M1

M1: Nomura raises its TP following a review of current industry developments. The key drivers include: 1) the ongoing benefits of data repricing; 2) steady NBN traction, where it maintains around 18% market share; 3) the launch of Mi-Box; Nomura cites that the 5% yield is appealing amidst changes that the wireless (90% of revenues) segment is undergoing around data re-pricing, or higher charges for excess download (e.g. SingTel doubling extra GB pricing from $5 to $11) and even potential introduction of shared-plans could help further. DB sings to the same tune, having M1 as its top sector pick due to its leverage on the improving mobile dynamics. M1's increasingly data-skewed network, coupled with better data monetisation, should drive margin improvements over time. Latest broker recommendations as follows: Nomura has BUY rating with TP $3.70 (from $3.18); DB has BUY rating with TP $3.72;