M1

M1: Company announced results for FY12, which were below Street's estimates. Actual sales of $1.08b beat estimates by 1.2%; EPS missed expectations by 3.95%; due to higher-than-expected tax expenses in 4Q12 Company declared final dividend of $0.063/ share and special dividend of $0.017/ share; indicative yield of 3.0% based on closing price of $2.75 on 31 Dec 2012. Company stated that they will continue to focus on the Next Generation Nationwide Broadband Network going forward, and also stating that there have been a strong take-up on the new 4G plans, which will likely continue in 2013. Mgmt guided for moderate growth for 2013 based on the current economic outlook. Street estimates M1's TP of$2.89, based on a 14.7x forward P/E. Current price at $2.75