M1: Deutsche hosted M1 NDR, issues talked about:
1) Fourth operator – Management expects investment to be more significant than the $200-250 signaled by interested entrants
2) Data will remain key revenue drivers. Data usage stands at 3GB/sub/month compared to 2.1GB a year ago. Internet data is growing at 28 p.a. Recent upgrade of network to LTE-A should further drive data growth
3) Corporate segment – Many corporates are undergoing the tender process for their telecom needs, than renewing contracts automatically. M1 has gained customers through this, though it avoided NPV negative deals.
Deutsche has a Buy on M1 with TP of $4.50