Advanced Info Service Public Company Limited is a telecommunications company operating primarily in Thailand. It operates through three segments: Mobile Phone Services, Mobile Phone and Equipment Sales, and Datanet and Broadband Services. The company offers postpaid and prepaid services, top-up and roaming services, digital marketing, cloud and IT solutions, 5G and IoT, data analytics, digital payment systems, and various other services including call center operations, international telephone, internet and broadcasting, insurance brokerage, and software development. Founded in 1986, it is based in Bangkok, Thailand.
Why is Advanced Info Service Public Company Limited (ADVANC.BK) moving?
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ADVANC wins upgrades, 5G milestone, AI push; domestic demand still soft
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Bualuang upgrades telecom sector to overweight, keeps ADVANC buy at 398 baht Bualuang raised the whole telecom sector to overweight, saying profits are entering a stronger phase from lower costs and more sensible price competition. It kept a buy on ADVANC with a 398 baht target and expects third-quarter core profit of 13 billion baht, up 8% from a year earlier.
A fresh analyst upgrade and profit forecast directly supports the share price.
AIS rolls out world-first citywide 5G-ADVANCED Uplink across Bangkok AIS expanded its 5G-ADVANCED Uplink network to full coverage across Bangkok, a world first, using two frequency bands to double upload speeds. It plans to extend this to all 77 provinces and is also boosting download speeds, strengthening its network edge over rivals.
A concrete technology lead can attract and keep customers, supporting revenue and the stock.
ADVANC bets on AI and data centres, investing 50 billion baht a year ADVANC's CEO said Thailand is entering an AI-driven era that could add 500 billion baht to the economy by 2027. The company will keep investing about 50 billion baht a year in networks, data centres and spectrum, and is launching an AI readiness project with the government.
New growth plans beyond telecom show a long-term earnings driver investors can price in.
iPhone demand outstrips supply, but mass-market buyers hold back ADVANC says iPhone demand from wealthier customers still exceeds supply, with imports up 30-40%, supporting handset sales and higher monthly bills. But middle- and lower-income buyers are delaying new phones, and the company kept its modest 2026 revenue growth forecast of 3-5%.
It shows both a real sales boost and a genuine soft spot in consumer demand.
LHSEC recommends buying TU with a target of 14.80 baht and GULF with a target of 72 baht
Land and Houses Securities issued an analysis recommending the purchase of two stocks, setting a target price for TU at 14.80 baht, with support estimated at 12.40/12.60 baht and resistance at 13.20/13.5 baht, and a target price for GULF at 72 baht, with support estimated at 58.5/60.0 baht and resistance at 62.75/63.5 baht. For TU, higher tuna costs are pressuring gross margin in the fourth quarter of 2026 after September tuna prices rose 42% year on year, expected to hit gross margin by about 50 basis points before gradually recovering in the first quarter of 2027 in line with the downward trend in tuna prices. Core profit in the third quarter of 2026 is expected to grow 12-15% year on year and 2-4% quarter on quarter on higher sales from product price adjustments, strong pet food demand, and improved mixed products, while gross margin recovers year on year but slows quarter on quarter from a high base in the previous quarter. GULF has a strong long-term outlook from the gradual commercial operation of power plants, especially renewable energy, the expansion of its data center business, for which GULF has readiness at a level of 2,000 megawatts, as well as profit sharing from ADVANC that continues to grow, and it is expected to benefit from the new PDP 2026 plan amid rising electricity demand, which increases opportunities for new power generation capacity that GULF is highly ready to bid for, including new M&A deals for power plants overseas. Normal profit in the third quarter of 2026 weakened quarter on quarter on the absence of KBANK dividend income but still grew strongly year on year on profit sharing from ADVANC and new renewable energy projects in Thailand.
Yuanta says SpaceX's 800MHz spectrum purchase to boost Starlink Mobile does not yet affect ADVANC-TRUE
Yuanta Securities (Thailand) Company Limited stated that SpaceX has announced the acquisition of 800 MHz spectrum from Grain Management to expand its Starlink Mobile service into the terrestrial market, with the transaction still pending approval from the US Federal Communications Commission, or FCC. This move carries significance for the telecommunications industry, because Satellite Mobile services still have limitations in providing indoor coverage compared with the networks of mobile phone operators. Access to terrestrial spectrum could therefore help enhance Starlink Mobile's competitiveness in the long term. The market reacted negatively to the news, with shares of AT&T, T-Mobile and Verizon falling roughly 6–7% in after-hours trading, reflecting concerns that the entry of a new player could increase competitive pressure and affect the valuation levels of the telecommunications business. As for the impact on Thailand, Yuanta Securities assesses that in the short term it remains limited and does not yet affect the fundamentals of Advanced Info Service Public Company Limited, or ADVANC, and True Corporation Public Company Limited, or TRUE, because Starlink must still go through the relevant licensing procedures before it can provide services in Thailand, particularly obtaining Landing Rights for low Earth orbit, or LEO, satellite services. And if Starlink wants to expand its services into the Mobile business to compete directly with domestic operators through the use of terrestrial spectrum, it would still need to consider Thailand's licensing and spectrum allocation framework, or may have to join spectrum auctions opened by the National Broadcasting and Telecommunications Commission, which are not held frequently and represent a major obstacle to entering direct competition in the Thai market. However, Yuanta Securities views that the risk worth monitoring in the medium term lies in share valuation levels, or multiples, rather than the direct impact on operating results. Although at present the impact on the profits of Thai telecommunications operators is not yet clear, if overseas markets lower the valuation of telecommunications stocks out of concern over competition from Starlink Mobile, there is a chance that the multiples of ADVANC and TRUE will also be pressured in line with the group's sentiment. Therefore, Yuanta Securities assesses that the short-term risk to the earnings forecasts of ADVANC and TRUE remains limited, while in the medium term the valuation risk should be monitored, along with regulatory developments that could pave the way for Starlink to expand its services into the Thai market going forward.
Space Economy › Satellite Connectivity & Direct-to-Device ▲Competition
Space Economy › Satellite Broadband, MSS & Ground Equipment Competition
Space Economy › Direct-to-Device (satellite-to-cell) Competition
T · Competition · Negative AT&T shares fell ~6-7% after-hours on concerns SpaceX's Starlink Mobile terrestrial spectrum entry raises competitive pressure.
TMUS · Competition · Negative T-Mobile shares fell ~6-7% after-hours as Starlink Mobile's 800MHz spectrum purchase threatens new competitive pressure.
VZ · Competition · Negative Verizon shares fell ~6-7% after-hours amid concerns the new Starlink Mobile entrant increases competitive pressure.
ADVANC.BK · Competition · Neutral Yuanta says Starlink's move does not yet affect ADVANC fundamentals short-term, though long-term direct competition would require Thai licensing and spectrum auctions.
TRUE.BK · Competition · Neutral Yuanta says Starlink's move does not yet affect TRUE fundamentals short-term, though long-term direct competition would require Thai licensing and spectrum auctions.
ADVANC says iPhone sales outstrip supply, invests 50 billion baht a year in technology
Pratthana Leelapanang, Chief Executive Officer of Advanced Info Service Public Company Limited, or ADVANC, said demand for iPhones among upper-tier consumers remains so high that supply cannot keep up, even though imports rose 30-40% from a year earlier, while middle- and lower-tier consumers are tending to hold back on buying new mobile phones. The company is maintaining its operating forecast for 2026, expecting core service revenue to grow 3-5% and EBITDA to grow 2-4%, and has set a target of investing about 50 billion baht a year. That breaks down into roughly 30 billion baht a year to expand its main communications network, about 10 billion baht a year in Data Center business investment through its subsidiaries, and about 10 billion baht a year in spectrum investment, in order to drive the digital economy and Data Center, Sovereign Cloud and Sovereign AI technologies. It expects that by 2027 Intelligence and AI technology will generate as much as about 500 billion baht in added economic value, or more than 2% of GDP. As for its partners, AIS is a subsidiary of GULF and works with Singtel. The GSA project is divided into GSA01, GSA02 and GSA03, with combined power generation capacity of nearly 300 megawatts to support Data Center growth. At present, demand for investment in Thailand waiting to begin construction is no less than 2 gigawatts, and may reach 3 gigawatts, from more than 30 foreign operators.
