JMT Network Services PCL

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Result was 20% below our estimate. JMT posted 4Q22 earnings of Bt490m. The 4Q22 top-line was Bt1.0bn, up 6% YoY.

3Q22 earnings projected to rise 45% YoY and 7% QoQ. Fourth-quarter is seasonal peak for cash collection. AMC’s fair values under base-case scenario.

Question 1: Will JMT achieve its cash collection target? Question 2: Will JMT achieve its debtstock acquisition target? Question 3: What follows JMT’s first JV AMC?

2Q22 profit was 6% above our estimate. JMT posted 2Q22 earnings of Bt433m. The 2Q22 top-line was Bt1.0bn.

JMT posted a 3Q20 bottom-line of Bt283m, up by 49% YoY and 25% QoQ. The result was 14% above our estimate (and 19% ahead of theBloombergconsensus), due to a fatter ROI than modeled. We had anticipated 3Q20 ROI of 26.5% YoY; the firm posted 27.7%. 9M2...