M1: M1 is not handicapped by the lack of a pay-TV service offering as it could bundle multiple services and multiple mobile lines. It continues to differentiate itself through innovative new services, such as Data Passport and mySIM.
M1 provides attractive free cash flow yield of 6.3% and would rebound the strongest in the event that Singapore does not have a fourth mobile operator.
UOB Kay Hian maintains Buy rating with TP of $3.26.
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