ADVANC says Thailand is entering the Intelligent Economy era, expects AI to add 500 billion baht in value by 2027
Prathana Leelapanang, Chief Executive Officer of Advanced Info Service Public Company Limited, or ADVANC, said at the THAILAND ECONOMIC OUTLOOK 2027 NEW HORIZON BEYOND THE TRAP seminar that Thailand's economy is stepping into the Intelligent Economy era driven by artificial intelligence. By 2027, AI technology is expected to generate roughly 500 billion baht in added economic value, or more than 2% of GDP, through efficiency gains in manufacturing, services, energy, and agriculture. He also highlighted four pillars of a new digital infrastructure model under Thailand's sovereignty: energy, connectivity, Data Center and Cloud, and AI & National Model. AIS will continue investing in assets and various sectors at about 50 billion baht a year to support the Intelligent Economy, and is working with the government and partners to launch the Thailand AI Readiness project, along with a Software Portal that lets individuals and organizations assess their own AI readiness.
Artificial Intelligence › AI Data Center & Build-out ▲Technology
ADVANC.BK · Capital · Positive AIS will continue investing about 50 billion baht a year in assets and sectors to support the Intelligent Economy.
ADVANC.BK · Demand · Positive AIS is working with the government and partners to launch the Thailand AI Readiness project and a Software Portal, creating new service opportunities.
Bualuang Securities has upgraded its view on the telecom sector from "equal weight" to "overweight," seeing profits entering a stronger and more sustainable phase driven by a lower cost structure, more rational price competition, and reduced interest expenses. A key factor is that ARPU, or revenue per user, for both ADVANC and TRUE continues to rise even as data usage grows faster than the price per GB, reflecting that customers are willing to pay more for more data rather than the result of price-cutting competition. Meanwhile, prepaid package price increases since March are still gradually feeding through as a positive for the third quarter of 2026. On costs, TRUE's EBITDA margin rose from 50% in the first half of 2025 to 63% in the second quarter of 2026 after the end of its spectrum lease obligations with NT and the realization of roughly 7.1 billion baht per year in benefits from network consolidation, while ADVANC benefits from the merger with TTTBB and lower network costs. For the third quarter of 2026, core profit for the sector's stocks combined is expected at 20 billion baht, up 21% year on year, rising to 21.3 billion baht in the fourth quarter of 2026, which would be a new high for the sector. TRUE is expected to post a record core profit of 7.0 billion baht, up 54% year on year and 3% quarter on quarter, while ADVANC is expected to post core profit of 13 billion baht, up 8% year on year but down 5% quarter on quarter. GST is expected to remain in core loss of about 20 million baht. The research team raised its recommendation on TRUE from "trading buy" to "buy" with an unchanged target price of 15.10 baht, while maintaining a "buy" on ADVANC with a target price of 398 baht and keeping GST at avoid.
TRUE.BK · Capital · Positive Bualuang upgrades TRUE to buy with 15.10 baht target, expecting record core profit of 7.0 billion baht, up 54% YoY, on higher EBITDA margin after spectrum lease end and network consolidation.
ADVANC.BK · Capital · Positive Bualuang maintains buy with 398 baht target and expects ADVANC core profit of 13 billion baht, up 8% YoY, aided by TTTBB merger and lower network costs.
Triple T Broadband Public Company Limited (TTTBB) · Capital · Positive ADVANC benefits from its merger with TTTBB and lower network costs, cited as a driver of the sector's stronger profit outlook.
National Telecom Public Company Limited · Supply · Neutral NT is mentioned only as the counterparty whose spectrum lease obligations with TRUE ended, a cost benefit for TRUE rather than a clear impact on NT.
Phillip expects ADVANC's third-quarter 2569 profit to reach 13.236 billion baht, sets target price at 414 baht
Phillip Securities (Thailand) Public Company Limited estimated in an analysis dated 7 October 2569 that Advanced Info Service Public Company Limited, or ADVANC, will post net profit of 13.236 billion baht in the third quarter of 2569, up 9.9% from the same period a year earlier but down 3.5% from the previous quarter. The year-on-year growth was driven mainly by continuously improving service revenue in both the mobile phone and broadband businesses, while the decline from the previous quarter resulted from the initial recognition of a share of losses from an investment in a joint venture operating a Virtual Bank (CLICX) of about 210 million baht, as well as higher network expenses and selling and administrative expenses from investment in developing IT systems following the spectrum auction. The research team expects marketing expenses to remain efficiently managed even as the company enters the launch period for new smartphone models, because it is using a Premier League (EPL) approach to support marketing activities. For the first nine months of 2569, the research team expects ADVANC to post net profit of 40.448 billion baht, up 20.3% from 33.635 billion baht in the same period a year earlier, and the trend in the fourth quarter of 2569 has a chance to set a new annual profit high, driven by the high season in the tourism sector and year-end consumption, together with full-quarter recognition of iPhone 18 sales. Phillip Securities also maintained its buy recommendation on ADVANC with a 2570 target price of 414 baht.
ADVANC.BK · Capital · Positive Phillip Securities forecasts ADVANC Q3 2569 net profit of 13.236 billion baht, up 9.9% YoY, and maintains a buy rating with a 414 baht target price.
CLICX (Clicx Bank) · Capital · Negative ADVANC's QoQ profit decline is partly due to initial recognition of about 210 million baht in share of losses from its joint venture Virtual Bank CLICX.
AIS Expands 5G-ADVANCED Uplink to 100% Coverage Across Bangkok, a World First
AIS has announced the expansion of its 5G-ADVANCED Uplink network to 100% service coverage across Bangkok, making the Thai capital the first city in the world with citywide 5G-ADVANCED Uplink coverage. The rollout uses Uplink 2CC technology on the 2600 MHz and 700 MHz bands over a 5G Standalone, or 5G SA, network, doubling maximum upload speeds, and AIS is ready to extend the capability to the main district of all 77 provinces nationwide. AIS customers with compatible devices can experience 5G-ADVANCED without subscribing to an additional package. At the same time, AIS is pressing ahead with Downlink 3CC development by combining the 2600 MHz, 700 MHz and 2100 MHz bands to raise maximum download speeds by 1.5 times, which currently covers most of Bangkok and is targeted to cover the entire capital by the end of 2026. Kittit Ngamjettanarom, Head of Technology at AIS, said today's networks must go far beyond being mere connectivity infrastructure and must evolve into a National Intelligent Infrastructure under the WISE Framework to support the growth of the AI Economy and pave the way for Thailand to become an ASEAN AI Connectivity Hub.
ADVANC.BK · Technology · Positive AIS expanded its 5G-ADVANCED Uplink network to 100% coverage across Bangkok using Uplink 2CC technology, a world-first rollout.
ThaiBMA reports 9-month corporate bond issuance at 629.662 billion baht, down 1.61%
The Thai Bond Market Association, or ThaiBMA, reported that long-term corporate bond issuance in the first nine months of 2026 totalled 629.662 billion baht, down 1.61% from the same period a year earlier. This comprised 593.418 billion baht in investment-grade bonds and 36.244 billion baht in high-yield bonds. Ariya Tiranaprakij, Managing Director of ThaiBMA, said full-year issuance may fall short of the target of 880 billion baht, but could still reach around 800 billion baht, because large companies have turned to bank loans instead of issuing bonds, given the very high liquidity in the banking system, while some have instead issued US dollar bonds overseas, such as Kasikornbank, Bangkok Bank, Advanced Info Service, and Ngern Tid Lor. Foreign investors recorded a net outflow of about 39 billion baht in the third quarter, but a net outflow of only about 9.2 billion baht over the nine months, compared with the 910 billion baht in Thai bonds held by foreign investors, accounting for less than 5% of the Thai bond market. The two-year government bond yield spread between Thailand and the United States stands at about 3.5%, and the 10-year spread at about 3%. As for defaulted bonds in the first nine months, the total value was 15.9235 billion baht from nine issuers, all of them existing issuers with no new ones, bringing net defaulted bonds as of 30 September 2026 to 4.833 billion baht. Meanwhile, bonds under debt restructuring totalled 13.15 billion baht from 12 issuers, and the outstanding value of private sector bonds at the end of the third quarter of 2026 stood at 4.5 trillion baht, down 0.7% from the end of 2025, with the property, banking, and ICT groups posting the largest declines.
