According to CTK 44,300 customers (0.39% of all mobile customers) took advantage of mobile number portability (MNP) and changed their operator while maintaining their mobile number since mid-January when service came into effect in Czech Republic. Among three Czech operators only Vodafone is net winner of 8,000 customers, while Eurotel and T Mob CR are net losers of almost 4,000 customers each. As this migration is only marginal we see the news neutral for Cesky Tel. Nonetheless yesterday we have upgraded our Cesky Tel recommendation to Buy from Hold maintaining our fair value CZK 510.