M1

M1: Credit Suisse maintains view that M1 could be a key beneficiary of better data monetization given its higher leverage to domestic mobile business while appropriate tier-pricing would allow M1’s medium-lower end subs to contribute higher ARPU as usage increases. M1 noted that its fibre broadband growth is already profitable, and is gradually gaining subscriber scale and share, and NGNBN could contribute more to its revenue and profit as subscribers reach 100k (FY14e). CS raises TP from $3.20 to $3.60. Expects a recovery in EBITDA, positive news flow, and further yield compression to drive the stock price, supported by a 4.6% dividend yield. Maintains at Outperform.