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New Street: DTAC (Reduce, TP: THB26, -38%) Feedback from small group call with CFO and IR

On our investor call this evening Bangkok time, DTAC was moderately optimistic that the worst of the Covid story is behind us, and although Q3 is likely to be soft that from Q4 the recovery will start. The company was understandably cagey around the likelihood of being able to achieve in-market consolidation with TRUE, as rumoured.
Underlying
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.

Provider
New Street Research
New Street Research

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Analysts
Chris Hoare

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