Singapore Wireless: TPG Entry and Early Moves from M1 and Starhub to Counter the Threat.

Singapore Telcos: And Then There Were Two (Bidders for the 4th License).

Singapore Telcos: A (Nasty) TPG Surprise.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Morningstar, Inc.

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Equity Bottom-Up

M1’s fourth-quarter 2016 result was again slightly worse than our expectations with services revenue down 3.9% year on year, EBITDA down 18.3% and earnings per share down 26.5% after declining 12% in the first nine months. From the original 2016 guidance of “stable”, management guidance was progressively lowered through the year as the results disappointed, and no guidance has been provided for 2017.We downgrade our earnings forecasts by 2%-3%, but retain our fair value estimate of SGD 1.70 per share. Our narrow moat rating driven by cost advantages and intangible assets is retained. Our negative moat trend, driven by the impending launch of mobile service by new entrant, <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG Telecom Ltd (TPM AU)</a>, in 2018 is also retained.Analyst: Dan Baker

M1’s fourth-quarter 2016 result was again slightly worse than our expectations with services revenue down 3.9% year on year, EBITDA down 18.3% and earnings per share down 26.5% after declining 12% in the first nine months. From the original 2016 guidance of “stable”, management guidance was progressively lowered through the year as the results disappointed, and no guidance has been provided for 2017.We downgrade our earnings forecasts by 2%-3%, but retain our fair value estimate of SGD 1.70 per share. Our narrow moat rating driven by cost advantages and intangible assets is retained. Our negative moat trend, driven by the impending launch of mobile service by new entrant, TPG Telecom Ltd (TPM AU), in 2018 is also retained.Analyst: Dan Baker

M1 Posts Disappointing 4Q Results, Capital Expenditure Going Up, Dividends Going Down

M1 Ltd

M1 Posts Disappointing 4Q Results, Capital Expenditure Going Up, Dividends Going Down