ADVANC.BK · Capital · Neutral Named among large companies that issued US dollar bonds overseas instead of baht bonds, a financing-channel shift with no clear positive or negative implication.
TIDLOR.BK · Capital · Neutral Named among large companies that issued US dollar bonds overseas instead of baht bonds, a financing-channel shift with no clear positive or negative implication.
Yuanta says 14th development plan unlocks constraints, lifting five stock groups
Yuanta Securities (Thailand) said the government is drafting the 14th National Economic and Social Development Plan for 2028-2032, which will take effect from October 2027, aiming to restructure the Thai economy and reduce constraints that hinder growth, in order to push economic expansion above 3% per year and set a goal for Thailand to rank among the world's top 20 in competitiveness by 2029. The plan is driven through five key areas, covering raising production efficiency and attracting new industries, reforming public administration toward OECD standards, upgrading human capital to support an aging society, turning natural resources and the environment into development capital, and investing in technology and innovation. A key shift from the 13th plan is the move away from designating target industries toward addressing structural constraints, through five pillars: Transform, Reform, Upgrade, Sustain, and Transfer. Yuanta's research team sees industries with a chance to benefit, including AI and data centers, electrical infrastructure, smart grid and smart meter, automated production systems, proactive water management, and digital infrastructure. The five stock groups expected to benefit are power plants, commercial banks, telecommunications, electronics, and construction contractors and building materials. Stocks that stand to gain include GULF, GUNKUL, GPSC, SSP, SCB, KTB, ADVANC, TRUE, SMT, and EPG.
Artificial Intelligence › Build-out, Construction & Engineering ▲Regulation
ADVANC.BK · Regulation · Positive ADVANC is named among the stocks expected to benefit from the 14th National Development Plan's structural reforms and digital infrastructure push.
EPG.BK · Regulation · Positive EPG is explicitly listed among the stocks standing to gain from the 14th plan's focus on technology, innovation, and new industries.
GPSC.BK · Regulation · Positive GPSC is named in the power plant group expected to benefit from the 14th plan's electrical infrastructure and smart grid investments.
GULF.BK · Regulation · Positive GULF is named among the stocks that stand to gain from the 14th plan's power and electrical infrastructure priorities.
GUNKUL.BK · Regulation · Positive GUNKUL is explicitly listed among the stocks expected to benefit from the 14th plan's electrical infrastructure and smart grid focus.
KTB.BK · Regulation · Positive Named among commercial banks expected to benefit from the 14th National Economic and Social Development Plan's structural reforms.
Asia Plus names TRUE a top pick, set to benefit as floods drive call volumes higher
Asia Plus Securities assesses that heavy rain and severe flooding in the final week of September 2026 drove a sharp rise in voice call volumes, especially in Bangkok and its surrounding provinces, up 51% to 60% from the previous week. This contrasts with the usual pattern, in which people favour data usage. The LINE application saw the largest increase in usage because it supports voice calls. On the data side, uploads from mobile phones also rose substantially, particularly in the Rom Klao and Khlong Chan housing areas. The research team views this shift in usage behaviour as positive for sentiment on both ADVANC and TRUE, but expects it will not add much to overall revenue, because the severe flooding was confined to limited areas and had already begun to ease in early October 2026. The team expects operating trends in the third quarter of 2026 for both ADVANC and TRUE to still grow well year on year, helped by higher gross margins than in the third quarter of 2025, which was still weighed down by the roaming service agreement with NT that ended in early August 2025. For the fourth quarter of 2026, profits at both companies are expected to benefit from the year-end festive season, which will support both service revenue and handset sales, with the iPhone 18 entering its first full quarter. The research team maintains an overweight stance on the ICT sector relative to the market, because it expects the operating results of ADVANC and TRUE, the key drivers of sector profit, to keep improving both half on half and year on year in the second half of 2026, which should lift the sector's normalised profit overall by about 20% year on year in 2026 and by a further 12% year on year in 2027. It picks TRUE as its top pick because it has stronger short-term catalysts, and expects TRUE's third-quarter 2026 profit to grow better than ADVANC's both quarter on quarter and year on year. It also expects an interim dividend for the third-quarter 2026 period of 0.15 baht, a yield of 1.2%.
Analysts recommend buying shares of ADVANC, or Advanced Info Service, expecting third-quarter 2026 core profit of 12.95 billion baht, up 8% year-on-year but down 5% quarter-on-quarter, due to seasonally higher selling and administrative expenses, as well as the full-quarter recognition of losses from associate CLICX Bank, in which ADVANC holds a 39% stake. Total revenue is expected at 57.5 billion baht, up 5.7% year-on-year and up 1.7% quarter-on-quarter. Mobile business revenue is expected at 34.1 billion baht, up 3.7% year-on-year, on a subscriber base of 47.3 million and total ARPU of 240 baht, up 2.6% year-on-year. Broadband revenue is expected to rise 6.4% year-on-year to 8.7 billion baht. First-nine-month core profit is expected at 40.1 billion baht, up 19% year-on-year, representing 74% of the full-year estimate of 54.3 billion baht, which would be up 13.7% year-on-year. The brokerage sets a target price of 398 baht and expects a dividend yield of 4.9%, or about 5 to 6% based on a share price moving in a range around 342 baht.
ADVANC.BK · Capital · Positive Brokerage recommends buying ADVANC with a 398 baht target price and forecasts Q3 core profit of 12.95 billion baht, up 8% year-on-year.
CLICX (Clicx Bank) · Capital · Negative ADVANC's Q3 profit is pressured by full-quarter recognition of losses from associate CLICX Bank, in which it holds a 39% stake.
Krungsri keeps Buy on ADVANC with 430 baht target, expects Q3 2026 profit of 13,426 million baht
Krungsri Securities maintains a "Buy" rating on Advanced Info Service Public Company Limited, or ADVANC, with a target price of 430 baht based on the DCF method. Against the latest closing price of 349 baht, that implies 23% upside. It expects net profit for the third quarter of 2026 at 13,426 million baht, up 11.5% year on year but down 2.1% quarter on quarter. The sequential slowdown stems from higher network-related costs and a larger share of losses recognized from the Virtual Banking business. Core revenue excluding IC is expected at 45,600 million baht, up 4.8% year on year and 0.5% quarter on quarter, driven by the mobile and fixed broadband businesses. Total revenue is expected at 57,739 million baht, up 6.2% year on year and 2.2% quarter on quarter. EBITDA is expected at 32,829 million baht, up 4.5% year on year but down 0.3% quarter on quarter. On the subscriber base, total mobile users are expected at 47.247 million numbers, up 2.1% year on year and 0.3% quarter on quarter, split into 14.022 million postpaid and 33.225 million prepaid numbers. Blended ARPU is 242 baht per month, up 3.5% year on year and 0.9% quarter on quarter. Fixed broadband customers stand at 5.386 million, up 3.5% year on year and 0.7% quarter on quarter. Krungsri also maintains its 2026 profit forecast at 53,325 million baht, growing 15.9% year on year. If third-quarter 2026 results come in as expected, they would represent 76% of the full-year profit forecast, and profit momentum is expected to reaccelerate in the fourth quarter of 2026 on seasonal tourism and high levels of consumer spending. It also sees upside risk to its profit forecast of about 3% to 4% and expects a dividend yield of 4.9% for 2026. For 2026, it forecasts revenue of 236,447 million baht, EBITDA of 126,968 million baht, and net profit of 53,325 million baht.
ADVANC.BK · Capital · Positive Krungsri maintains Buy rating with 430 baht target and forecasts Q3 2026 net profit of 13,426 million baht, up 11.5% YoY.
