reports
M1 LTD. sees an upgrade to Slightly Positive due to a better fundament...
The general evaluation of M1 LTD. (SG), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 1 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 30, 2019, the closing price was SGD 2...
- Dan Baker
Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely t...
From shareholders’ perspective, M1’s full-year result is less relevant than usual, given that the company is likely to be taken private at SGD 2.06 per share as per the voluntary conditional offer made Dec. 28, 2018. Nevertheless, the company reported fourth-quarter services revenue down 2% with EBITDA down 10% and net profit down 21%. In our view, M1 will be the most exposed Singapore operator to TPG’s entry into the mobile market, since it has fewer bundled customers than rivals StarHub ...
- Dan Baker
Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely t...
From shareholders’ perspective, M1’s full-year result is less relevant than usual, given that the company is likely to be taken private at SGD 2.06 per share as per the voluntary conditional offer made Dec. 28, 2018. Nevertheless, the company reported fourth-quarter services revenue down 2% with EBITDA down 10% and net profit down 21%. In our view, M1 will be the most exposed Singapore operator to TPG’s entry into the mobile market, since it has fewer bundled customers than rivals StarHub ...
- Dan Baker
M1's Full-Year Result Largely Irrelevant; Still Likely to Be Taken Pri...
From shareholders’ perspective, M1’s full-year result is less relevant than usual, given that the company is likely to be taken private at SGD 2.06 per share as per the voluntary conditional offer made Dec. 28, 2018. Nevertheless, the company reported fourth-quarter services revenue down 2% with EBITDA down 10% and net profit down 21%. In our view, M1 will be the most exposed Singapore operator to TPG’s entry into the mobile market, since it has fewer bundled customers than rivals StarHub ...
- Dan Baker
Morningstar | M1’s Slightly Lower-Than Expected 3Q Largely Irrelevan...
From shareholders’ perspective, M1’s slightly below expectations third-quarter result is less relevant than usual given it is likely to be taken private at SGD 2.06 per share as per the announcement on Sept. 27. Nevertheless, the company reported third-quarter services revenue up 2% with EBITDA down 3.6% and net profit down 5.5%.  In our view, M1 will be the most exposed Singapore operator to TPG entering the mobile market later this year or early next year given it has fewer bundled custom...
- Dan Baker
M1’s Slightly Lower-Than Expected 3Q Largely Irrelevant; Likely to B...
From shareholders’ perspective, M1’s slightly below expectations third-quarter result is less relevant than usual given it is likely to be taken private at SGD 2.06 per share as per the announcement on Sept. 27. Nevertheless, the company reported third-quarter services revenue up 2% with EBITDA down 3.6% and net profit down 5.5%.  In our view, M1 will be the most exposed Singapore operator to TPG entering the mobile market later this year or early next year given it has fewer bundled custom...
- Dan Baker
Morningstar | M1 Likely to Be Taken Private at SGD 2.06 per Share
Two of M1's existing shareholders, Keppel and Singapore press holdings, have made a pre-conditional voluntary general cash offer to M1 shareholders to take over the company at SGD 2.06 per share. Given the 26% premium to the prevailing share price and the uncertain near-term future with a new competitor set to launch mobile service within the next six months, we would expect the offer to be successful. We would not anticipate a competing offer given the existing two shareholders already own 33% ...
- Dan Baker
Morningstar | M1 Likely to Be Taken Private at SGD 2.06 per Share. See...
Two of M1's existing shareholders, Keppel and Singapore press holdings, have made a pre-conditional voluntary general cash offer to M1 shareholders to take over the company at SGD 2.06 per share. Given the 26% premium to the prevailing share price and the uncertain near-term future with a new competitor set to launch mobile service within the next six months, we would expect the offer to be successful. We would not anticipate a competing offer given the existing two shareholders already own 33% ...
- Dan Baker
M1 Likely to Be Taken Private at SGD 2.06 per Share
Two of M1's existing shareholders, Keppel and Singapore press holdings, have made a pre-conditional voluntary general cash offer to M1 shareholders to take over the company at SGD 2.06 per share. Given the 26% premium to the prevailing share price and the uncertain near-term future with a new competitor set to launch mobile service within the next six months, we would expect the offer to be successful. We would not anticipate a competing offer given the existing two shareholders already own 33% ...
