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

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).

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Equity Bottom-Up

<p>As noted previously, <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 (M1 SP)</a> is seen as the most vulnerable operator to <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG's (TPM AU)</a> entry in 2018.  Their recently released 1Q17 numbers show a modest improvement in trends - they still show declining service revenue but the decline slowed to -0.9% in 1Q17 vs -3.9% in 4Q16.  This slower decline was helped by a slower decline in mobile service revenues and strong fixed line growth. Fixed revenues now account for 15% of M1's revenues and this is rising. However, the revenue trend improvement…</p>

As noted previously, M1 (M1 SP) is seen as the most vulnerable operator to TPG's (TPM AU) entry in 2018.  Their recently released 1Q17 numbers show a modest improvement in trends - they still show declining service revenue but the decline slowed to -0.9% in 1Q17 vs -3.9% in 4Q16.  This slower decline was helped by a slower decline in mobile service revenues and strong fixed line growth. Fixed revenues now account for 15% of M1's revenues and this is rising. However, the revenue trend improvement…

M1's Reports Modest Improvement in Mobile Trends but Still in Decline.

M1 Ltd

M1's Reports Modest Improvement in Mobile Trends but Still in Decline.