Advanced Info Service
Not a safe bet ADVANC NEUTRAL - Upgrade Share price: Bt 152.00 Target price: Bt 146.00
Advanced Info Service Plc (ADVANC)
While revenue was just 3% higher than expected, earnings were 18% higher due to depreciation expenses. Although it has less bandwidth for 3G, AIS kept its capex low, unlike its rivals. This strategy is risky should data competition heat up or 3G licensing delayed. 4Q11 earnings were 18% above our estimate and 13% above consensus. We adjust our FY12-14 EPS forecasts and raise our DCF-based target price given a faster 2G-to-3G migration rate. We upgrade AIS from Underperform to NEUTRAL on attractive yields but prefer DTAC.
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