Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

M1 3Q2016 : Depressing ARPU Trend To Spillover Into Comps ?

Kelusa Asia Focus Funds

Equity Bottom-Up

M1 came out with a subdued set of Q4 2016 results. Revenue increased by 1.9% ( Although service revenues declined by 8% ) and together with costs on services increasing by 7%, resulted in a 27% decline in profits. Here is a brief snapshot of the quarterly numbers. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/019/701/original/M1.png?1485314899" class="editor-image img-responsive" data-smartkarma-image-id="19701"></figure>Source: company Points to note here: 1. ARPU for mobile continues to decline ( down 10% YoY ) 2. EBITDA declined by 20% YoY for services and margins were down from 42.2% in Q4 2015 to 35.8% in Q4 2016 the lowest since Q4 2012.3. Fixed…

M1 came out with a subdued set of Q4 2016 results. Revenue increased by 1.9% ( Although service revenues declined by 8% ) and together with costs on services increasing by 7%, resulted in a 27% decline in profits. Here is a brief snapshot of the quarterly numbers. Source: company Points to note here: 1. ARPU for mobile continues to decline ( down 10% YoY ) 2. EBITDA declined by 20% YoY for services and margins were down from 42.2% in Q4 2015 to 35.8% in Q4 2016 the lowest since Q4 2012.3. Fixed…

M1 Ltd

M1 Q4 2016: Subdued