BEC World Plc 

	Our recent meeting with regulator NBTC has assured us of limited competitive risks for BEC from the new satellite and 
	digital TV platforms over the next three years. BEC&rsquo;s ability to maximise yield on its limited advertising minutes may result in an earnings surprise. 
	Deeper satellite TV penetration and emerging digital TV will not affect BEC&rsquo;s pricing power until 2015. 
	We raise our FY12-13 estimates on faster adex recovery and lower competition, resulting in a higher target price (based on DCF and PEG). Upgrade from Neutral to Outperform.&nbsp;

BEC World

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BEC World

Top of the ratings for now Outperform - upgrade Share price: Bt 47.75 Target price: Bt 54.00

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