Inventory Dimension – Advanced Broad expects Q4 earnings growth supported by higher APRU and creates synergistic benefits following 3BB merger.
Maybank Securities (Thailand) subsidiary ADVANC said it expects Q4 2023 core earnings to reach 7.8 billion baht, an increase of 17.5% year-on-year and growth of 2.9% quarter-on-quarter, driven by an increase in average revenue per user. (ARPU) and cost reduction, according to expectations. Q4 grew for the third consecutive quarter.
“The mobile phone business is accelerating. Competition has calmed down.”
Ready to predict that the main profit in 2024 will grow by 5% of the main service income growth of 2.6% (excluding TTTBB) as for the income growth of the mobile phone business. Growth is expected to accelerate to 1.8% in 2024 from 0.9% this year as competition declines. Ready to estimate target price at 251 baht per share.
“The broker targets good results from the 3BB merger”
Dao Securities (Thailand) recommends “buy” and adjusts the target price to 259 baht (originally 250 baht), reflecting the value added after the 3BB merger (Figure 6). There is also a positive view that the completion of the 3BB merger will create synergistic benefits for ADVANC in the long term, with regular earnings estimates for 2024-2025 at 29 billion baht (+4% y/y) and 31 billion baht (+4% y/y). annual) respectively.
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