The Thailand telecom sector has embarked into the 5G era and kicked off a new investment cycle from 2020. Given limited monetisation potential, the 5G rollout means that a lucrative harvesting period from 4G investment will likely be sub-optimal for Thai telcos and that FCF will likely remain perennially depressed. 5G would mark the third major capex cycle after 3G and 4G同journeys from 2012 and 2015, respectively. From a cash flow perspective, this is, however, unfortunate. The timing of 5G investment is crucial as it will determine how fast operators manage to cover investment costs and generate return. Like in many countries, we believe 5G monetisation potential remains limited in the next few years.