AIS launches SMART Pets Phone, a GPS and video-call smartphone for pets with no monthly fee
AIS has launched the AIS SMART Pets Phone, a smart pet tracker and communication device, under the concept More Than Tracking, It's Caring. It upgrades from the AIS Pet Tracker to real-time connection and communication, combining communications and IoT technology so owners can track and communicate with their pets even when apart. It was unveiled for the first time at the Pet Run Club event at AIS SIAM, Siam Square. The device supports two-way video calls and voice calls, with an automatic response system and a Video Location function for viewing the surroundings around the pet. For tracking, it uses Real-Time Precision GPS, lets users set a Safe Zone and sends alerts when the pet leaves the area, and includes a Pet Flash Locator and a One-Touch SOS button. It has an IP67 waterproof rating and an 800 mAh battery that lasts up to 4 days of continuous use, with no monthly subscription fee. For connectivity, it supports the AIS One-2-Call! Gadget SIM, an annual data SIM for IoT devices with no long-term contract tie-in. The device weighs only 38 grams and is suitable for pets weighing 8 kilograms or more, with a 1-year product warranty. It is priced at 1,990 baht and available at AIS Shop and the AIS Online Store.
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Space Economy▲
Kiatnakin Phatra says Starlink has yet to hit ASEAN mobile operators, picks ADVANC as top dividend stock
Kiatnakin Phatra Securities said in an analysis dated October 1, 2026, that over the next three to four years low-earth-orbit satellite services, especially Starlink, are unlikely to significantly affect the market share of ground-based telecommunications operators in ASEAN, due to network capacity constraints and prices that remain higher than terrestrial services. Starlink's monthly service fee in Malaysia is about 58% higher than comparable-speed ground broadband, and nearly four times higher in Vietnam. As for direct-to-device, or D2D, satellite-to-handset connectivity, Kiatnakin Phatra sees it serving more as a supplementary service than a replacement, with the potential to support average revenue per user, or ARPU, but over the longer term it will be necessary to watch competition from Starlink more closely, as network capacity will increase significantly by 2030 with the deployment of the Starship rocket and V3 satellites. Since SpaceX's initial public offering in mid-June 2026, about half of ASEAN telecom stocks under Bank of America's coverage have underperformed the market, which Kiatnakin Phatra attributes to factors other than concerns about LEO competition. Its top pick in the ASEAN communications sector is Advanced Info Service, or ADVANC, on the back of an appropriate dividend yield, alongside Globe Telecom, or GLO, Indosat-Hutchison, or ISAT, SingTel, and PT Telkom, or TLKM. Starlink currently operates in Indonesia, Malaysia, the Philippines, Singapore and Vietnam, but has not yet launched in Thailand because of a rule limiting foreign shareholding in entities granted rights to use ground stations to no more than 49%. OneWeb has already offered fixed broadband services in Thailand since 2025, and Amazon LEO plans to launch services in Indonesia and Thailand in the future.
Bualuang Securities reported that net selling by foreign investors in Thai stocks in September stood at 26 billion baht, mostly from accumulated short positions in DELTA, ADVANC, and GULF, which together were worth 26 billion baht, close to the cumulative net selling of Thai stocks by foreign investors for the whole month at 26 billion baht. Bualuang Securities views that net trading through program trading and HFT does not signal that foreign investors are accelerating their selling of Thai stocks and rushing to move money out. As for the recovery of Thai stocks, it is expected to be divided into two tiers, with the group severely affected by flooding likely to recover more slowly, while the group not directly affected but at risk of monitoring in the eastern, central, northern, and Bangkok zones, if they make it through the rainy season and flooding without being inundated, share prices are expected to stabilize and continue trading. Bualuang Securities recommends that investors choose to accumulate stocks in the second group first.
Bualuang expects ADVANC Q3/2026 core profit at 13.0 billion baht, calling it the year's low point
Bualuang Securities estimates that the third-quarter 2026 core profit of Advanced Info Service Public Company Limited, or ADVANC, will come in at 13.0 billion baht, up 8% year on year but down 5% quarter on quarter. The decline from the previous quarter stems from seasonally higher SG&A expenses and the first full quarter of loss recognition from CLICX Bank, outweighing the softening of the core telecommunications business. Total revenue is expected at 57.5 billion baht, up 5.7% year on year and 1.7% quarter on quarter, supported by mobile, home internet, and device sales from the iPhone 18 launch. Mobile revenue is forecast at 34.1 billion baht, up 3.7% year on year but down 0.7% quarter on quarter, on 47.3 million users and prepaid ARPU rising 6.5% year on year to 160 baht. CLICX is expected to post a loss share of 23 million baht, compared with a profit of 273 million baht in the second quarter, after the bank began operations on 19 June and with ADVANC holding a 39% stake. The research team views the third quarter of 2026 as the year's low point, with nine-month 2026 core profit forecast at 40.1 billion baht, up 19% year on year and representing 74% of the full-year estimate, before a quarter-on-quarter recovery in the fourth quarter driven by the high season, prepaid package price adjustments from March, and a full quarter of iPhone 18 Pro and Pro Max sales. It maintains a Buy rating with a target price of 398 baht, seeing the share price weakness around the third-quarter results as an accumulation opportunity, since the main pressure comes from seasonal expenses and CLICX while the core business is still growing. Full-year 2026 core profit is still expected at 54.3 billion baht, up 13.7% year on year. The impact of Bangkok flooding on the network is expected to be limited, and the bigger issue to watch is purchasing power in the flooded areas in early the fourth quarter of 2026.
ADVANC.BK · Capital · Positive Bualuang estimates ADVANC's Q3/2026 core profit at 13.0 billion baht and maintains a Buy rating with a 398 baht target price, calling the weakness an accumulation opportunity.
CLICX (Clicx Bank) · Capital · Negative CLICX is expected to post a loss share of 23 million baht in Q3/2026 versus a 273 million baht profit in Q2 after starting operations on 19 June.
DAOL Expects SET to Be Volatile Today, Highlights ADVANC with 13% Q3 Profit Growth, Buy Rating and 435 Baht Target
DAOL Securities (Thailand) expects the SET index to be volatile today but sees momentum better than the previous day after PCE figures came in below expectations, giving a support range of 1,530-1,545 points and a resistance range of 1,572-1,586 points. It noted that still-high US bond yields put emerging markets at risk of fund flows returning to the US, and recommended using sharp share price declines as an opportunity to accumulate fundamentally strong stocks, especially banks, where it still likes KTB, KBANK and KKP. For today's top pick, it recommends buying ADVANC, expecting normal profit in the third quarter of 2026 at 13.6 billion baht, up 13% year on year and down 1% quarter on quarter, driven by the mobile and FBB businesses where net adds and ARPU improved. It maintained its 2026 profit forecast at 53.5 billion baht, up 12% year on year, with the fourth quarter of 2026 to be supported by the high season and a full quarter of recognition of new iPhone sales. Meanwhile, flooding in Bangkok, its surrounding provinces and more than 20 other provinces pressured bank and insurance stocks, sending the SET to close yesterday at 1,559.01 points, down 2.21%. Six major banks announced relief measures for customers, such as a three-to-six-month suspension of principal and interest payments and special-rate rehabilitation loans. As for the Thailand-US trade agreement talks, the principles were concluded on September 30, as disclosed by Deputy Prime Minister and Commerce Minister Supajee, but the Access Capacity measure remains, with Thailand aiming to finalise details before November to avoid higher tariffs and targeting an overall tariff rate of no more than 19%.
ADVANC.BK · Capital · Positive DAOL's top pick with a Buy rating and 435 baht target, expecting Q3 2026 profit up 13% YoY on mobile/FBB net adds and ARPU.
KBANK.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
KKP.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
KTB.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
Kasikorn Thai expects SET today in a range of 1,585-1,610 points, watching US Core PCE
Kasikorn Securities estimates that the SET Index today will move in a range of 1,585-1,610 points, with the market watching the US August PCE and Core PCE figures, which are expected at 3.7% and 3.3% year-on-year respectively, before following non-farm payrolls data later in the week. Previously, the SET Index closed at 1,594.30 points, down 8.07 points, or 0.50%, pressured by selling in banking and energy stocks, with foreign investors net selling Thai shares of 7.685 billion baht. Meanwhile, the 10-year US bond yield moved near 5.25%, the highest since 2007, and the 30-year bond yield rose above 5.6%. New York Fed President John Williams said the Fed has no need to rush another rate hike, causing the market to somewhat reduce expectations for a rate increase in October. For strategy, it recommends gradually accumulating good fundamental stocks, with today's standout picks being ADVANC with a target price of 385.34 baht and EASTW with a target price of 6.70 baht.
