M1

M1: Citi maintains Buy with $2.80 TP. House hosted M1’s senior management team on a non-deal roadshow in HK. Following ur key take-aways from our meetings, house reiterate Buy recommendation on the stock. Overall, note that M1 offers strong earnings growth momentum at 10% EPS CAGR for FY11-14 owing to inroads from NGNBN expansion, which allows it new revenue streams and better bundling capabilities and benefits from proliferation of connected devices. This allows it to grow faster than the saturated SG market.