JAS Jumps 6% to Bt3.44 on Speculation of Settlement with NT and Bullish JTS
CNS stated that the rise in share price of JAS was mainly due to a speculation of a settlement with NT and the rise in JTS share price.
The share price of Jasmine International Public Company Limited (SET: JAS) closed the morning session on Monday, December 13, 2021, at Bt3.44 per share, an increase of Bt0.20 or 6.17%.
JAS has gained 14.66% in total in the past two trading days, including the first half of today’s session.
Capital Nomura Securities (CNS) stated that the increase in share price could be due to a speculation from three factors; 1) possibility of merger, 2) progress of settlement between NT (worth 2,518 million baht) and 3) capital gain from its investment in JTS from Bt1.89 at the beginning of 2021 to Bt118 (+6,143%).
CNS weighed that the second and third factors should be the main drivers, indicating that the increase of JAS’ share price was in line with JTS, reflecting the transformation of JTS’ fundamentals from the Turnkey Project to Bitcoin mining at 25%.
JTS’ executives stated that the business expansion in 2022 will require more funding which could be from bond issuance and support from JAS through additional asset selling in JASIF in which CNS saw that the latter could benefit JAS in the future.
Nevertheless, CNS noted that JAS’ revenue in 2022-2023 should continue to record a loss and maintained a “Neutral” rating on the stock.