Thursday, December 25, 2008

Celcom-Tune Talk pact won't threaten rivals, said OSK.

Following are some of the highlights in the research note:

"The investment in Tune by Celcom confirms market talk months ago and represents a direct
investment in a MVNO."

"Tune was slated to launch commercial service in 2Q08, but the launch was reportedly postponed pending the award of a Network Services Provider (NSP) licence from the Malaysian Communications and Multimedia Commission (MCMC)."

"Overall, we are neutral on the investment given that MVNOs have very patchy track record overseas and are not likely to be a major threat to incumbent operators."

"The launch by Tune will raise competition up a notch, putting further pressure on operators’ margins, which are already crimped with the introduction of MNP in October. We expect sentiment on TMI to continue to be weak on protracted concerns over the potential dilution from a value destructive equity exercise. Investors are advised to adopt a longer term view on the stock and accumulate on weakness as value emerges."

You can also check out the newsreport here:

1 Comment:

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