FIND A MOBILE-phone market where penetration rates are low but growing quickly. Buy a major stake in one of the players in that market and ensure that it has all the funding it needs to grow its market share. Watch its revenue and earnings take off. Rinse. Repeat. From Indonesia to India, Singapore Telecommunications has built a formidable portfolio of overseas telecoms assets across the region. But, its formula of getting into frontier markets early doesn’t appear to be working as well as it once did. And, analysts are watching with growing unease as problems emerge at more and more of the telecom juggernaut’s overseas investments.