M1: Kim Eng maintains Buy with $2.63 TP, based on 15x FY10 EPS. Note that grp has made its long-awaited foray into the world of Pay TV with the launch of 1box. Expect M1 to be a beneficiary of the immense potential of the blurring of lines between TV and the Internet, particularly in the area of interactive IPTV…
Tips grp to benefit more significantly when content cross-carriage is effected, and particularly when the common featured set-top box, being developed by IDA and MDA under Project NIMS. The set-top box will replace the current multi-box system and make it easier for subscribers to switch…
Add thatCost of entry into Pay TV is expected to be low for M1, as it will have no heavy-weight content and its content will only be distributed to users upon subscription and on-demand.
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