[I-bank focus]Macquarie positive to FIH Mobile's Mango deal

    FIH Mobile (02038) yesterday announced to invest US$53m in Mango International in exchange of 7m shares. In addition, Mango will issue a convertible note in the principal amount of US$60m to FIH Mobile.
  Macquarie Research said Mango and its subsidiaries, currently operating as "Tink Labs", were launched in 2012 to help hotels better monetise and understand their guests through mobile technology. Tink Labs' flagship product, Handy, is a free traveler smartphone docked in hotel rooms across the world for hotels to drive revenues and customer loyalty. Hotel pays a subscription fee to furnish their rooms with Handy, while Handy provides free calls and unlimited data to the hotel's room guests.
  Currently, 100k hotel rooms across 15 cities have adopted Handy, and Tink Labs targets to expand to 1m hotel rooms across 100 cities by end of 2017, using devices produced by Hon Hai group.
  The research house is positive to the deal; however, it believes the main beneficiary will be Hon Hai, given Hon Hai conducts strategy through group perspective.
  Macquarie maintained its "neutral" rating on FIH Mobile, with a target price of HK$2.5.