M1

M1 is the only one out of current three major players that don't provide TV service, but now changes. Looking back years performance of M1, not bad. Looking forward, M1 will be able to compete at same level with others, with lower price, will attract more subscribers. That may hurt Starhub that also concentrate at Singapore market. So buying in M1 is a hedge of my current holding of Starhub.

Starhub 4Q13 revenue down 6.2%, profit down 4.8%

星和(StarHub)在4Q13录得总收入从4Q12的6亿5,410万元下跌6.2%至6亿1,370万元，主要因器材销售额下降。但营运开支因销售成本减少而下降。4Q13的盈利为8,370万元，比4Q12的8,790万元低了4.8%。FY13的收入下跌至24亿元，盈利提高至3亿7,070万元。

Starhub

Starhub: Phillip Securities Research

Starhub

High dividend yield (7.393% at 17-Jan-2011, Singtel 4.595%, M1 5.317%)

Its business is in Singapore only, the local market is highly competitive, but the revenue is stable. What does the margin come from then?