M1: Entering the Oman telecom market by buying a 15% stake in TeO for a small sum of S$10.3m. M1 hopes TeO will win a third mobile licence, which could be awarded in the next 6-12 months. Upon this, it will likely inject more equity into TeO to fund the spectrum cost and mobile network rollout.
CIMB maintains its Hold call and DCF-based TP of $3.80. House believes M1’s current valuation is fair. Key downside risk could be the entry of a fourth mobile operator in Singapore.
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