M1

M1: Citi maintains Buy, with TP $2.90. House maintain positive outlook with the Co. progressing in fiber subscriber deployment and limited risk on mobile margins in the medium-term. iPhone sales strong, but not a drag on profits. Remains the cheapest amongst the SG telco names at 11.3x FY12E P/E. Yield remains firm at 6% and could rise over time with special pay-outs.