ADVANC.BK · Capital · Positive Kasikorn Securities names ADVANC as a standout pick with a target price of 385.34 baht.
EASTW.BK · Capital · Positive Kasikorn Securities names EASTW as a standout pick with a target price of 6.70 baht.
EFFR.MM · Monetary · Neutral Market awaits US August PCE/Core PCE and Williams' comment that the Fed need not rush another hike, trimming October hike odds.
US-10Y.GB · Monetary · Neutral 10-year US bond yield near 5.25%, highest since 2007, with direction hinging on the upcoming PCE and payrolls data.
US-30Y.GB · Monetary · Neutral 30-year US bond yield rose above 5.6% amid the market's focus on US inflation data and Fed rate expectations.
ADVANC Board Appoints Siriwipa as Audit Committee Member, Reclassifies Yon as Executive Director
At its meeting on September 29, 2026, the Board of Directors of Advanced Info Service Public Company Limited, or ADVANC, approved a proposal from the Nomination and Remuneration Committee to change the director category of Mr. Yon Phokasup from independent director to executive director, owing to additional administrative duties assigned to him. The meeting also resolved to appoint Mrs. Siriwipa Suphanthanet, currently an independent director, to serve as a member of the Audit and Risk Oversight Committee in his place, effective from September 29, 2026 onward. The disclosure was announced by Mr. Pratthana Leelapanang, Chief Executive Officer of ADVANC.
ADVANC.BK · Regulation · Neutral Board reclassifies a director and appoints an audit committee member, a routine governance change with no clear financial impact.
Asia Plus recommends 3 standout stocks to weather rising bond yields
The research team at Asia Plus Securities recommends three Thai stocks with company-specific positive factors and clear growth prospects, amid rising bond yields and a volatile stock market. COM7 is expected to post year-on-year profit growth in the third quarter of 2026, driven by its UFUND lending business and ICARE insurance, with momentum likely to accelerate in the fourth quarter of 2026 during the high season. ADVANC is expected to show both quarter-on-quarter and year-on-year profit growth in the third quarter of 2026, while its share price remains a laggard, up about 10% year-to-date, compared with TRUE, which is up 17% year-to-date. CK has seen its litigation risk ease, state budget disbursement for 2027 is proceeding normally, and its subsidiaries BEM, CKP and TTW help reduce volatility in its consolidated earnings. The research team notes that the surge in Thai bond yields directly affects stock market valuations, cutting the market's appropriate P/E level as estimated by the ASPS research team from 18.18 times to 16.39 times, pressuring the SET Index over the remainder of the year down to 1,550 points if all assumptions remain unchanged. However, the index target could recover to 1,720 points if the market earnings yield based on the 10-year bond yield falls from 3.7% to 3.10%, or if earnings per share of listed companies rises from 95 baht per share to 105 baht per share, offsetting the lower P/E. US bond yields have risen quickly and sharply across both short and long maturities, driven by expectations of inflation risk from higher energy prices, boosting the chance that the Fed may raise rates or hold them longer than expected, plus an oversupply of US Treasuries. In Thailand, long-term bond yields rose significantly in line with the global bond mechanism from February to September, with the 10-year bond yield in particular climbing from 1.80% on 25 February to 2.17% on 31 August, then accelerating sharply over the following month to 2.40% on 29 September, comparable to a near one-time rate hike. Meanwhile, the short-term one-year bond yield remains at its previous level, as Thailand's policy rate stays unchanged in line with the direction of the Monetary Policy Committee.
ADVANC.BK · Capital · Positive Asia Plus expects ADVANC to post both QoQ and YoY profit growth in Q3 2026, a company-specific earnings catalyst.
CK.BK · Regulation · Positive CK's litigation risk has eased and 2027 state budget disbursement is proceeding normally, reducing legal/policy overhang.
COM7.BK · Capital · Positive COM7 is expected to post YoY profit growth in Q3 2026, accelerating in Q4 high season, driven by UFUND lending and ICARE insurance.
Pie Securities Says Surging US Yields Point to 11 Beneficiary Stocks
Pie Securities stated that pressure on the Thai stock market from flooding is believed to be over, but global conditions remain under pressure from the accelerating rise in US bond yields, which have repeatedly hit new record highs. US government bond yields rose across all maturities, driven by concerns over higher inflation in line with energy prices and investors demanding greater returns in light of US debt risks. Meanwhile, the CME FedWatch tool assigns a 70% probability that the Fed will raise interest rates at its October meeting. The Dow Jones Industrial Average closed down 347 points, or 0.67%, overnight, pressured by oil prices and bond yields. Brent crude closed up 0.9% amid concerns over tight supply after Trump rejected Iran's peace proposal. The research team estimates the SET index range at 1585 to 1610 points, advises increased caution, and recommends focusing on stocks that benefit psychologically from rising yields, namely the banking group BBL, KBANK, KTB, and SCB; the export group ITC and TU; the defensive group ADVANC; and the energy group PTT, PTTEP, TOP, and PTTGC. This morning the baht continues to weaken, which may pressure foreign capital flows.
Yuanta says Thai stocks to benefit from Bangkok floods, impact limited
Yuanta Securities said a depression caused rainfall to accelerate, triggering flooding in Bangkok and surrounding areas over the past weekend, sparking panic and demand to stockpile essential goods. However, because this round lacked the additional pressure of northern runoff and high sea tides seen in 2011, conditions in many areas eased quickly, especially in inner Bangkok. The research team assesses the impact on investment sentiment as relatively limited, similar to the cases of Japan or South Korea, where situations eased quickly and barely affected investment sentiment. Meanwhile, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates the economic impact at a maximum of about 10 billion baht, or 0.05% of GDP, which is considered not large. The research team therefore maintains its EPS forecast for this year at 103 baht per share. The sector directly affected is insurance, from claims during the fourth quarter of 2026 to the first quarter of 2027, while sectors expected to be slightly affected are finance and commercial banks, from measures to help debtors. Sectors that may gain positive sentiment from stockpiling goods and home repairs are home improvement, construction materials, and retail and wholesale of essential goods, such as GLOBAL, DOHOME, HMPRO, CPALL, BJC, and CPAXT, as well as telecom operators ADVANC and TRUE, from data usage and work-from-home measures.
GLOBAL.BK · Demand · Positive Named among home improvement and construction material retailers expected to gain positive sentiment from stockpiling goods and home repairs after Bangkok floods.
HMPRO.BK · Demand · Positive Named among home improvement retailers expected to benefit from stockpiling of goods and home repairs following the Bangkok flooding.
TRUE.BK · Demand · Positive Named as a telecom operator expected to gain from increased data usage and work-from-home measures during the Bangkok floods.
ADVANC.BK · Demand · Positive Named as a telecom operator expected to gain positive sentiment from data usage and work-from-home measures during the Bangkok floods.
BJC.BK · Demand · Positive Named among retail/wholesale of essential goods expected to gain from stockpiling during the floods.
CPALL.BK · Demand · Positive Named among retail/wholesale of essential goods expected to gain from stockpiling during the floods.
