In today’s briefing:
- ADVANC: 1Q22 Earnings Should Be the Lowest of the Year
ADVANC: 1Q22 Earnings Should Be the Lowest of the Year
- We maintain our BUY rating with a new DCF-derived TP of Bt259 (-4% from previous TP) representing 23.8xPE’22. We adjusted down overly optimistic forecast on non-mobile enterprise segment. Nevertheless
- We expect 1Q22E net profit at Bt6.9bn (+4% YoY, flat QoQ). Limited QoQ growth is due to prolonged price wars and weaker foot traffic caused by the Omicron outbreak.
- We expect CCIID and 5G ARPU uplift will drive earnings growth at 9%CAGR between 2021-24E.
Before it’s here, it’s on Smartkarma
