ADVANC: 5G and Enterprise Segment Will Drive Strong Growth in 2022

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

ADVANC: 1Q22 ARPU Decline Could Be the Trend Throughout 2022

ADVANC: Expect 3Q21 Earnings to Drop Slightly QoQ

ADVANC: Opportunities Fully Priced in for 2022, Downgrade to HOLD

ADVANC: Expect 2Q21 Earnings to Drop Both YoY and QoQ

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

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

Equity Bottom-Up

<ul>
<li>Maintain our HOLD rating at Bt227,based on DCF implying 24xPE’22.Current share price already factored in positive outlook on 5G development and ARPU uplift. We believe ADVANC will see steady 5G</li>
<li>Expect blended ARPU will show positive growth in 1Q22onwards. ADVANC expects postpaid ARPU to increase from mass 5G adoption that will occur in 2022-23.Prepaid segment continue seeing intense pricing war</li>
<li>As of now, we believe ADVANC’s 2022 net profit will steadily increase from the gradual recovery in tourism and the reversal in ARPU from 5G subscribers.</li>
</ul>


Maintain our HOLD rating at Bt227,based on DCF implying 24xPE’22.Current share price already factored in positive outlook on 5G development and ARPU uplift. We believe ADVANC will see steady 5G
Expect blended ARPU will show positive growth in 1Q22onwards. ADVANC expects postpaid ARPU to increase from mass 5G adoption that will occur in 2022-23.Prepaid segment continue seeing intense pricing war
As of now, we believe ADVANC’s 2022 net profit will steadily increase from the gradual recovery in tourism and the reversal in ARPU from 5G subscribers.


ADVANC: 5G Mass Adoption Will Lead to ARPU Growth This Year

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ADVANC: 5G Mass Adoption Will Lead to ARPU Growth This Year