In terms of share price appreciation in 2011, M1 has somewhat been the laggard of the three telcos, appreciating about 5%. However, 2012 could provide impetus unique to M1. We agree with DMG & Partners that the rolling out of Singapore’s fibre-based next-generation national broadband network (NGNBN) will open up the market for smaller operators like M1. Coupled with aggressive promotions, we feel that M1 has sought to procure a significant slice of the NGNBN pie. Analysts at OCBC note that while initial margins might be thin, M1 could improve this as it continues to gain customers. This continued push into the NGNBN market could augment growth prospects and offset a predicted decline in fixed and wireless voice revenue. In any case, M1 has also committed to paying at least 80% of underlying net profit as dividend in 2011 and major analysts believe this trend will continue in 2012, resulting in a potential dividend yield of around 6%.