Stock Name: M1
Company Name: M1 LIMITED
CIMB in a July 15 research report says: "Annualised, M1's 1H11 results are within expectations, at 2% below our forecast and 1% above consensus. M1 declared a 6.6 cents dividend per share for 2Q11, in line with our forecast.
"Highlights were slower revenue q-o-q due to lower handset sales and a q-o-q recovery in margins. 1H11 growth of 7% y-o-y is fairly indicative of the full year and it is reasonable to assume the same run rates. We forecast y-o-y growth of 11% for 2011 profit after tax (PAT).
"M1 also keeps its 80% payout and would be monitoring the economy, its free cash flow, and gearing before deciding on any capital management. We make no changes to our earnings forecasts for FY2011-2013 or DCF-based target price of $2.63. M1 lacks re-rating catalysts though downside should be limited by its dividend yields of 6-7%. MAINTAIN NEUTRAL."
Company Name: M1 LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 2.63 |
CIMB in a July 15 research report says: "Annualised, M1's 1H11 results are within expectations, at 2% below our forecast and 1% above consensus. M1 declared a 6.6 cents dividend per share for 2Q11, in line with our forecast.
"Highlights were slower revenue q-o-q due to lower handset sales and a q-o-q recovery in margins. 1H11 growth of 7% y-o-y is fairly indicative of the full year and it is reasonable to assume the same run rates. We forecast y-o-y growth of 11% for 2011 profit after tax (PAT).
"M1 also keeps its 80% payout and would be monitoring the economy, its free cash flow, and gearing before deciding on any capital management. We make no changes to our earnings forecasts for FY2011-2013 or DCF-based target price of $2.63. M1 lacks re-rating catalysts though downside should be limited by its dividend yields of 6-7%. MAINTAIN NEUTRAL."
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