Thailand Telecommunications Operators: 2Q26 Preview: Positive Momentum Maintained with Revenue/Costs

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Thailand Telecommunications Operators: 2Q26 Preview: Positive Momentum Maintained with Revenue/Costs

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22 Jun 2026 00:44:14 ET │ 12 pages

Thailand Telecommunications Operators

2Q26 Preview: Positive Momentum Maintained with Revenue/Costs

CITI’S TAKE

We met both AIS and True to get a sense of 2Q26’s direction. Overall

outlook remains positive with the strong1Q26 momentum likely extending

into 2Q26 with the combination of recent mobile pricing revisions and a

rebound in consumer spending with the launch of a new government

subsidy program. This could allow the telcos to sustain solid QoQ growth Arthur PinedaAC

into 2Q26 after initially seeing softness into March owing to fuel price +65-6657-1174

increases. Costs on the other hand are expected to be well controlled arthur.pineda@citi.com

given cost cut initiatives. As such we see room for both AIS and True to

Luis Hilado

surprise on the upside in 2Q26, contrary to potential concerns on

+65-6657-1170

deceleration. luis.hilado@citi.com

Factors to drive performance. After initially voicing concerns on potentially slower

momentum into 2Q given inflationary pressures following fuel price increases, and

reduced travel trends telcos appear to have benefited from a firmer than expected

momentum. This follows the combination of (1) recent mobile package revisions in

Mar 2026 which reduced data allowances and encouraged plan upgrades and (2)

improved consumption trends with the announcement of a new “Thai Chuay Thai

Plus” co-payment scheme. This effectively hands out Bt4k over a period of 4 months

to consumers, helping ease budget constraints and driving spending. Both AIS and

True have observed improved trends on mobile consumption into late May/early June

as a result.