Kasikorn Securities sees SET swinging between 1,580 and 1,630 points, picks ADVANC, BCH, CPALL and STECON as top stocks
Kasikorn Securities expects the SET Index to swing within a range of 1,580 to 1,630 points this week, after the index returned to stand above 1,600 points last week, supported by Fitch's upgrade of Thailand's outlook from Negative to Stable, strong August export figures, and buying in DELTA on the recovery of global technology stocks. On Friday, the Thai market closed at 1,607.63 points, up 0.32%, driven by heavy buying in electronics and construction. For today, the brokerage estimates the SET Index range at 1,590 to 1,620 points, reflecting short-term negative sentiment from weekend flooding in Thailand and lingering geopolitical risks. It noted that US-Iran geopolitical risk remains a key factor supporting a recovery in oil prices and could add pressure on inflation, the US dollar and bond yields. Domestically, investors must monitor the flood situation, which could weigh on short-term sentiment. Statistics on Thai floods from 2006 to 2024 show the SET fell an average of about 1% in the one month after such events, but the impact this time is expected to be limited, so the pullback is seen as an opportunity to accumulate. On key economic factors, investors should watch ISM and PMI readings, US employment and unemployment figures, and US PCE and Core PCE, which will affect the direction of Fed policy. This week's strategy therefore focuses on stocks with good earnings growth prospects and low risk, with ADVANC, BCH, CPALL and STECON chosen as the top stocks of the week. It set a base price for CPALL at 57.20 baht with a buy recommendation, expecting 2026 profit to grow 9% year on year, and a base price for ADVANC at 385.34 baht, viewing the stock's pullback as bringing its valuation back to an attractive level and lifting its dividend yield to 4.8%.
ADVANC.BK · Capital · Positive Kasikorn Securities picks ADVANC as a top stock of the week with a base price of 385.34 baht, citing attractive valuation and a 4.8% dividend yield.
BCH.BK · Capital · Positive BCH is named one of Kasikorn Securities' top stocks of the week, a positive analyst selection.
CPALL.BK · Capital · Positive Kasikorn Securities sets a base price of 57.20 baht with a buy rating on CPALL, expecting 2026 profit to grow 9% year on year.
STECON.BK · Capital · Positive STECON is named one of Kasikorn Securities' top stocks of the week, a positive analyst selection.
Bualuang flags strong year-end 2026, touts petrochemical and power stocks to lead
Mr. Wikit Thirawannarat, IAA, Assistant Managing Director and Head of Investment Strategy at Bualuang Securities, unveiled a portfolio-adjustment strategy for the final stretch of the year in the fourth quarter of 2026, recommending investors rotate among sectors in step with the market. Stocks with their main revenue from overseas remain the key driver, because domestic purchasing power alone is not enough to move the market. The groups that outperformed the market in the third quarter of 2026 were those tied to the global economy and commodities, including petrochemicals, refineries, shipping stocks such as RCL and PRM, agricultural and food-export names such as TVO, TU and ITC, and electronic components such as KCE and HANA. Meanwhile, groups tied to domestic consumption, such as telecoms ADVANC and TRUE and retailers CPALL and CPAXT, rose more slowly than the market. Three investment themes lead the way. First, refineries and petrochemicals, where supply is tight and global demand is strong, with TOP trading at a price-to-book ratio of only about 0.7 times and paying consistent dividends. Second, power plants, expected to be the star performer in the fourth quarter, driven by the build-out of data centers and production bases by foreign companies, clarity on direct PPA contracts, and the power development plan. Third, energy and technology infrastructure, which benefits from transmission systems, substations, smart grids, smart meters, rooftop solar and submarine cable projects. As for industrial estates, after a big run-up in the first and second quarters of 2026, they are expected to enter a period of consolidation and rebound within a sideways range. On external factors, the surge in bond yields worldwide is a highlight to watch; if yields start to fall, that would be a key turning point for the stock market. The Bank of Japan may keep raising rates through the middle of next year, ending at around 1.75 to 2.0 percent, South Korea at 3.5 percent, Europe at 3.0 percent in the first quarter of next year, and the US Federal Reserve may hike another one to two times. As for new US tariffs, the assessment is that they will target specific rival countries rather than be imposed across the board, so Thailand is likely to escape them and may even benefit from cheaper imported raw materials such as soybeans and soybean meal, which would lower animal-feed costs and support meat-export groups such as chicken and pork. On investment strategy, short-term traders are advised to rotate through sector rotation, alternating between banks and commodities, while long-term investors are advised to focus on infrastructure and power plants, with standout large-cap stocks capable of winning projects and co-investing in infrastructure being GULF and PTT.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Energy Transition & Power Demand › Solar ▲Demand
TOP.BK · Supply · Positive Highlighted in the refinery/petrochemical theme where supply is tight and global demand strong, with TOP at ~0.7x P/B and consistent dividends.
ADVANC.BK · Demand · Negative ADVANC is grouped among domestic-consumption telecoms that rose more slowly than the market, as domestic purchasing power is insufficient.
CPALL.BK · Demand · Negative CPALL is listed among domestic-consumption retailers that underperformed the market due to weak domestic purchasing power.
CPAXT.BK · Demand · Negative CPAXT is listed among domestic-consumption retailers that rose more slowly than the market amid weak domestic consumption.
KCE.BK · Demand · Positive Named among electronic components (KCE, HANA) that outperformed on global-economy/export demand.
PRM.BK · Demand · Positive Named among shipping stocks (RCL, PRM) that outperformed the market on global-economy exposure.
Yuanta raises ADVANC target to 403 baht, recommends Buy
Yuanta Securities raised its profit forecasts for Advanced Info Service Public Company Limited, or ADVANC, by 4% for 2026 and 6% for 2027, citing better-than-expected Mobile Service Revenue excluding IC. It set a new fair value of 403.00 baht per share using a DCF method with a WACC of 7.5% and terminal growth of 1.0%, and upgraded its recommendation to "Buy," viewing the share price around 350.00 baht per share as attractive again for gradual accumulation. The core value of ADVANC still comes from its Mobile, Fixed Broadband, and Enterprise businesses, whose economics are visible today, while AI Infrastructure, Virtual Bank, and New Digital Businesses remain upside rather than core profit in the forecasts. The company offers a dividend yield of about 5% at the current share price. Key risks include changes in regulation and spectrum, Data Center and AI investment exceeding demand, technology disruption, and higher bond yields, which could pressure both free cash flow and valuation.
ADVANC.BK · Capital · Positive Yuanta raised ADVANC's 2026-27 profit forecasts and upgraded to Buy with a new 403 baht fair value, calling the ~350 baht price attractive.
Asia Plus Flags Three Scenarios for the Sept 28 Ballot Card Case, Backing a Thai Stock Market Recovery — Buy on Fact
Asia Plus Securities assesses that the Constitutional Court's ruling in the ballot card barcode case on September 28, 2026, will produce three scenarios. In the best case, where the court finds no constitutional violation, the election proceeds on schedule, the government has stability, and it can continue disbursing the budget as well as the 400-billion-baht emergency loan decree to stimulate the economy. This is expected to drive a relief rally in the Thai stock market. In the case where problems are found but the impact is limited, the Election Commission will improve its working process and the government can continue administering the country, with the stock market moving sideways. In the worst case, a political vacuum could emerge, pressuring economic stimulus budgets to slow. A study of statistics during political crises from 2006 to 2022 found that the Thai stock market typically fell by an average of 3.66% in the 30 days before the verdict, but after the ruling the market usually recovered to positive territory, gaining an average of 0.92% over the following 30 days, a pattern known as Buy on Fact. However, foreign capital has flowed out for two consecutive days, totaling 4.1 billion baht, leading the research team to expect limited upside for the SET, with key resistance at 1,610 and 1,630 points. It recommends a defensive strategy in domestic play stocks, including retail and shopping centers, health and medical services, infrastructure and construction contracting, and AI and cybersecurity-themed depositary receipts abroad, highlighting META80, PANW80, BDMS, CPN, and ADVANC as top picks.
ADVANC.BK · Demand · Positive ADVANC is named among Asia Plus's top defensive domestic picks expected to benefit from a Thai market recovery after the Sept 28 ballot card ruling.
BDMS.BK · Demand · Positive BDMS is named among Asia Plus's top defensive picks in health and medical services, positioned to gain from the anticipated post-verdict Thai market recovery.
CPN.BK · Demand · Positive CPN is named among Asia Plus's top defensive picks in retail and shopping centers, positioned to gain from the anticipated post-verdict Thai market recovery.
