M1 cut to "hold", target reduced to $3.65 by Maybank Kim Eng

Stock Name: M1
Company Name: M1 LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 3.65

SINGAPORE (April 2): Maybank Kim Eng has downgraded M1 to "hold" from "buy" and cut its price target to $3.65 from $4.24.

M1 is the most vulnerable to new competition in Singapore's mobile market, with 20% to 30% of its mobile revenue at risk in the worst-case scenario, according to Maybank Kim Eng analyst Gregory Yap.

"If and when MyRepublic enters the market as a fourth operator, it is likely to target M1's subscribers as the lowest-hanging fruit," he wrote in a note today.