A Decline in JMT Share Price Gives 50% Upside to Target amid Positive 1Q Results and MSCI Addition

The share price of JMT Network Services Public Company Limited (SET: JMT) is underperforming in the past few weeks, plunging 13% in a week, 21% this month and 11% this quarter, while maintaining a flat change compared to the beginning of this year.

JMT’s share price came down from its record high of THB88.25 per share on April 26, 2022, representing a drop by 22% to the current trading price.


Amid a series of selloff from investors, JMT reported a net profit of 366 million baht in 1Q22, increased 29.75% from a net profit of 282 million baht. The net profit margin stood at 31.5% percent. Along with 33% increase in revenue, cash collection was 1,458 million baht, increased 45% from the same period last year and also an all-time high record of the company as well.


Earlier, MSCI Global Standard Indexes added JMT Network Services Public Company Limited (SET: JMT) to the index.

Capital Nomura Securities expected $78 million of inflow from the addition by MSCI.


Meanwhile, Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on JMT with a target price at ฿103.00/share, representing an upside of nearly 50% from the current price at THB68 per share.

MST expected JMT’s 2022 earnings to grow 66% to 2,324 million baht with a strong EPS growth. Estimated 2021-23 CAGR is 43%. JMT currently trades at 40x PE with 0.93x PEG. Attractiveness of the company also rises after being listed in MSCI Global Standard.