THCOM rose 3.95% or 0.35 baht to 9.20 baht, trading value 48.24 million baht at 10.46 a.m., opening price 9.40 baht, the highest price 9.55 baht, the lowest price 9.15 baht.
Krungsri Securities said in its analysis that Thaicom Public Company Limited’s (THCOM) net profit came out better than expected at 309 million baht from a net loss of 42 million baht in 2Q21 and improved from a 51 net profit. million baht in 1Q12, with better-than-expected profits due to a one-time special gain of 245 million baht from foreign exchange gains. and reversal of bad debt but if such special items are not included Earnings from core business will be Bt64mn, better than our expectations as well as revenues were better than expected.
However, the company’s revenue is expected to decline further as National Telecommunications Plc (NT) plans to stop using THCOM following returning satellites to NT since September last year. Find out why THCOM’s earnings are still good to keep updating progress.
The net profit from core business in the first half of this year is at 75 million baht, while the company is expected to have a net loss of 150 million baht this year. Therefore, we believe that our earnings forecast for this year has more upside.
Revenues declined at a slower rate. Revenue continues to decline yoy (-7.42%) as the popularity of satellite TV in Thailand is declining and pressured by the return of two satellites (TC-4 and TC-6) to NT. Since September 64 as well, however. We saw positive qoq signs, with revenue up 6.6%, which the company said was adding new customers to the “occasionally” service, meaning the 2Q22 increase in revenue may not be. Sustainable
In addition, gross margin increased yoy to 48% from 18% due to a significant drop in depreciation expenses following the concession ended. But it dropped slightly from 49% in 1Q12 due to higher rental costs. Meanwhile, SG&A expenses continued to decline in both yoy (-15%) and qoq (-6.7%) due to cost control.
Recommend “HOLD” with a target price of 8.50 baht. Despite the improvement in 2Q22 earnings, we are yet to see a fundamental change in the company’s fundamentals. while the demand for the use of satellites for radio and television broadcasting As new technologies such as LEO pose a serious threat to THCOM’s business, we maintain our ‘Hold’ recommendation.
By InfoQuest News Agency (08 Aug. 65)
Tags: THCOM, Thai stocks, Thaicom
