Nomura Equity Research cut its price target on Advanced Info
Service Pcl (AIS), Thailand's largest mobile phone
operator, to 260 baht from 269 baht, reflecting uncertainties
during the 3G rollout.
AIS shares were up 0.5 percent at 201 baht, with a
year-to-date loss of 3.5 percent versus second-ranked Total
Access Communication's year-to-date loss of 1.7
percent and True Corporation's year-to-date gain of
The broker said AIS' recent capex outlook of 70 billion baht
($2.34 billion) was higher than its earlier forecast and
"Despite current concerns on licensing and network structure
in the 2G concession structure, we expect far more clarity in
the coming 12-18 months as 3G customer take-up picks up and
legacy agreements are resolved," the broker said in a note dated
The broker reiterated its 'buy' rating.
"We are cognizant of the capex/competition/dividend risks,
but still believe AIS is well positioned to navigate through
this phase," it said.
1054 (0354 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by
($1 = 29.865 baht)