M1

M1: OSK-DMG maintains Buy with TP $4.20 (from $4.30). The house notes the following re-rating catalysts : i) continued revenue mkt share gains, ii) stronger take-up of fiber plans, and iii) better data monetisation efforts. Meanwhile, the fair value accounting on the iPhone 6 should see M1's service EBITDA margin hold up better than its peers in 4Q14, a typically strong quarter for handset sales.