What would rolling heads actually achieve here? IMHO - there “just” needs to be stronger regulation that ensures carriers plan and account for this.
What the parent poster probably means by rolling heads is, this should not just be a fine to the telco but literally people going to jail for the criminal negligence.
How else is there going to be change? A money fine is just an operational expense that can be offset and "part of business if someone dies because of bad testing".
It's more a structural issue.
Whilst it is a large chunk of assets, there's lots of competition so not really exciting. AUD has weakened, which makes it worth less by default.
So if you were its owner (in Singapore) what would you do? You can't really sell it (not worth it), you can't really invest in it but you don't want to fold it.