Telecoms

Telecoms: MyRepublic's misfortune could be M1's gain​
- M1 could be in the running to be a market dark horse
- Channel checks suggest that the two frontrunners, MyRepublic and Consistel are still seeking to raise substantial funds
- spectrum auction that is expected to be held in 3Q16
- M1 (Hold, TP: $3.09) could potentially see a substantial re-rating particularly since it is currently trading at a relatively attractive FY16E yield of 6%
- Notwithstanding, Maybank KE continues to like Singtel (Buy, TP: $4.50), and StarHub (Buy, TP: $4.15)