Elevator Pitch
I maintain a Neutral rating on Thailand-listed telecommunications company Total Access Communication Public Company Limited (TACYY, TACJF, TCCMF, DTAC:TB), or "DTAC."
DTAC's 2Q 2020 net profit grew +25.8% QoQ and +20.0% YoY, which exceeded market expectations, but this was attributable to one-off items and cost reductions. Its 2H 2020 financial performance is expected to be worse as compared to 1H 2020. More importantly, DTAC is at a disadvantage compared to its peers with respect to 5G, and this could potentially result in the company losing market share to its