Report
EUR 9599.00 For Business Accounts Only

Thai Telcos Q4 23 review: Turning the corner as ARPU grew after more than three years

Thai operators witnessed a notable uptick in growth as industry mobile ARPU reverted to growth after more than three years. EBITDA also bounced higher led by TRUE, setting the stage for 9-11% growth in FY24. Guided capex also suggests moderating capex intensity which is key driver of ROIC upside. The outlook is turning more optimistic than before, validated by our recent visit of the two telcos.
Underlyings
Advanced Info Systems

Total Access Communication Public Co. Ltd.

Total Access Communication Public Company Limited is principally engaged in the provision of wireless telecommunications services and the sale of handsets and accessories. The Company operates in two segments: mobile telephone services and related services, and sales of handsets and starter kits. The Company offers various customer services, such as dtac wireless fidelity (Wi-Fi), e-Service, e-invoice, postpaid self-service numbers, prepaid self-service numbers, online order tracking and bill payment channels. The Company's personal services include postpaid, such as main packages, add-on packages, international calling and international roaming; prepaid, such as packages, happy subscriber identification modules (SIMs) and Happy Tourist SIM, as well as smartphones and tablets. The Company's products for business include voice package, mobile marketing, data and Internet connectivity, information and communication technology (ICT) and mobile solutions and services.

True Corp. Public Co. Ltd.

True Corporation Public Company Limited is a Thailand-based integrated communication solution provider. The Company and its subsidiaries categorize the business into three segments: online segment, which is the provision and installation of fixed line services including public telephones and related value-added services, data services, multimedia services, broadband services and Internet services; wireless segment, which is the provision of cellular telephone services, resale of 3G services using high-speed packet access (HSPA) technologies, network equipment rental, mobile services and sales of handsets and accessories, and pay television (Pay-TV) segment, which is the provision of pay television services both via cables and satellite platforms, rental and trading of related equipment and other related services to the pay television business, advertising sale and agency.

Provider
New Street Research
New Street Research

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Analysts
Chris Hoare

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