Advanced Info Service Watchlist
ADVANC: 1Q22 ARPU Decline Could Be the Trend Throughout 2022
145 Views, 12 May 2022 10:42
- 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.