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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>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</li>
<li>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.</li>
<li>We expect CCIID and 5G ARPU uplift will drive earnings growth at 9%CAGR between 2021-24E.</li>
</ul>


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.


ADVANC: 1Q22 Earnings Should Be the Lowest of the Year

Advanced Info Service

ADVANC: 1Q22 Earnings Should Be the Lowest of the Year