tag:blogger.com,1999:blog-81468943595580287092024-03-05T23:21:39.391-08:00concentrated stock strategiesMr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8146894359558028709.post-7501651485234394702009-05-27T01:24:00.000-07:002009-05-27T01:37:17.128-07:00Kim Eng Stock Strategies Recommends Long Term Buy ADVANCAdvanced Info Service Plc. (ADVANC) - LONG TERM BUY <br /><br />Price (Bt) 78.50<br />Target (Bt) 91.00<br />Set Index 542.69<br /><br />The strongest and the best position<br /><br />Reiterate LONG-TERM BUY rating<br /> We are reiterating our LONG-TERM BUY rating on ADVANC based on the <br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbaISoYPeJMVliXUPerDF-5yFWVredr6CPbm0_phK7N-kbz0jM8YHEJTfgPuByL_vB5yfo0tGRko14ntAPFBCKTRN7CAGS-5K-GBe5hRx-qAFNjo8LSNuRzHiFXBp9kl5702sMPTW0TtI/s1600-h/stock-market.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbaISoYPeJMVliXUPerDF-5yFWVredr6CPbm0_phK7N-kbz0jM8YHEJTfgPuByL_vB5yfo0tGRko14ntAPFBCKTRN7CAGS-5K-GBe5hRx-qAFNjo8LSNuRzHiFXBp9kl5702sMPTW0TtI/s320/stock-market.jpg" border="0" alt="concentrated stock strategies"id="BLOGGER_PHOTO_ID_5340419283127890738" /></a><br />strong position in the Thai telecom industry and the ability to handle the soft economy and the advantage of a very strong financial status in terms of a strengthening brand and investments in both network quality, area expansion and new technology. Furthermore, management is committed to a minimum dividend payment of Bt6.30/share or a generous 8% yield at the current share price. In addition, we value ADVANC at Bt91/share by our DCF method (excluding new 3G license). <br /><br />Better position in 2Q09<br /> Although we expect mobile usage to seasonally drop in 2Q09 from the previous quarter, ADVANC is <br />likely to be in a relatively better position than peers from controlled marketing expenses, the ability to <br />maintain the net interconnection (IC) revenue and a reduction of monthly fees. Furthermore, DTAC will have <br />around a Bt90m/quarter net rise in rental expenses after moving to a new head office in April.<br /><br />Cash is king<br /> The strong financial status (with 0.12x gearing as of 1Q09) and the highest cash flow give ADVANC <br />advantages over competitors in terms of a higher marketing budget with a stronger brand, flexibility in <br />investments in service upgrades and expansion including an auction for the new 3G licenses. Furthermore, <br />the company can maintain a generous dividend payment. <br /><br />Position even better, if new 3G licenses are delayed<br /> If the 3G license auction is delayed, telecoms will be negatively impacted by sentiment, as any <br />cost savings will also be delayed. However, the negative impact on DTAC and True Move is likely to be more <br />than that on ADVANC as revenue sharing with DTAC and True Move will rise by 5% in September 2011 (ADVANC is <br />already at the peak level) and getting the new license and migrating customers would be ideal for them. <br />Furthermore, 3G regulation finalisation is necessary before True Move’s new partner makes an investment <br />decision. In addition, as ADVANC is TOT’s only mobile concessionaire, it is the first option for Thai <br />Mobile in selecting a partner/cooperator.<br /><br /> By Kim Eng Securities (Thailand) Company Limited on May 27, 2009<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiM_SnTKWzk5eryNhNNvVWDWhm7_ojFewg9e95vvam1FJ_svFsVP5IQXuGL94nM_NeYgbsGTlvJIr8o22DK_QX6TzAdcmks2wXRGSjDn57cEHvePEMJc7S54676egjjt6yHRTufNPpg3k4/s1600-h/stock-trading.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 214px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiM_SnTKWzk5eryNhNNvVWDWhm7_ojFewg9e95vvam1FJ_svFsVP5IQXuGL94nM_NeYgbsGTlvJIr8o22DK_QX6TzAdcmks2wXRGSjDn57cEHvePEMJc7S54676egjjt6yHRTufNPpg3k4/s320/stock-trading.jpg" border="0" alt="concentrated stock strategies"id="BLOGGER_PHOTO_ID_5340417970753418546" /></a><br /><span style="font-weight:bold;">USA Top Cities</span><br /><br />Austin Texas,Durham North Carolina ,Chicago Illinois ,Modesto California,Los Angeles California,Jacksonville Florida,Denver Colorado,San Francisco California ,Stockton California,Raleigh North Carolina ,Arlington Texas ,Scottsdale Arizona,Birmingham Alabama,Anchorage Alaska,Chandler Arizona,San Jose California ,St. Paul Minnesota ,Dallas Texas ,Philadelphia Pennsylvania ,Jersey City New Jersey,Indianapolis Indiana,Virginia Beach Virginia ,Chesapeake Virginia,Columbus Ohio,Oakland California,Riverside California,Kansas City Missouri ,Orlando Florida,Glendale Arizona,North Hempstead New York,Reno Nevada,Toledo Ohio,Garland Texas,Memphis Tennessee,Long Beach California ,Boston Massachusetts,Washington District of Columbia,St. Petersburg Florida ,Honolulu Hawaii,Norfolk Virginia,Anaheim California,Fresno California,San Antonio Texas,Lincoln Nebraska,Fort Wayne Indiana ,Cleveland Ohio,Houston Texas ,Babylon New York ,New York New york,Baton Rouge Louisiana ,Sacramento California,Madison Wisconsin,Nashville-Davidson Tennessee,Chula Vista California ,Las Vegas Nevada ,Portland Oregon ,Tulsa Oklahoma,San Diego ,Henderson Nevada,Bakersfield California,Colorado Springs Colorado ,New Orleans Louisiana ,Islip New York ,Mesa Arizona,Fort Worth Texas ,Corpus Christi Texas ,Lexington-Fayette Kentucky,St. Louis Missouri ,Rochester New York ,Newark New Jersey ,Hialeah Florida,Baltimore Maryland,Lubbock Texas,Omaha Nebraska,Tampa Florida,Laredo Texas,Tucson Arizona,Milwaukee Wisconsin,Oyster Bay New York,Minneapolis Minnesota,El Paso Texas ,Albuquerque New Mexico ,Santa Ana California ,Akron Ohio,Pittsburgh Pennsylvania,Plano Texas,Greensboro North Carolina ,Brookhaven New York ,Miami Florida,Aurora Colorado,Wichita Kansas ,Oklahoma City Oklahoma ,Detroit Michigan,Phoenix Arizona ,Charlotte North Carolina ,Atlanta Georgia,Hempstead New York ,Seattle Washington,Buffalo New York ,Cincinnati OhioMr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.com0