3 reasons why M1's data revenue growth was 'diluted'

Service revenue was flattish.

According to CIMB, M1’s 3Q13 service revenue was flat qoq, despite a 6% rise in the adoption of tiered data plans to 32%.

The growth in data revenue was diluted by: 1) lower roaming revenues due to lower inter-operator termination (IOT) rates and fewer
travellers not using international data roaming by buying prepaid cards or using free WiFi at their travel destinations.

Here's more from CIMB:

We expect this phenomenon to continue because of expensive roaming rates, conveniently-available prepaid SIM cards in Singapore and most countries, and downward trend on the IOT.

Roaming revenue contributes 12% of M1’s net revenues; and 2) weaker IDD revenues of lower tariff.

As a result of these factors, service revenue slowed from 9% yoy in 2Q to 5% in 3Q.

Device subsidies dipped 7% qoq despite the launch of the Samsung Galaxy S4 in mid-Jul. This reflects the lower selling price of this device.

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