3 reasons why M1's data revenue growth was 'diluted'
Service revenue was flattish.
According to CIMB, M1’s 3Q13 service revenue was flat qoq, despite a 6% rise in the adoption of tiered data plans to 32%.
The growth in data revenue was diluted by: 1) lower roaming revenues due to lower inter-operator termination (IOT) rates and fewer
travellers not using international data roaming by buying prepaid cards or using free WiFi at their travel destinations.
Here's more from CIMB:
We expect this phenomenon to continue because of expensive roaming rates, conveniently-available prepaid SIM cards in Singapore and most countries, and downward trend on the IOT.
Roaming revenue contributes 12% of M1’s net revenues; and 2) weaker IDD revenues of lower tariff.
As a result of these factors, service revenue slowed from 9% yoy in 2Q to 5% in 3Q.
Device subsidies dipped 7% qoq despite the launch of the Samsung Galaxy S4 in mid-Jul. This reflects the lower selling price of this device.
According to OSK, Singapore's biggest pawnbroker chain by revenue, Valuemax, plans to raise about SGD70.4m by offering 138m shares which is about 25.9% of the company at SGD0.51 per share in an initial public offering to expand its business.
Valuemax will be the third pawnbroker to go public and is priced at a price-earnings ratio of 12.4 times based on the group's pro forma net earnings per share for the year ended Dec 31, 2012.
According to DBS, it expects Courts Asia's results to be soft, on lower fuel subsidies in Malaysia and slower furniture and household equipment sales in Singapore.
"We have therefore lowered FY14F sales psf expectations in Singapore and Malaysia and hence reduced our FY14F/FY15F earnings forecast by 5%/2%," said DBS.
Here's more:
Longer term, we expect demand in Malaysia to normalise when the market adapts to lower fuel subsidies. With higher housing completion in Singapore going forward, we remain positive on demand picking up.
PROPOSED ISSUE OF UP TO US$200 MILLION IN PRINCIPAL AMOUNT OF REDEEMABLE CONVERTIBLE BONDS TO PLATINUM PARTNERS VALUE ARBITRAGE FUND L.P.
1. INTRODUCTION
Further to the announcement by Blumont Group Ltd. (the “Company”) dated 18 October 2013(the “Announcement”) in relation to the proposed issue of up to US$200 million in principal amount of redeemable convertible bonds (the “Bonds”) to Platinum Partners Value Arbitrage Fund L.P. (“PPVAF”), the board of directors (the “Board”) of the Company wishes to announce the following additional information.
Terms defined in the Announcement shall have the same meanings when used herein unless the context requires otherwise.
2. ARRANGER FEE
As stated in paragraph 4 of the Announcement, the Company shall pay to the Arranger a fee equal to 5% of the aggregate proceeds received by the Company from the subscription of the Bonds.
The amount of fee payable to the Arranger was determined on an arm’s length basis, based on normal commercial terms. The Board understands that the amount of fee payable is within the range of fees paid by other mining and resources companies listed on the Toronto Stock Exchange and TSX Venture Exchange for fund-raising transactions during the period from 1 July 2012 to 30 June 2013. The fees paid in those transactions ranged between 4 - 24% of total funds raised. Toronto Stock Exchange and TSX Venture Exchange are a global leader in listing issuers in the resource sectors, including mining and oil and gas companies.
3. INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS
None of the Directors or substantial shareholders of the Company and their respective associates (other than in its capacity as a Shareholder) has any interest, direct or indirect, in the Bonds.
None of the Company, the Directors or substantial shareholders and their respective associates are related, directly or indirectly, to (i) PPVAF, (ii) the Arranger, and (ii) their respective directors, substantial shareholders and their respective associates.
BY ORDER OF THE BOARD
Blumont Group Ltd.
James Hong Gee Ho
Executive Director
22 October 2013
Further to its announcement dated 24 October 2012, CapitaLand Limited(“CapitaLand”) wishes to announce that Adelphi Property Pte Ltd (“APPL”), its dormant wholly-owned subsidiary incorporated in Singapore which was placed under members’ voluntary liquidation, has been dissolved.
The dissolution of APPL is not expected to have any material impact on the net
tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2013.
By Order of the Board
Ng Chooi Peng
Assistant Company Secretary
22 October 2013
