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

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

ADVANC : Large Boost to Broadband Business Growth

ADVANC: Expect 3Q21 Earnings to Drop Slightly QoQ

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

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

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>Upgrade to BUY rating with new TP of Bt269 (up 19% from previous TP), based on DCF, implying 24.1xPE’22. Analyst meeting came out with positive tone about new strategic direction</li>
<li>Expect Enterprise revenue to contribute 20% of total revenue by 2025. Management believes this segment will reach 20% of total revenue by 2024.We believe differently as we expect further competition</li>
<li>Revised 22E and 23E net profit upwards by 4% and 13%, respectively, to factor in high revenue growth. While 2022 will demonstrate healthy net profit growth, we believe enterprise segment </li>
</ul>


Upgrade to BUY rating with new TP of Bt269 (up 19% from previous TP), based on DCF, implying 24.1xPE’22. Analyst meeting came out with positive tone about new strategic direction
Expect Enterprise revenue to contribute 20% of total revenue by 2025. Management believes this segment will reach 20% of total revenue by 2024.We believe differently as we expect further competition
Revised 22E and 23E net profit upwards by 4% and 13%, respectively, to factor in high revenue growth. While 2022 will demonstrate healthy net profit growth, we believe enterprise segment 


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

Advanced Info Service

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