Elevator Pitch
I downgrade my rating Thailand-listed telecommunications company Total Access Communication Public Company Limited (OTCPK:TACYY) (OTC:TACJF) (OTC:TCCMF) [DTAC:TB] or DTAC from "Bullish" to "Neutral". The appointment of a new CEO for DTAC in mid-January 2020 implies a higher risk of a potential change in the company's strategic direction, which could be negative. Furthermore, there is also uncertainty over DTAC's participation in February 2020's 5G spectrum auction, and the company could potentially lose subscribers if it does not participate in the auction.
On the other hand, DTAC's valuations are