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Equity Bottom-Up

M1’s second-quarter 2017 result was broadly in line with our expectations, with services revenue up 0.4% year on year, EBITDA down 10.7%, and EPS down 21%. We see nothing in this result to change our view that M1 will be the most exposed Singapore operator to new entrant TPG entering the mobile market in 2018, given that it has fewer bundled customers than rivals StarHub and SingTel. Management continued to provide no earnings guidance after being forced to downgrade guidance several times through 2016, and retained 2017 capital expenditure guidance at SGD 150 million.We retain our fair value estimate of SGD 1.70 per share, along with our narrow moat rating, which is driven by cost advantages and efficient scale. We are also maintaining our negative moat trend rating, which is driven by the impending launch of mobile service by TPG in 2018.Analyst: Dan Baker

M1’s second-quarter 2017 result was broadly in line with our expectations, with services revenue up 0.4% year on year, EBITDA down 10.7%, and EPS down 21%. We see nothing in this result to change our view that M1 will be the most exposed Singapore operator to new entrant TPG entering the mobile market in 2018, given that it has fewer bundled customers than rivals StarHub and SingTel. Management continued to provide no earnings guidance after being forced to downgrade guidance several times through 2016, and retained 2017 capital expenditure guidance at SGD 150 million.We retain our fair value estimate of SGD 1.70 per share, along with our narrow moat rating, which is driven by cost advantages and efficient scale. We are also maintaining our negative moat trend rating, which is driven by the impending launch of mobile service by TPG in 2018.Analyst: Dan Baker

M1 Posts Broadly In-Line 2Q 2017 Results, but New Competitor Launch Looms

M1 Ltd

M1 Posts Broadly In-Line 2Q 2017 Results, but New Competitor Launch Looms