United States

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DTAC (HOLD/TP: 107), 4Q13 net profit below estimates due to extra items




Finansia Syrus Securities Plc


24 Feb 2014





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DTAC (HOLD/TP: 107), 4Q13 net profit below estimates due to extra items 4Q13 net profit down 32% Q-Q and 28% Y-Y DTAC's 4Q13 net profit came in at Bt1.9bn (-32% Q-Q, -28% Y-Y). Excluding the net negative impact from three extra items amounting to Bt984mn, DTAC's normalized earnings for the quarter amounted to Bt3.0bn (+8% Q-Q, +18% Y-Y), higher than expected thanks to (1) lower-than-expected costs of service (especially regulatory cost which decreased 12% Q-Q and 9% Y-Y after more customers migrated to 3G spectrum on the 2.1 GHz frequency) and (2) smaller-than-expected effective tax rate. Service income which edged up 1.3% Q-Q, but fell 5.3% Y-Y nearly matched our estimates. Voice revenue continued to decline 3% Q-Q and 10% Y-Y. Non-Voice revenue continued to increase 6% Q-Q and 42% Y-Y. However, the aforementioned gain was smaller than the previous quarters' which jumped 50% Y-Y. Handset sales' gross margin was narrower than expected. Marketing expenses surged both Q-Q and Y-Y. DTAC's 2013 net profit amounted to Bt10.6bn (-6% Y-Y), while the company's normalized earnings were equal to Bt11.8bn (+6% Y-Y).

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