M1 released its Q3 result after trading hours today. I wasn't too pleased. Q3 Y-O-Y Net Profit up 0.8% Diluted EPS up 0.7% Q2 Y-O-Y Net Profit up 1.0% Diluted EPS up 0.5% Q1 Y-O-Y Net Profit up 6.6% Diluted EPS up 5.0% 9M Y-O-Y Net Profit up 2.8% Diluted EPS up 2.3% Q2 and Q3 results were disappointing, showing a clear trend of declining QoQ slow down in increment. Contrast Q1's profit of 6.6% increment with 1H of 3.8% and now 9M of 2.8%. Service revenue (what I deemed as core, recurring revenue) dipped slightly from $207m to $205m QoQ. Although Handset sale surged, the cost of sales increased accordingly. It seems that sale of handset doesn't do much to the bottomline of telcos. Its good that the telcos are slowing moving away from handset subsidies (bad for ......