M1: Morgan Stanley keeps at Overweight. Says the telco is in a prime position with all to gain and nothing to lose. Notes M1 as the only pure mobile operator, will be the biggest beneficiary of the NBN launch in Spore, as it will get access to the high-speed broadband network at govt-mandated wholesale prices, while avoiding cannibalization issues that SingTel and Starhub will likely face...
Believes also that IDA’s recent moves suggest 4G could be delayed to 2015, removing the risk of a near-term capex bubble. Likes M1’s dividend yield of ~6%, and tips possibility of additional capital returns, given the co’s comfortable gearing levels.
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