On August 1, the share price of Jasmine International Public Company Limited (SET: JAS) jumped 11.11% and closed at THB 1.70, with total trading value hitting THB 612 million, bucking the broader market’s downtrend. The rally came in the wake of JAS’ legal victory over National Telecom Public Company Limited (NT).
Soraj Asavaprapha, CEO of JAS, revealed that following the Administrative Court of Thailand’s ruling on February 15, 2023 regarding the dispute between Jasmine Submarine Telecommunications Company Limited (JSTC), a JAS subsidiary, and NT (formerly TOT), concerning revenue sharing from their joint investment in the eastern submarine cable network project, NT was ordered to pay JSTC THB 3,395,351,212 plus statutory interest up to February 15, 2023, totaling THB 4,678,488,033. NT appealed to the Supreme Administrative Court.
On July 31, JSTC was notified that the Supreme Administrative Court had dismissed NT’s appeal and revoked all related proceedings. This rendered the earlier verdict final, mandating that NT pay the aforementioned THB 3.4 billion plus interest up to July 31, 2025, amounting to THB 5,128,282,382 to JSTC. NT is required to settle the debt in full within 60 days, or by September 28, 2025.
Kasikorn Securities has commented on the case, stressing that the actual financial impact of this ruling would depend on further negotiations between JAS and NT regarding payment. In the best-case scenario, NT would make a single, full cash payment covering both principal and interest, potentially boosting JAS’ cash per share by THB 0.62.
Profit from the dispute resolution—mainly the interest portion—would add THB 0.3 per share. However, there remains a possibility that NT could attempt to negotiate for installment payments or for payment of the principal only, potentially delaying or reducing the overall benefit.
On another note, JAS management has yet to disclose EPL (English Premier League) subscriber numbers ahead of the 2025/2026 season kickoff on August 16, despite aggressive marketing campaigns across all media. JAS slashed the EPL monthly fee to THB 299—well below True Corporation’s (SET: TRUE) previous THB 499–599 rate. With this 40–50% reduction, JAS’ EPL subscriber base could potentially double True’s 300,000 EPL users.
Moreover, Advanced Info Service Public Company Limited (SET: ADVANC) is offering an additional THB 100 subsidy per subscriber, likely boosting uptake. Current projections indicate that JAS could attract approximately 910,000 EPL subscribers in its first year. The next key driver will be how effectively JAS can prevent free-on-air viewers from accessing EPL content—a shift that could further enhance subscription growth.
Despite a positive outlook owing to the long-awaited NT dispute settlement, there are mounting concerns over management’s silence on EPL subscriber numbers. The upside potential for JAS’ share price from the NT settlement could reach THB 0.62 per share, although downside risks from the EPL investment could weigh as much as THB 0.78 per share.
Kasikorn Securities maintains a “Hold” rating on JAS, with a year-end 2025 target price of THB 1.97. While shares have rallied on news of the NT settlement and heavy EPL investment (THB 19.1 billion), the uncertain success of the subscriber drive suggests JAS may need to conserve NT settlement proceeds to bolster liquidity. The market’s attention is now squarely on subscriber figures in August, which will serve as a litmus test for JAS’ aggressive pricing strategy.
Upside risks include:
- Successful collaboration with major telecom operators and premium brands.
- Higher-than-expected EPL subscriber numbers in the first season.
- Full payment from NT.
- A significant portion of settlement proceeds being distributed to shareholders.
Bualuang Securities adds that if JAS uses the NT settlement funds to pay EPL broadcasting rights fees, this will partially offset financing costs on the THB 19 billion, six-season EPL deal. JAS’ 3Q25 results are expected to be strong, given the recognition of exceptional gains from winning the NT lawsuit.
