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发表于 17-4-2014 10:42:51|来自：新加坡
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关于M1的文章，转起来！
Some investors are not greatly enamoured by geographic diversification. In fact, they will go to any length to deliberately avoid companies that have anything to do with customers outside of their home turf. That could be the first thing to like about M1 (SGX: B2F). It derives all of its revenue from within Singapore.
Geographic diversification, it has to be said, has some obvious advantages. For instance, it allows a company to spread its business risks outside of its domestic environment to overseas market. However, diversification can, at the same time, introduce other risks that include political and currency risks. But that is unlikely to be the case with M1, which has no overseas exposure at all.
M1is Singapore's third-largest telecom provider. However, it is far from being third best when it comes to efficiency. That is the second thing to like about the company.
Last year, M1 generated one dollar of revenue for every dollar of asset employed in the company. That is nearly twice as efficient as Singapore's telecom behemoth, SingTel (SGX: Z74), which is nearly 20 times larger.
M1's efficiency is reflected in the company's Return on Equity, which is one of the highest in the Singapore market. That is the third thing to like about the company. Its RoE of 40% is nearly four times higher than the median return for the 30 companies that make up the Straits Times Index (SGX: ^STI). It implies that M1 has generated $40 for every $100 of shareholder equity.
The above-average Return on Equity has not been ignored by the share market. Over the last ten years, shareholders have enjoyed a return including dividends of some 16% a year. In other words, S$1,000 invested in the company in 2004 would be worth almost S$4.500 today.
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