Green Packet - WiMAX embedded Intel chip is here!
Green Packet (RM1.00; Buy; Price Target: RM1.75; GRPB MK)
WiMAX embedded Intel chip is here!
In a full-page advertisement in The Star newspaper today, Intel introduces the arrival (in Malaysia) of its WiMAX-embedded processor, the Intel Core i5. P1, the WiMAX subsidiary of
GRPB, is a partner while Acer, Asus, Dell, Lenovo, MSi and Toshiba are the manufacturers of WiMAX-embedded notebooks/netbooks (WENB).
A phrase in the ad says “Why just WiFi when you can also WiMAX?” clearly states that the WENB also come with WiFi capability. We foresee WiMAX as a standard feature in future notebooks/netbooks, much like the path that WiFi took years ago. We also understand that WENB sold in Malaysia would be set to P1’s WiMAX service by default, though users have
the choice to change WiMAX operators on their own. This is not only a strong endorsement for P1, but also helps to channel subscribers to P1. The timing of this announcement is within our expectation (of mid-2010), and is positive for P1 and GRPB.
Meanwhile, our sum-of-parts price target of RM1.75 for GRPB is under review pending the official announcement and further detail of GRPB’s and P1’s tie-up with SK Telecom (SKT).
As mentioned in our earlier comment a month ago, the price target for GRPB could be lowered to c. RM1.60 due to the dilutive effect of SKT’s acquisition of c. 25% stake in P1. Nevertheless, our BUY call is intact.
Report from
HWANGDBS Vickers Research Sdn Bhd (128540 U)
WiMAX embedded Intel chip is here!
In a full-page advertisement in The Star newspaper today, Intel introduces the arrival (in Malaysia) of its WiMAX-embedded processor, the Intel Core i5. P1, the WiMAX subsidiary of
GRPB, is a partner while Acer, Asus, Dell, Lenovo, MSi and Toshiba are the manufacturers of WiMAX-embedded notebooks/netbooks (WENB).
A phrase in the ad says “Why just WiFi when you can also WiMAX?” clearly states that the WENB also come with WiFi capability. We foresee WiMAX as a standard feature in future notebooks/netbooks, much like the path that WiFi took years ago. We also understand that WENB sold in Malaysia would be set to P1’s WiMAX service by default, though users have
the choice to change WiMAX operators on their own. This is not only a strong endorsement for P1, but also helps to channel subscribers to P1. The timing of this announcement is within our expectation (of mid-2010), and is positive for P1 and GRPB.
Meanwhile, our sum-of-parts price target of RM1.75 for GRPB is under review pending the official announcement and further detail of GRPB’s and P1’s tie-up with SK Telecom (SKT).
As mentioned in our earlier comment a month ago, the price target for GRPB could be lowered to c. RM1.60 due to the dilutive effect of SKT’s acquisition of c. 25% stake in P1. Nevertheless, our BUY call is intact.
Report from
HWANGDBS Vickers Research Sdn Bhd (128540 U)
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