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SINGAPORE CompanyUpdate
Update Results MITA
MITANo.
No.010/06/2009
010/06/2009
12 April 2010
Maintain
MobileOne Ltd
BUY
Previous Rating: BUY Looking forward to NBN
Current Price: S$2.09
Likely decent start to 2010. M1 Ltd will kick off the reporting
Fair Value: S$2.28
season for the telcos and we expect to see a pretty decent
set of 1Q10 results on 16 Apr 2010, driven by the rapidly
recovering economy in Singapore; a MAS poll of 20 economists
3500 STI 2.4 pegs the average GDP growth forecast at 9.5% for 1Q10.
3000 2.2
2.0 Mobile subscriber numbers have also been pretty encouraging,
2500 1.8
2000
MobileOne
1.6
with total subscribers (2G+3G) up 0.1% from Dec to 6.865m
1500
1.4 in Feb, as the number of 3G subscribers continued to grow.
1.2
1000 1.0 We suspect one reason for this increase is probably due to
May-08
May-09
Aug-08
Nov-08
Aug-09
Nov-09
Feb-09
Feb-10
the ongoing demand for the Apple iPhone 3GS, which M1 had
started distributing in Dec 2009.
Revenue 800.6 781.6 808.5 804.4 Cash 17.8 7.4 10.9 30.9
EBITDA 316.5 309.7 320.4 322.8 Other Current Assets 92.9 133.3 133.4 132.8
Depreciation & amortisation -123.9 -128.1 -125.0 -124.9 Fixed Assets 612.9 611.4 612.8 609.2
Operating Profit 316.6 309.7 320.4 322.8 Other long term assets 80.1 85.4 79.1 72.7
Net interest -7.6 -6.5 -6.3 -7.2 Total Assets 803.7 837.5 836.1 845.6
Associates 0.0 0.0 0.0 0.0 Current Liabilities less Debt 230.5 224.7 224.4 223.9
Exceptionals 0.0 0.0 0.0 0.0 Debt 250.0 269.0 250.0 240.0
Pre-tax profit 185.1 175.1 189.1 190.7 Other Long Term Liabilities 99.9 87.7 74.5 63.4
Tax -34.9 -24.8 -34.0 -34.3 Shareholders Equity 223.2 256.1 287.1 318.4
Net Profit 150.1 150.3 155.1 156.3 Total Equity and Liabilities 803.6 837.5 836.1 845.6
CASH FLOW
Year Ended 31 Dec (S$m) FY08 FY09 FY10F FY11F KEY RATES & RATIOS FY08 FY09 FY10F FY11F
Operating Profit 317.2 310.3 320.4 322.8 EPS (S cents) 16.8 16.8 17.3 17.5
Working Capital Changes -8.4 -41.0 -6.1 -0.3 Fully Diluted EPS (S cents) 16.8 16.8 17.3 17.5
Net Cash from Operations 254.5 222.0 266.0 270.1 PER (x) 12.5 12.4 12.1 12.0
Capex -96.9 -119.0 -120.0 -115.0 Price/NTA (x) 13.0 10.2 8.5 7.2
Investing Cash flow -96.8 -131.7 -123.3 -116.0 EV/EBITDA (x) 6.6 6.9 6.6 6.4
Change in Equity 1.8 0.3 0.0 0.0 Dividend Yield (%) 6.4 6.4 6.6 6.7
Net Debt Change -35.0 19.0 -19.0 -10.0 ROIC (%) 31.7 28.6 28.9 28.0
Financing Cash Flow -163.0 -100.7 -139.2 -134.1 ROE (%) 67.2 58.7 54.0 49.1
Net Cash flow -5.3 -10.4 3.5 20.0 Net Gearing (%) 1.0 1.0 0.8 0.7
Ending Cash Balance 17.8 7.4 10.9 30.9 PE to Growth (x) (1.4) 84.0 3.8 14.8
SHAREHOLDING DECLARATION:
The analyst/analysts who wrote this report holds NIL shares in the above security.
Carmen Lee
Published by OCBC Investment Research Pte Ltd Head of Research