M1 Posts Slightly Better 3Q17 Results, but We Cut Forecasts and FVE on Expected Competitive Pressure
M1’s third-quarter 2017 result was slightly better than our expectations, with services revenue up 4.9% year on year, EBITDA up 1.3%, and earnings per share down 4.5%. The 3.4% mobile services revenue growth was a surprise, given that it was M1’s first year-on-year quarterly increase since fourth-quarter 2014, although it came on the back of a particularly weak third-quarter 2016. We see nothing in this result to change our view that among Singapore operators, M1 will be the most exposed to TPG...M1 is a communications company, providing mobile and fixed services to customers. Co. is an operator that provide fourth generation (4G) service, as well as fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network. Co. and its subsidiaries are engaged in the provision of telecommunications services, international call services and fixed services, retail sales of telecommunication equipment and accessories, and customer services. Co. makes available to its mobile and fixed-line customers International Direct Dial services through the 002 and 021 prefixes, as well as a International Calling Card service using prefix 1818.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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