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

Equity Bottom-Up
145 Views, 12 May 2022 10:42
EXECUTIVE SUMMARY
  • Maintain BUY rating with TP of Bt259 based on DCF,implying 23.8xPE’22E. Analyst meeting came out with slightly negative news on 2022 prospects. DTAC and TRUE fiercely competing for market share
  • We expect to see soft earnings recovery in 2Q22 from weak top-line growth.Price competition will remain intense, but the strong performances in broadband and CCIID segment will support revenue growth
  • Maintain our 2022 earnings at Bt29bn(+9%YoY).We still believe that in 2H22, 5G ARPU uplift and recovery in tourism to boost consumer confidence will help ARPU reverse and support earnings growth.
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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