AIS Joins Forces with the Council of Rajabhat Deans Nationwide to Launch the Aun Jai Cyber AI Literacy Course
AIS has signed a memorandum of understanding with the Association of the Council of Deans of Management Sciences Faculties of Rajabhat Universities of Thailand to promote learning and the development of digital and artificial intelligence skills across Rajabhat universities nationwide, through digital learning media and the "Aun Jai Cyber: AI Literacy" course. The collaboration aims to expand access to digital and AI knowledge for students, lecturers, and educational personnel via learning media on the LearnDi for Thais platform, the Aun Jai CYBER application, and the website www.aunjaicyber.ais.th. Sai Chon Sapmak-udom, Head of Corporate Communications at AIS, said this collaboration marks another important step in cooperation between the private sector and educational institutions in developing the skills of the new generation. Meanwhile, Assistant Professor Dr. Sing Singkhajon, President of the Association of the Council of Deans of Management Sciences Faculties of Rajabhat Universities of Thailand, said that Rajabhat universities nationwide can use the "Aun Jai Cyber" course as supplementary learning material for foundation or general education subjects, to strengthen digital skills and AI knowledge for first- to fourth-year students, and can also apply it in student potential development activities.
ADVANC.BK · Demand · Positive AIS signed an MOU with the Council of Rajabhat Deans to roll out its 'Aun Jai Cyber: AI Literacy' course and LearnDi for Thais platform across Rajabhat universities nationwide, expanding adoption of its digital learning products.
TRUE and ADVANC launch 29-baht AiPASS package to support TH-AI Passport project
All three mobile operators, ADVANC, TRUE and NT, have launched special packages to support the TH-AI Passport project. ADVANC was the first to launch the AiPASS package on 16 September 2026, while TRUE and NT plan to follow from 1 October 2026 at 29 baht per month, usable only on the AiPASS application with unlimited data. This creates upside risk to mobile ARPU forecasts over the next 3-5 years. Kasikorn Securities assesses the development as slightly positive for ADVANC and TRUE shares; in the best case both could see revenue rise by 870 million baht, equal to 0.46% of ADVANC's core service revenue and 0.5% of TRUE's. It also sees TRUE as the sector's top pick, recommending TRUE over ADVANC given normalised profit growth trends over the next 4-6 quarters, the chance of a higher dividend payout ratio from the current 79%, and trading at a 23.9% discount to its EV/EBITDA multiple, even though TRUE carries higher debt and a higher beta than ADVANC, as well as uncertainty over China Mobile's sale of TRUE shares.
ADVANC.BK · Demand · Positive ADVANC launched the 29-baht AiPASS package first, which Kasikorn sees as slightly positive with potential revenue upside of 870 million baht (0.46% of core service revenue).
TRUE.BK · Demand · Positive TRUE will launch the 29-baht AiPASS package from 1 October 2026, seen as slightly positive with potential revenue upside of 870 million baht (0.5% of revenue) and named sector top pick.
National Telecom Public Company Limited · Demand · Neutral NT is mentioned as planning to launch the AiPASS package from 1 October 2026, but no specific impact assessment is given for NT.
ADVANC benefits from iPhone 18, boosting sales and ARPU; court dismisses 1.2 billion baht case
ADVANC shares gained support from demand for the iPhone 18 that exceeded the supply available in the market, lifting handset sales and average revenue per user, or ARPU. Patipark Nawawat, senior director of fundamental equity analysis at Krungsri Securities, said iPhone 18 sales create a structural benefit on two revenue fronts: higher device sales in both volume and average selling price, and the gradual bundling of new service packages with handset sales, which naturally lifts ARPU. He also assessed that any product shortage would not significantly affect revenue, because it stems from demand exceeding inventory rather than a reduction in allocated stock, meaning delayed deliveries merely shift revenue recognition between months. On fundamentals, net profit is expected to grow 15% in 2026, while the Supreme Administrative Court's dismissal of the case brought by Digital Phone Company, or DPC, a subsidiary of ADVANC, against National Telecom, or NT, over 1.2 billion baht in equipment and telecommunications network fees, helps remove concerns and unlock legal risk. The broker recommends a buy with a target price of 430 baht per share and expects a dividend yield of about 5%. Kasikorn Securities gives a base price of 385.34 baht, while Asia Plus Securities gives the ICT sector an overweight rating and notes that two related cases remain, case numbers 918/2558 and 741/2559, with a combined value of 1.98 billion baht, now under consideration by the Supreme Administrative Court. If both cases are lost, the impact on EPS would be only 0.67 baht per share, and the dividend yield for 2026 to 2027 is expected at 5.0% to 5.1%, with a 2027 target price of 428 baht.
AIS launches Thailand's first AIS Thai League Store, supporting merchandise from 81 Thai League clubs
AIS has launched the AIS Thai League Store online platform under the project "AIS Thai League Store for Thai Football, Supporting Thai League Merchandise," marking the first time in Thailand that officially licensed merchandise from more than 81 Thai League clubs, covering Thai League 1 through 3 nationwide, has been gathered into a single sales channel. The platform gives clubs space to deliver merchandise and souvenirs directly to fans across the country more conveniently, while creating business opportunities and additional revenue for clubs, especially regional teams with strong fan bases and distinctive identities. AIS is also pushing the platform to become a digital hub connecting clubs and fans, allowing each team to tell the story and pride of its local area through merchandise, and increasing opportunities to generate income that can be reinvested in developing teams, youth, and local communities sustainably. Those interested can buy officially licensed merchandise from Thai League football clubs through the AIS Thai League Store at https://www.ais.th/thaileaguestore
ADVANC.BK · Demand · Positive AIS launches the AIS Thai League Store, a new online platform selling licensed Thai League club merchandise, creating a new product/service offering for fans.
Trinity expects DELTA to regain its 10% cap weighting in this month-end's SET50 rebalance
Trinity Securities assesses that Delta Electronics (Thailand) Public Company Limited, or DELTA, which currently carries a weight of about 7.6% in the SET50 index, has a chance to see its weight rise back to the 10% cap level in this month-end's index rebalance, expected on September 28. This is because the capped-weight process used by international indices generally starts counting anew on the day the index basket is adjusted, with the capped factor reset regardless of the stock's weighting over the past three months. The research team notes that based on DELTA's latest market cap, the stock would still account for nearly 20% of the SET50 index, so its weight would be capped and reset back to 10% once again. If this assessment proves correct, DELTA could once again become a target for index and passive funds to add exposure to in the short term. Whether volatility on the rebalance day is severe will depend on how far DELTA's actual weight in the index on September 28 diverges from the 10% cap. On the other hand, the research team warns investors to watch stocks that currently carry high weights in the index, such as PTT Public Company Limited, or PTT, and Advanced Info Service Public Company Limited, or ADVANC, since the latest pro forma calculations show that in the upcoming rebalance, both stocks could see their weights fall well below their current levels, even though the decline would not be considered very significant.
DELTA.BK · Capital · Positive DELTA's SET50 weight is expected to reset back to the 10% cap at the September 28 rebalance, making it a target for index and passive funds to add exposure.
ADVANC.BK · Capital · Negative ADVANC's SET50 index weight could fall well below its current level in the upcoming rebalance, prompting passive fund outflows.
PTT.BK · Capital · Negative PTT's SET50 index weight could fall well below its current level in the upcoming rebalance, prompting passive fund outflows.
DBS Vickers Securities Thailand expects SET to test a hold above 1,600 points on electronics buying
DBS Vickers Securities Thailand estimates that the SET index today has a chance to hold above the 1,600-point level, driven by buying in electronics stocks, while falling oil prices may pressure energy stocks into selling. It sees support at 1,584-1,592 points and resistance at 1,604-1,610 points. It also noted that investors are still watching the Trump-Xi meeting. In the U.S. market, stocks rose sharply led by AI names such as Meta, and WTI crude fell below 100 U.S. dollars, pushing bond yields to close below 5%, which is expected to support buying in beneficiary groups such as data centers and power plants. It continues to favor GPSC, BGRIM and ADVANC. Banks remain resilient given lingering uncertainty, so it still favors KTB, KBANK and KKP. Over the medium to long term, it still likes tourism stocks such as AOT, CENTEL and ERW. For today's top pick, it recommends CPALL, estimating 2026E profit at 33 billion baht, up 18% year on year, supported by 700 new branch openings and product mix, with a target price of 63.00 baht. Its technical picks are BGRIM and STECON.
