Same two ZenWiFi BT10 cost to M1 is less than S$504.
We do not know the exact cost price for Archer BE230 to M1 though. I guess it will be about S$240 for Archer BE805 (assume M1 marks up 1/3 for PWP offer). In that case,
M1's base cost for 6Gbps plan (with Archer BE805) is estimated to be S$13.5+S$10 = S$23.50 per month for 6Gbps plan without considering other cost. M1's pricing at S$32.90 (recontract offer) or S$34.09 per month (new user offer) does not earn much money for M1 but will not lose money either.