The backlog for 2H22 is big. Tenders for big-ticket NBTC projects have finally opened. Phase-1 and -2 of ETIX Bangkok #1 data center went live (phase-3 and -4 will follow). Although the NBTC tender timeline was delayed, we still expect YoY and QoQ growth for 3Q22. BUY to a YE22 target price of Bt5.60.
ITEL has a Bt1,319m consolidated project backlog for the remaining six months of 2022 (including Bt49m at Blue Solutions), which secures 72% of our 2H22 revenue assumption. Other than the two big NBTC projects, ITEL will sign up recurring data service and data center contracts to add to the backlog during 2H22 and beyond.