M1

M1: UOB reiterates the ongoing theme that M1 is a prime beneficiary of a) growth and monetization of data, and b) easing of handset subsidies. Aside, M1 also intends to pursue opportunities to provide fibre broadband to SMEs beginning 3Q14 when the details of the eligibility of the budget 2014’s subsidy program is finalized. UOBKH expects a yield of 4.4% for 2015F. UOBKH maintains Buy with increased TP of $4.05 from $3.89