Thailand Telecoms "Q126: TRUE dividend surprise; AIS rising value" Luangmettakul

Research evidence excerpt

Thailand Telecoms "Q126: TRUE dividend surprise; AIS rising value" Luangmettakul

Global Research

12 May 2026ab

Thailand Telecoms Equities

ThailandQ126: TRUE dividend surprise; AIS rising value

Telecommunications

Warayut Luangmettakul, CFA

Cost efficiencies drove Q126 earnings beats Analyst

Despite seasonally softer demand, Q126 marked another solid quarter as both AIS warayut.luangmettakul@ubs.com

(note) and TRUE (note) delivered positive earnings surprises versus our and market +662-613 5753

expectations. TRUE reported strong Q126 results with EBITDA of Bt28.0bn (+1% QoQ, Navin Killa

+11% YoY) and core profit of Bt6.5bn (+8% QoQ, +51% YoY). AIS also posted robust Analyst

results, with adjusted EBITDA of Bt31.5bn (+1% QoQ, +7% YoY) and core profit of navin.killa@ubs.com

Bt13.3bn (+7% QoQ, +26% YoY). Common earnings drivers included network cost +852-2971 7594

savings, lower D&A, and reduced interest expenses. TRUE slightly outperformed, Ondrej Cabejsek

supported by an uptick in mobile revenue and greater finance cost savings from debt Analyst

repayment and refinancing. We reiterate our Buy rating on TRUE and continue to prefer ondrej.cabejsek@ubs.com

it over AIS given its discount valuation, rising payout profile, and faster earnings growth. +44-20-7568 6332

That said, we see value emerging at AIS and upgrade it from Neutral to Buy.

Room for upside to 2026 guidance

We see scope for upside to 2026 guidance from both companies, and consequently, to

current consensus estimates. While Q126 operations are tracking ahead of

expectations, both companies conservatively maintained their guidance due to macro

uncertainties regarding rising energy costs, and a weak consumer spending

environment. Some investors have voiced concerns over demand risks, but we believe