SINGAPORE (Oct 14): DBS Vickers is maintaining its “fully valued” rating on M1 with a lower target of $2.60 from $2.94 previously.

In a research note out on Wednesday, analyst Sachin Mittal expects M1 dividend payout to be lowered to 90% versus 100% last year in the face of higher competition.

M1 is also not cheap at 15x FY16F PE keeping in mind that earnings are likely to decline from FY17F onwards.

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