Soraj Asavaprapha, Chief Executive Officer of Jasmine International Public Company Limited (SET: JAS), provided an update on the progress regarding the dispute between Jasmine Submarine Telecommunications Company Limited (JSTC), a JAS subsidiary, and National Telecom Public Company Limited (NT), concerning revenue sharing under the joint investment contract for building the Eastern Submarine Cable Network. The Supreme Administrative Court has ruled that NT must pay JSTC both the principal and interest as required by law.
Recently, the company announced that yesterday (October 6), JSTC received a confirmation letter from NT stating it will pay JSTC the total amount of THB 5,136,904,788.13, including interest calculated up to August 29, 2025, by October 10, 2025.
This sum will be recorded as a special profit in 4Q25, leading to the company’s highest operating results this year. However, in 3Q25, performance remains stable due to the continual inflow of revenue from English Premier League (EPL) broadcast rights.
JAS Premier League subscriber base has now exceeded one million, and the company is confident that in 4Q25, it will reach the break-even point at 1.5 million subscribers.
Soraj further stated that from Q4 onwards, JAS’s operating results will continue to improve, especially with revenue from EPL subscriptions, while Mono Next Public Company Limited (SET: MONO) will also benefit from the THB 50 revenue share per subscriber.
Regarding the THB 5 billion JAS won from the NT lawsuit, which took over 17 years (more than THB 2.3 billion principal plus interest), this sum will not be used to offset the costs of EPL broadcast rights.
Since the EPL project is self-sustaining, the amount will be allocated in three ways: (1) payout of a special dividend to shareholders, (2) cash reserve for financial stability, and (3) investment in new businesses or workforce restructuring.
Kasikorn Securities (KS) stated that this development is positive for JAS. The THB 5.1 billion compensation consists of THB 2.5 billion principal and the remaining balance as accrued interest. If NT pays in full, JAS can record a THB 2.6 billion profit in the 4Q25 income statement, equating to THB 0.62 per share, which is enough to give JAS another year to expand its EPL broadcasting (EPL) subscriber base to reach cash flow break-even.
The 4Q25 outlook is expected to swing back to profit, after recognizing the special interest profit from NT. The principal had previously been recorded. The firm recommended JAS’ target price at THB 1.97, although the market may speculate positively on progress from receiving this large sum from NT.
Yuanta Securities (Thailand) also mirrored KS statement on JAS debt compensation.
Bualuang Securities (BLS) noted that JAS’s break-even from EPL broadcasting rights is at a subscriber base of about 1.7 million, expected to be reached within two months if the current momentum continues. Meanwhile, MONOMAX’s break-even is lower at only 600,000-700,000 subscribers.
The current growth rate of EPL subscribers is 150,000-200,000 people per week, supported by popular matches. It’s expected that within two months, total subscribers will reach 2 million, BLS elaborated.
