Equity Analysis /
Thailand

Interlink Telecom PCL: New businesses starting up

  • Steady 2Q22 plus more from Blue Solutions

  • Big backlog

  • Data center expansion

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
26 May 2022

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.