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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We maintain our BUY rating and TP of Bt259 based on based on DCF,representing 26.4xPE’22E. Analyst meeting yesterday on ADVANC’s acquisition of TTTBB and JASIF units came with positive tone</li>
<li>The deal should be highly favorable for ADVANC:We believe that the entire transaction could provide a 8.5% upside to our current forecasted 23E EPS through Adjusted EPS, leading to Bt11.54/share.</li>
<li>2Q22E earnings will keep 22E earnings on track We believe that 2Q22E net profit will be at Bt6.5bn(-7% YoY, +4% QoQ).Seasonal low costs, despite high competition, will lead to QoQ </li>
</ul>


We maintain our BUY rating and TP of Bt259 based on based on DCF,representing 26.4xPE’22E. Analyst meeting yesterday on ADVANC’s acquisition of TTTBB and JASIF units came with positive tone
The deal should be highly favorable for ADVANC:We believe that the entire transaction could provide a 8.5% upside to our current forecasted 23E EPS through Adjusted EPS, leading to Bt11.54/share.
2Q22E earnings will keep 22E earnings on track We believe that 2Q22E net profit will be at Bt6.5bn(-7% YoY, +4% QoQ).Seasonal low costs, despite high competition, will lead to QoQ 


ADVANC : Large Boost to Broadband Business Growth

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ADVANC : Large Boost to Broadband Business Growth