Singapore Stock Market News
M1 Limited - Dividend surprise
StockFanatic
Publish date: Tue, 21 Jan 2014, 11:27 AM
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While M1's FY13 core net profit missed our estimate (94% of our forecast), its dividend exceeded our raised expectations. The earnings miss was largely due to higher-than-expected opex. However, its core net profit met consensus expectations (98% of FY13 estimates). M1 proposed a final DPS of 7.1 Scts and a special DPS of 7.1 Scts, bringing the full-year total to 21 Scts (121% payout), up 44% yoy. The take-up of tiered data plans surged 17% pts qoq to 49%, which we believe offset the lower international roaming revenues.
We cut our FY14-15 EPS by 6-14% and DCF-based (WACC 7.2%) target price by 7.3%. However, M1 remains an Add with the dividend surprise and rapid take-up of tiered data plans acting as likely re-rating catalysts.
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