ASEAN & Taiwan Telcos: Current AI token offerings are unlikely to drive earnings growth at telcos

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ASEAN & Taiwan Telcos: Current AI token offerings are unlikely to drive earnings growth at telcos

J P M O R G A N Asia Pacific Equity Research

22 July 2026

ASEAN & Taiwan Telcos

Current AI token offerings are unlikely to drive earnings

growth at telcos

ASEAN telcos have begun to offer AI tokens and models. In our view, current ASEAN TMT

ACofferings are unlikely to drive sustained earnings growth, as any successful Ranjan Sharma, CFA

offering would likely be replicated by competitors. Hence, while some investors (65) 6882-1303

have drawn comparisons to Chinese telcos, we believe the current offerings are ranjan.x.sharma@jpmorgan.com

unlikely to be (and have not been) a share price driver. Select telcos building their J.P. Morgan Securities Singapore Private Limited

own AI infrastructure could see some benefit from rising token consumption if it Sigrid Qiu AC

helps generate incremental revenues from the AI infrastructure. Our preferred (65) 6882-1454

sigrid.qiu@jpmorgan.com

telcos are ST, ADVANC, TRUE, 4904, and ISAT. J.P. Morgan Securities Singapore Private Limited

• Most telcos have outperformed over the last month on rotation. Most Harsh Upadhyay

notable are the Taiwanese telcos, led by FET, where earnings growth has driven (91 22) 6157 3094

harsh.x.upadhyay@jpmchase.com

the share price higher. FET’s 1H26 mobile revenue and ICT revenues grew 6% J.P. Morgan India Private Limited, J.P. Morgan

and 33%, respectively, and its 1H26 NI growth rate of 17% is well above full- Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

year guidance (3% growth). ISAT and TLKM share prices reacted positively

Steven Suntoso

to benign spectrum auctions, while ISAT has also reacted positively to the

(622-1) 5291 8090