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 but lower TP by 4% to Bt236,calculated using DCF,to factor in earnings cut as our 22E and 23E forecasts were slightly aggressive. 3Q22 core earnings </li>
<li>Analyst meeting key details ADVANC has begun phasing out of its Bt100 to Bt150 low-end price plans in its prepaid segment due to the unsustainability.</li>
<li>No new progress has been made on the TTTBB deal. We expect ADVANC to make a counteroffer within 4Q22 to wrap-up the deal by 1H23.</li>
</ul>


We maintain our BUY rating but lower TP by 4% to Bt236,calculated using DCF,to factor in earnings cut as our 22E and 23E forecasts were slightly aggressive. 3Q22 core earnings 
Analyst meeting key details ADVANC has begun phasing out of its Bt100 to Bt150 low-end price plans in its prepaid segment due to the unsustainability.
No new progress has been made on the TTTBB deal. We expect ADVANC to make a counteroffer within 4Q22 to wrap-up the deal by 1H23.


ADVANC : Price War Remains Intense Amidst Inflation

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ADVANC : Price War Remains Intense Amidst Inflation