Maintain BUY. All in, we remain positive on GP’s prospects following the event. No change to our core assumptions. We maintain our BUY call and target price of RM1.30, based on 8x FY11 EV/EBITDA. The key share price re-rating catalysts are:
1) P1/GP returning to the black earlier than expected;
2) increasing WiMAX deployment in the region;
3) stronger than expected subscriber growth; and
4) good take-up for the VOIP offerings.
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