Stock Name: M1
Company Name: M1 LIMITED
Company Name: M1 LIMITED
| Research House: CIMB | Price Call: HOLD | Target Price: 2.50 |
Target S$2.50
Our recent visit to M1 left our views unchanged. Any re-rating catalysts will depend on improvements relating to LTE and NGNBN, we feel. Take-up of fibre remains slow owing to issues at OpenNet. The regulator has stepped in to resolve issues such as bureaucracy and installation capacity at OpenNet. Lacking re-rating catalysts, we remain Neutral and keep our DCF target price (WACC 7.9%). Switch to StarHub which has capital- management potential, in our view.
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