M1's wireless post-paid revenue per user dipped 1% to $61.8

Data profitability targeted ahead.

According to Nomura, it was a decent 3Q for M1 with 5% y-y revenue growth, 11% y-y EBITDA growth and 19% NPAT growth y-y.

Nomura noted that fibre ARPUs fell 2% to SGD46, but the focus and questions were mainly on the wireless post-paid ARPUs, which fell 1% q-q to SGD61.8.

Here's more from Nomura:

Management again attributed this to falling roaming rates (~12% of total still) and some seasonality. About 32% of M1’s postpaid subs are on tiered data plans, and only 16% are exceeding data bundles.

This will likely remain a focus for M1 (and other operators as well), to improve data profitability.

It’s early days with its MiBox rollout and signing up 10k subs remains critical for the company to be eligible for content cross carriage, which management believes could be achieved by mid-2014.

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