DTAC : Better 2H22 Outlook from Tourism Recovery

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

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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

Total Access Communication / Equity Bottom-Up

<ul>
<li>We maintain our HOLD rating and TP of Bt47.60 based on DTAC’s tender offer price. We believe the company will benefit from seasonal low costs despite weak sales performance. </li>
<li>Expect QoQ improvement in 2Q22 net profit : We expect 2Q22 net profit to be at Bt854m (-44% YoY, +18% QoQ) as a result of seasonal low costs. </li>
<li>We expect 2Q22 revenue at Bt19bn (flat YoY, -4% QoQ). Top-line performance continues to struggle YoY and QoQ due to weak economic activity.</li>
</ul>


We maintain our HOLD rating and TP of Bt47.60 based on DTAC’s tender offer price. We believe the company will benefit from seasonal low costs despite weak sales performance. 
Expect QoQ improvement in 2Q22 net profit : We expect 2Q22 net profit to be at Bt854m (-44% YoY, +18% QoQ) as a result of seasonal low costs. 
We expect 2Q22 revenue at Bt19bn (flat YoY, -4% QoQ). Top-line performance continues to struggle YoY and QoQ due to weak economic activity.


DTAC : Lower Costs Will Improve Earnings in 2Q22