Advanced Info (ADVANC.BK): 2Q26 A Slight Beat: Firm Revenue & Effective Cost Control

研报英文原文证据摘录

Flash |

06 Aug 2026 08:14:52 ET │ 14 pages

Advanced Info (ADVANC.BK)

2Q26 A Slight Beat: Firm Revenue & Effective Cost Control

CITI'S TAKE

AIS' delivered a firm 1H26 with NPAT at ~51% of Street full year

estimates. While revenue momentum had been marginally better vs. True,

partly aided by EPL content switch and AIS enterprise segment gains, the

main star in our view lay with its cost management. This allowed EBITDA

margins expand 1ppt QoQ/5ppts YoY. As such, AIS had delivered a +2%

QoQ/+25% YoY expansion in 2Q profits in a seasonally softer period. We

do expect earnings momentum to temper into 2H26 in light of

programmed expenditures, investment losses from new ventures and the

interest drag from its outsized dividend payment in end April. We raise our

estimates by 5-6% and lift our TP from Bt386 to Bt390. While

performance remains admirable, we keep the stock at Neutral with FY27

valuations at a premium 10x EBITDA and yields compressed to 4.5% which

is supportive but not impressive.

Neutral

Catalyst Watch: Upside, expires 20-AUG-26

Price (06 Aug 26 17:25)

Bt376.00

Target price

Bt390.00↑

from Bt386.00

Expected share price return

3.7%

Expected dividend yield

4.5%

Expected total return

8.2%

Market Cap

Bt1,118,303M

US$33,755M

Arthur PinedaAC

Healthy revenue trends with marginal QoQ share gains — Operating trends had

been healthy with earlier concerns of consumption declines helped offset by

government subsidies into 2Q. Moreover AIS had marginally outperformed True in

2Q with mobile revenues (+0.9% QoQ vs. +0.6% QoQ) and broadband (+0.7% QoQ

vs. +0.1%) driving slightly faster. Gains were however most pronounced on

enterprise (+12%QoQ) where AIS saw enhanced demand in contrast to True

although we caveat its lumpy nature. We see consumer market competition as

relatively benign with both operators seeing positive organic ARPU trends. This

rational state is likely to sustain into 2H26.

Luis Hilado

Cost controls further drive earnings momentum — EBITDA growth (+2%

QoQ/+9% YoY) had outpaced revenue growth. This was driven by effective cost

controls allowing for EBITDA margin expansion (+1.2% QoQ/+5.1% YoY). Marketing

…