Dr. Soraj Asavaprapha, Chief Executive Officer of Jasmine International Public Company Limited (SET: JAS), stated that its subsidiary, Jasmine Submarine Telecommunications Company Limited (JSTC), has received payment from National Telecom Public Company Limited (NT) in compliance with a Supreme Administrative Court ruling.
The company stated that NT deposited a sum of THB 5.06 billion, along with a withholding tax certificate amounting to THB 70.59 million, with the Central Administrative Court on October 9, 2025.
As for the use of these funds, the company will await clear directions from the shareholders’ meeting and the board of directors before making further decisions, while the issue of dividend payment remains unclear at this time.
Previously, Dr. Soraj stated that the funds could 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.
This amount will be recorded as a one-off profit in 4Q25, lifting the company’s performance to the highest level this year. As for the performance in 3Q25, it remains steady as revenue from English Premier League (EPL) license fees is still gradually coming in. By year-end, membership is expected to reach 1.5 million, marking the company’s break-even point.
For the expansion of the EPL membership base by Monomax, under the same umbrella as JAS, besides Thailand and Laos at present, there are plans to expand in the Southeast Asian region in the future, such as Indonesia, Malaysia, and the Philippines.
Kasikorn Securities (KS) stated that this development benefits JAS, as THB 5.1 billion in compensation comprises THB 2.5 billion principal and the remaining accrued interest. Should NT pay in full, JAS would be able to record THB 2.6 billion in profit in the 4Q25 statement.
The received amount translates to THB 0.62 per share and should give JAS one more year to accelerate user base expansion for the EPL live broadcast license to reach its cash flow break-even point.
JAS’ 4Q25 performance trend is expected to return to profit after recording the one-off profit from NT, specifically from the interest portion, as the principal had already been recorded. The securities company’s recommendation for JAS is a target price of THB 1.97 per share.
Yuanta Securities also made similar statements, but pointed out that the received amount should translate to THB 0.6 per share.
Bualuang Securities (BLS) noted that the company’s break-even point from EPL should be about 1.5-1.7 million subscribers and is expected to be reached within this year if current momentum continues. Meanwhile, MONOMAX’s break-even is lower, at 600,000-700,000 subscribers.
