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Is M1 a lost cause?

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FY2017 had been a year of reckoning as M1 celebrated its 20th anniversary but continued to struggle in the midst of technology disruption. Revenue remained fairly stable at $1.07 billion. However, profit after tax dropped to a whopping 5-year low at $132.5 million.

Correspondingly, since my last coverage on 25 January 2018, M1 share price turned bearish, dropping from $1.88 to $1.70 in early April. It recovered only recently on the back of a decent set of 1QFY18 results.

For sure, investors would look back and lamented that the past 20 years had been a journey of lost opportunities as M1 had become the smallest telecommunication player despite being “the first to offer nationwide 4G service, as well as ultra high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN)”.

But is M1 really a lost cause? Should shareholders run for their lives? In this article, the investment merits of M1 are examined.

Market share

According to Info-communications Media Development Authority’s (IMDA) statistics, as of November 2017, Singapore’s mobile market penetration rate was almost 150%. This means that [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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Updated: April 28, 2018 — 1:10 am

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