- Dan Baker
Morningstar | M1 2Q18 Gaining Mobile Market Share but Wary Ahead of Ne...
We saw nothing in M1's second-quarter result to change our view that M1 will be the most exposed Singapore operator to TPG entering the mobile market in 2018 given it has fewer bundled customers than its rivals, StarHub and SingTel and around three fourths of its service revenue is from mobile services. The result itself was slightly ahead of our expectations with services revenue up 5.2% year on year, EBITDA up 1.4%, and earnings per share up 2.6%. Mobile service revenue grew 3.8%, continuing t...
- Dan Baker
Morningstar | M1 2Q18 Gaining Mobile Market Share but Wary Ahead of Ne...
We saw nothing in M1's second-quarter result to change our view that M1 will be the most exposed Singapore operator to TPG entering the mobile market in 2018 given it has fewer bundled customers than its rivals, StarHub and SingTel and around three fourths of its service revenue is from mobile services. The result itself was slightly ahead of our expectations with services revenue up 5.2% year on year, EBITDA up 1.4%, and earnings per share up 2.6%. Mobile service revenue grew 3.8%, continuing t...
- Dan Baker
M1 2Q18 Gaining Mobile Market Share but Wary Ahead of New Entrant Laun...
We saw nothing in M1's second-quarter result to change our view that M1 will be the most exposed Singapore operator to TPG entering the mobile market in 2018 given it has fewer bundled customers than its rivals, StarHub and SingTel and around three fourths of its service revenue is from mobile services. The result itself was slightly ahead of our expectations with services revenue up 5.2% year on year, EBITDA up 1.4%, and earnings per share up 2.6%. Mobile service revenue grew 3.8%, continuing t...
- Dan Baker
M1 1Q18 Results in Line; All Eyes on New Entrant Launch in 2H.
We saw nothing in M1’s first-quarter result to change our view that M1 will be the most exposed Singapore operator to TPG entering the mobile market in 2018 given it has fewer bundled customers than its rivals, StarHub and SingTel and around three fourths of its services revenue is from mobile services. The result itself was broadly in line with our expectations with services revenue up 3.0% year on year, EBITDA down 2.3% and earnings per share up 2.7%. Mobile services revenue, including inter...
- Dan Baker
TPG Announces Aggressive Niche First Singapore Mobile Plan; Network Ro...
TPG has provided an update on its Singapore mobile network progress and launched its first mobile plan aimed at the seniors market. While TPG had spent only AUD 30 million on mobile network capital expenditure as at end January 2018, management indicated that it was on target to meet its license requirement to build out a nationwide outdoor service network by the end of 2018. The mobile plan will be targeted at seniors over the age of 65 and will offer free 3 GB of data per month, free unlimited...
- Dan Baker
M1 Posts Slightly Better 3Q17 Results, but We Cut Forecasts and FVE on...
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 exposedÂ...
- Dan Baker
M1 Posts Broadly In-Line 2Q 2017 Results, but New Competitor Launch Lo...
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 thr...
- Dan Baker
M1 Posts Broadly In-Line 1Q 2017 Results; Underlying Capex Reduction O...
M1’s first-quarter 2017 results were broadly in line with our expectations, with services revenue down 0.9% year on year, EBITDA down 5.1%, and EPS down 14.1%. Excluding a small one-off gain on asset sales that decreased other expenses, EBITDA would have been down 8% and EPS down 21%. Management continued to provide no earnings guidance, having been forced to downgrade its 2016 guidance several times through 2016, but did reduce 2017 capital expenditure guidance to SGD 150 million, from SGD 17...
- Dan Baker
M1 Posts Disappointing 4Q Results, Capital Expenditure Going up, Divid...
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 “stableâ€, 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....
- Dan Baker
M1 Moat Trend Moved to Negative on TPG Entry Into Mobile Market
We have moved our moat trend for M1 from stable to negative on the likely entry of a fourth operator, TPG, into the Singapore mobile market in 2018. We make no changes to our fair value estimate of SGD 1.70 per share, which we already downgraded for this issue; nor do we change our narrow moat rating on M1, which is based on cost advantage and efficient scale, with the company continuing to earn returns above its cost of capital despite expectations for returns on invested capital to fall from 2...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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