TELECOMMUNICATIONS

Jasmine International Plc (JAS), the integrated communications services provider, will be upgraded to the Stock Exchange of Thailand's top 50 stocks, effective next year.

Moving up from the existing SET100 index to the SET50, Jasmine expects to attract more foreign investors looking for medium-sized or large firms with large market capitalisation, said a Jasmine executive who asked not to be named.

Jasmine's market capitalisation more than doubled to 32 billion baht this year from 15 billion last year thanks to its share price almost tripling to 5.40 baht from 2 baht.

The company also has a higher trading volume with a free float greater than 20%.

The source said the increase in its share price indicates investors have a high level of confidence in Jasmine's business performance and prospects.

Jasmine posted a nine-month net profit of 1.55 billion baht, up by 112% year-on-year, on revenue of 7.4 billion, up by 5%.

The source attributed the surge in net profit to a sharp increase in the number of new broadband customers.

As of Sept 30, Jasmine had 1.5 million new broadband customers thanks to strong expansion upcountry.

Mintra Ratayapas, an analyst at Kiatnakin Securities, said Jasmine's stock price has risen by 150% this year.

Telecom stocks have been on the rise this year, boosted by the imminent full commercial service of third-generation (3G) on the international-standard 2.1-gigahertz frequency, she said.

Jasmine Telecom Systems, the company's telecommunications network subsidiary, also has a positive outlook from 3G network deployment, said Ms Mintra.

Shares of JAS closed yesterday on the SET at 5.30 baht, up 15 satang, in trade worth 252 million baht.