M1

M1: CLSA reiterate their BUY call with $3.30 TP on their preferred telco player. Recent channel checks suggested that 55-75% of new M1 NGNBN subs were taking up MiBox. However, House can’t help but feel that M1 should push this product more aggressively at the store level. It is a shame that M1 seems willing only to sell MiBox as a compliment to its fibre rather than standalone and target the MiBox only to M1 customers. M1’s pay-tv product MiBox, available since summer 2013, at worst is a lowcost way of accessing non-domestic, on-demand content. At best it is a cheap way to get an internet box to turn your TV "smart" and to access online content via an existing broadband connection; like an Apple TV without the premium on-demand content.