yes i agreed . At present , i don't think M1 will come in 2nd in telco ranking. Even thou Starhub lost the BPL contract to singtel , it may not be as bad as most people think . 

 Without BPL , starhub revenue is likely to dip but i think their profit gain will be higher.

Target price: M1 $2.06, SingTel $3.51, StarHub $1.80

BUY on M1 and SingTel, SELL on StarHub

On balance however, we maintain our calls of BUY on M1 and SingTel and SELL on StarHub. The availability of iPhones will help M1 and StarHub defend their turf. M1 in particular should be able to start bringing down its stubbornly high churn rate. For StarHub however, the benefits are still outweighed by the risks of subscriber loss to SingTel after losing the BPL rights. We expect little to no impact on SingTel - it is unlikely many of its customers will jump ship, as the revised offerings (specifically, the larger data bundles and bill caps) have also been extended to them. Telco Sector Update (Gregory YAP 6432 1450) Previous day closing price: M1 $1.84, SingTel $3.02, StarHub $2.02 Recommendation: M1 Buy (maintained), SingTel Buy (maintained), StarHub Sell (maintained),