M1

M1: (S$2.75) Locking-in gains as risk-reward appears less favourable after post-Brexit run-up*- Market Insight exiting the position in M1 from the Yield portfolio, locking in 6.7% gains (including dividends. -This is because despite lower risks of a fourth telco, valuations are not as appealing following the Brexit run-up. - If indeed a fourth telco does not materialise, M1 would enjoy a reprieve.- But if fourth telco does emerges, M1 would lose market share and see continued ARPU weakness