Equity Analysis /
Thailand

TH : Telco - Mobile - FY22-24F outlook favours ADVANC

    CGS-CIMB
    26 March 2022
    Published by

    We trim the sector’s FY22F mobile revenue growth from 3.5% to 2.7% as GDP growth is being hurt by rising Covid-19 cases and Russia-Ukraine war. We forecast ADVANC to gain mobile revenue market share in FY22-23F, thanks to its strong 5G network and potential weaknesses of the merged co. Reiterate sector Overweight, while switching our top pick to ADVANC.