Gpacket buy by OSK - 1.30
We attended the signing of the share subscription agreement (SSA) between Green Packet (GP) subsidiary, P1 Networks (P1) and SK Telecom (SK) yesterday. The highlight of the event was the launch of WiMAX-embedded notebooks (WENB) by Intel in collaboration with 6 PC manufacturers. Overall, we came away from the event feeling relatively more upbeat on GP’s prospects and with the belief that SK’s participation would further galvanize its budding WiMAX broadband and solutions business. We maintain our BUY recommendation based on a target price of RM1.30.