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
1Q12 results were in line at +0.2% of our estimate and -5% of consensus. Although it expects data and fixed services to drive growth in 2012 and into 2013, it foresees 2012 to be a challenging year with headwinds in roaming and little potential for special dividends. M1 has not changed much of its 2012 outlook since its last briefing. We retain our DCF-based target price (WACC 7.9%) and EPS forecasts. Maintain Neutral as it lacks re-rating catalysts. Switch to StarHub for potentially higher dividends from its under-leveraged balance sheet.
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