บทวิเคราะห์ (Research)

We maintain a Neutral rating and Bt12.5 TP for THCOM. The company is likely to secure rights to operate three orbital slots (50.5, 51 and 142) from the NBTC through the “beauty contest” model by next week. THCOM will not have to bear auction costs and construction costs for the new satellites, but the revenue streams from these slots won’t be certain either. We see slim commercial benefits from this deal but they got these slots to maintain good relations with the NBTC and government and eliminate possibility of new comers. Given limited financial benefits, we are keeping our earnings forecasts and TP.