ITEL executives presented the future at the SET Opportunity Day on Tuesday—upcoming expansion and growth. Big-ticket NBTC projects can be expected to start during 2H22, once the new NBTC commissioners are settled in. The ETIX Bangkok #1 data center is going live and yesterday ITEL announced that it will launch the ETIX Bangkok #2 data center (SCOD 2Q23). We have a BUY call to a YE22 target price of Bt7.60.
Steady 2Q22 plus more from Blue Solutions
Our model points to a Bt58m core profit for 2Q22, up by 23% YoY and 6% QoQ, driven by higher recurring income (chiefly data services) and security projects. This quarter will also benefit from full-quarter earnings at Blue Solution (only one month in 1Q22). We expect Blue Solutions to mark at least Bt100m in revenue and a Bt10m profit for 2Q22.