Morningstar

Morningstar, Inc.

Equity Bottom-Up

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 and…

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 customers…

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%…

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…

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…

Singapore

M1 Ltd. provides mobile voice, data communications, broadband and fixed communications services in Singapore. The Company operates high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN).

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