I doubt anyone would disagree with me that the fundamentals of these 2 companies are being affected by competition. M1 by a highly possible 4th Telcom player and SPH by alternative news digital platforms. But that is only half the question, a better question would be "has the challenging outlook being reflected in the shares price, and has it overshoot to the downside?" Personally, between the 2 companies, I would go for M1, notwithstanding the fact that its latest quarter results sucks. It blames the fall in net profits to higher depreciation and ammortization costs, but there is more than meets the eye. If you look at 9 months result, there is indeed a significant increase in amortization and depreciation from 86,1mio to 93.3 mio, but if you look at 3Q results by itself, the difference in YoY depreciation and amortization is a mere 1.3 mio. The ......