Towards Financial Freedom
M1 - Subsidy Hiccup (Downgrade to HOLD, TP SGD2.45)
Downgrade to HOLD. M1's full year earnings outlook is now more uncertain on a 2Q12 miss, and the company has withdrawn its earnings guidance. The current re-rating of the stock is likely to be cut short for now. We have cut our FY12 forecast by 5%, which could fall further if demand for iPhone 5 is stronger than expected. We are not totally negative on M1 as there is a chance Android will hold its ground. Although we usually steer clear of neutral calls, we reckon this uncertainty should clear up within a couple of quarters. Its longer term catalysts such as data monetisation, 4G and NGNBN are still valid. Fair value is pegged at peer average PE of 14x or SGD2.45 for now.
Source: Maybank Kim Eng
Source: Maybank Kim Eng
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CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
