In this briefing:
1. JKN: Prime Content Distributor Eyes Big Opportunities in ASEAN Market
We initiate coverage of JKN with a BUY rating, based on a target price of Bt8.80, pegged to the the 14.8xPE’19E mean of the Asia ex-Japan Consumer Discretionary Sector.
The story:
- Plenty of opportunities in the ASEAN market
- Harvest season is imminent
- New contracts with three new channels confirm 2019 domestic growth
- Mild recovery for domestic digital TV industry in 2019E
Risks: Heavy reliance on a few major customers, probability it will have to set provisions for doubtful debts and potential inability to renew contracts with customers.
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