M1

M1: UOB Kay Hian upgrades M1 from SELL to HOLD with TP: $3.60 after M1’s share price has corrected 18% post announcement of its 1Q15 results. The steep fall has factored in current regulatory uncertainties. However, M1 remains susceptible to regulatory risks in SG with mobile accounting for 81.5% of its service revenue in 1Q15.