ADVANC : Price War Remains Intense Amidst Inflation

ADVANC : In-Line 2Q22 Result Despite Price War

ADVANC : Large Boost to Broadband Business Growth

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

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>We maintain our BUY rating and TP of Bt246 (WACC: 8.7%,TG: 2%).Deal with JASIF did not turn out in ADVANC’s favor, but we expect the company to make a counteroffer.</li>
<li>Counteroffer to JASIF will lower ADVANC’s upside JASIF unitholders voted to approve agendas 1.1 (ADVANC purchasing 19% of JASIF) and 1.3 (AWN having control over TTTBB’s finances)</li>
<li>ADVANC now has three options based on the unitholders’ resolution: 1) reject the deal, 2) make a new proposal that’s more attractive, or 3) accept the deal.</li>
</ul>


We maintain our BUY rating and TP of Bt246 (WACC: 8.7%,TG: 2%).Deal with JASIF did not turn out in ADVANC’s favor, but we expect the company to make a counteroffer.
Counteroffer to JASIF will lower ADVANC’s upside JASIF unitholders voted to approve agendas 1.1 (ADVANC purchasing 19% of JASIF) and 1.3 (AWN having control over TTTBB’s finances)
ADVANC now has three options based on the unitholders’ resolution: 1) reject the deal, 2) make a new proposal that’s more attractive, or 3) accept the deal.


ADVANC : ADVANC May Not Give up on JASIF Deal Yet

Advanced Info Service

ADVANC : ADVANC May Not Give up on JASIF Deal Yet