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

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

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

ADVANC: 4Q20 Was Still Pressured by Decreasing in ARPU

ADVANC: Expect 3Q21 Earnings to Drop Slightly QoQ

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>Downgrade ADVANC to HOLD from BUY rating with a TP of Bt227 due to limited upside.Share price soared by 14% since 19 November 2021 is due to magnified positive industry</li>
<li>We expect 10% upside to our target price from merger sensitivity analysis as ARPU growth may increase rapidly from limited consumer choice and 5G features.</li>
<li>We expect 4Q21 core profit at Bt6.6bn (-4%YoY, flat QoQ), as rising subscriber base is continuously offset by declining ARPU.</li>
</ul>


Downgrade ADVANC to HOLD from BUY rating with a TP of Bt227 due to limited upside.Share price soared by 14% since 19 November 2021 is due to magnified positive industry
We expect 10% upside to our target price from merger sensitivity analysis as ARPU growth may increase rapidly from limited consumer choice and 5G features.
We expect 4Q21 core profit at Bt6.6bn (-4%YoY, flat QoQ), as rising subscriber base is continuously offset by declining ARPU.


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

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