Brokers' take

M1, Neutral

March 20 close: S$2.17

Target price: S$2.05

RHB Research, March 20

WE do not rule out a potential M1-StarHub merger - a move that would allow both telcos to pit their respective strengths to fend off the threat from a fourth mobile entrant (TPG). We think a merger makes sense as M1 is viewed as the weakest of the three telcos in Singapore given its dominant mobile exposure (more than 60 per cent of revenue) and a merger could address commercial challenge…