On Monday at 11:05 AM (Bangkok time), the share price of Jasmine International Public Company Limited (SET: JAS) increased by 2.90% or THB 0.04 to THB 1.42, with a trading value of THB 42.68 million.
Mono Next Public Company Limited (SET: MONO) surged by 3.10% or THB 0.04 to THB 1.33, with a trading value of THB 28.51 million.
Liberator Securities reports that as MONO, a subsidiary of JAS, has secured broadcasting rights for the English Premier League (EPL) and FA Cup for six seasons, JAS will broadcast these through the ‘Monomax’ application.
On April 23, JAS will officially announce its main sponsor for the project, Advanced Info Service Public Company Limited (SET: ADVANC), a leading mobile operator with 45.7 million subscribers, which will provide annual sponsorship of 1 billion baht (covering JAS licensing fees and MONO marketing costs). This support significantly reduces MONO’s marketing expenses compared to the analyst’s estimates, while JAS will cut its licensing costs by 20-30% (down from 3 billion baht per year).
Subscription fees are expected to be in the low 300 baht range per month, aligning with the company’s plan of not exceeding 400 baht, nearly 50% lower than current program providers and close to illegal streaming prices. The company’s management aims for 3 million subscribers (the analyst’s assumption stands at 2 million) out of the 6.4 million market size, according to the latest Nielsen Report (2025).
Meanwhile, the analyst notes that risks include a high D/E ratio of 5.3x and low shareholder equity at 428 million baht. JAS expects capital should suffice through the first half of 2025 before significant revenue starts in 3Q25, reflecting membership growth. Financial institutions have shown confidence in this project by extending debt repayment terms for the company.
Liberator Securities views the ongoing sponsorship commitment and preparation as positives that reassure the market, with management appearing more confident by setting a clear target of 3 million subscribers, potentially indicating an upside to the analyst’s forecasts.
However, the effects of the project are expected to become more evident over the next 2-3 months. Due to its uncertain nature, it is deemed appropriate for investors who can tolerate high levels of risk.
Similarly, Kasikorn Securities (KS) discloses that JAS’s formal launch of ADVANC as the main telecom partner could restore market confidence in the project’s feasibility. Nevertheless, though the EPL project progresses favorably, the analyst remains cautious due to JTS’s debt default situation, pending resolution at the bondholder meeting on May 8.
As a result, KS adjusted JAS’s target price down 5% to 1.97 baht from 2.08 baht per share, maintaining a ‘Hold’ recommendation. While the deal with ADVANC may excite the market, the analyst prioritized the first milestone of 1 million users to gauge success.
