Elevator Pitch
Thailand-listed telecommunications company, Total Access Communication Public Company Limited (OTCPK:TACYY) (OTC:TACJF) (OTC:TCCMF) [DTAC:TB], or DTAC, has out-performed its peers in terms of year-to-date share price performance, due to better-than-expected 2Q2019 results and the successful acquisition of the 700MHz spectrum license in June 2019.
Based on its share price of Bt58.00 as of July 22, 2019, DTAC's consensus forward FY2019 EV/EBITDA of 7.2 times is still at a discount to its larger peers which are valued at 9.5-10.0 times EV/EBITDA, despite the recent positives.
The valuation gap between