Dao flags US bond yield below 5% as catalyst for nine top picks: GPSC, BGRIM, ADVANC, KTB, KBANK, KKP, AOT, CENTEL, ERW
Dao Securities expects the Thai stock market on September 22, 2026, to see the SET Index attempt to hold above 1,600 points, helped by buying in electronics stocks, while falling oil prices could pressure energy shares with selling. The investment mood has improved again, and investors are watching the meeting between Trump and Xi. In the US market, stocks rose sharply, especially AI-related names led by META, and with WTI oil falling below 100 dollars per barrel, the US bond yield closed below 5%, supporting the investment climate. Fitch Ratings announced on September 18 that it had revised Thailand's credit outlook from Negative to Stable while affirming the rating at BBB+, a supportive factor for the market. The SET opened the morning up more than 9 to 13 points, testing 1,600 points, with buying concentrated mainly in banking and financial stocks. Dao Securities' main strategy states that a US bond yield closing below 5% will draw buying into stocks that benefit from lower bond yields under the Mega Play theme, such as data centers and power plants, and it still likes GPSC, BGRIM and ADVANC. Banking stocks should be resilient amid lingering uncertainty, and it still likes KTB, KBANK and KKP. For the medium to long term, it still likes tourism stocks, namely AOT, CENTEL and ERW.
DELTA in focus for added weight in SET50 after 24% price slump
DELTA shares could draw buying from index funds or passive funds during the upcoming SET50 index rebalancing around September 28, after the stock fell 24% since the start of the quarter. As a result, DELTA's weight under the floating-weight index data as of September 21 dropped to 7.28%, from a direct market-cap weight as high as 19.88%. The Stock Exchange of Thailand applies a capped-weight threshold of 10% to reduce concentration risk. Analysts at Asia Plus Securities said passive funds tracking the SET50 index may need to buy more DELTA shares to lift its weight from 7.28% back toward the 10% ceiling, equivalent to increasing their investment position by about 37%, which typically causes unusually heavy trading volume in the closing auction or ATC session on the rebalancing day. Meanwhile, analysts at Trinity Securities estimate DELTA's weight in the SET50 index at about 7.6% based on yesterday's closing price, and that the capped-weight process effectively starts counting anew on the index basket adjustment day, resetting the capped factor without regard to the old weights of the past three months, so a stock with a share of nearly 20% will be capped and reset back to 10% again. However, caution is warranted for stocks currently carrying high weights in the index, such as PTT and ADVANC, because the latest proforma calculation found that the new rebalancing round could well push both of their weights below their current proportions, even though the scale of the decline is not considered very significant.
DELTA.BK · Capital · Positive After a 24% slump, DELTA's capped SET50 weight of 7.28% should be reset toward the 10% ceiling, forcing index funds to buy about 37% more shares.
ADVANC.BK · Capital · Negative Proforma calculation shows ADVANC's SET50 weight could fall below its current proportion in the rebalancing, prompting passive selling.
PTT.BK · Capital · Negative PTT's SET50 weight could be pushed below its current proportion in the new rebalancing round, implying passive outflows.
Fed raises rates by 0.25% to 3.75–4.00%; brokers say it pressures growth stocks, favor banks, insurance, energy
The US Federal Reserve voted unanimously 12–0 to raise interest rates by 0.25% to a range of 3.75–4.00%, its first hike since 2023, and signaled it may raise once more this year. Its latest projections put the year-end 2026 rate at about 4.1%, with 2027 likely holding steady before a possible cut in 2028. Several brokers assess the meeting as negative for the Thai stock market in the short term, because US Treasury yields and the dollar are likely to strengthen, which could pressure foreign capital flows and share prices, especially growth stocks and those with high P/E ratios, amid inflation still above the 2% target and oil prices holding above 100 dollars a barrel, forcing the market to cope with a prolonged period of high interest rates. Tisco Securities estimates the SET will move in a range of 1,570–1,660 points, with support at 1,570–1,580 points and resistance at 1,630 and 1,660 points, and highlights the energy and commodities group such as PTTEP, PTT, SPRC, TOP, IVL, PTTGC, CPF, TFG, GFPT, TVO, SCGP and SCCC; the banking and insurance group such as KBANK, KTB, TTB, BLA and TLI; and the AI, infrastructure and power group such as HANA, AMATA, WHA, GULF, EGCO, ADVANC, TRUE and STECON. Meanwhile, Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, especially BDMS and BCH, and warns that expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained rate hikes than the market expects.
BCH.BK · Monetary · Positive Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, explicitly naming BCH.
BDMS.BK · Monetary · Positive Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, explicitly naming BDMS.
DELTA.BK · Monetary · Negative Krungsri warns expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained hikes.
HANA.BK · Monetary · Neutral Listed in Tisco's AI/infrastructure/power group favored under the Fed's rate hike, but no company-specific development.
IVL.BK · Monetary · Positive Named in Tisco's favored energy and commodities group as the Fed's hike and high oil prices support the sector.
KBANK.BK · Monetary · Positive Named in Tisco's favored banking and insurance group as higher rates benefit banks.
AIS launches Turn Sabai campaign: pay 0 baht and get an iPhone 18 Pro on 18 September 2026
AIS will open first-day sales of the iPhone 18 Pro and iPhone 18 Pro Max on 18 September 2026, alongside the launch of its Turn Sabai campaign, which lets customers pay 0 baht by combining the value of their old device without any condition-based appraisal, added value from AIS, package discounts, and other benefits into a single package of savings. For AIS monthly customers with at least one year of usage who open a new number or port in with a 5G VIP Ultra package priced at 1,699 to 2,999 baht per month on a 24-month contract, they will receive Serenade Gold or Platinum status and a free choice of an auspicious number from 0000 to 9999, plus AIS PLAY Premium Plus and Reel Short free for 24 months. Under other promotions, customers can receive a discount of up to 25,000 baht on the handset when buying a device with a new package starting at 699 baht, or up to 17,300 baht when buying a handset outright without a contract. Trading in a specified older model adds a further discount of up to 5,300 baht, and AIS Serenade customers can use AIS Points to redeem an additional discount of up to 12,000 baht, while general customers can redeem up to 5,000 baht. AIS stated that it is the first and only operator in Southeast Asia to activate carrier aggregation of more than one 5G SA band simultaneously on both the downlink and uplink, through Downlink 3CC and Uplink 2CC, with support for VoNR. In addition, customers with a CLICX account can receive a walk-in queue voucher to buy the iPhone 18 Pro, iPhone 18 Pro Max, and iPhone 17 Pro Max, covering 2,000 units, from 17 to 24 September 2026.
Supreme Administrative Court dismisses DPC in 1.2-billion-baht case; ADVANC still faces two more
The Supreme Administrative Court ruled on 17 September 2026 to dismiss the case against Digital Phone Company Limited, or DPC, a subsidiary of ADVANC, in case number 1651/2558, valued at 1.2 billion baht. It is one of three cases filed since 2015 by National Telecom Public Company Limited, or NT, against both the National Broadcasting and Telecommunications Commission, or NBTC, and DPC. The three cases have a combined value of 3.2 billion baht and concern claims for compensation for the use of telecommunications equipment and networks during the 1800MHz spectrum remedy period between 16 September 2014 and 25 November 2015, after NT's concession ended. As a result of the ruling, DPC does not have to pay the 1,223 million baht demanded by NT, and the case is now final. However, two related cases remain, case numbers 918/2558 and 741/2559, with a combined value of 1.98 billion baht, which are still under consideration by the Supreme Administrative Court. In a worst-case scenario, losing both cases would affect earnings per share by only 0.67 baht per share. Asia Plus Securities maintains a Buy recommendation on ADVANC shares with a 2027 target price of 428 baht, expecting normal profit to grow by an average of 11% per year during 2026 to 2027, and anticipates dividend payouts at attractive rates of around 0% to 5.1% for 2026 to 2027 respectively. ADVANC shares have risen 12% since the start of the year, while TRUE has risen 17% since the start of the year.
ADVANC.BK · Regulation · Positive Supreme Administrative Court dismissed the 1.2-billion-baht NT case against its subsidiary DPC, removing that liability, though two cases worth 1.98 billion baht remain.
National Telecom Public Company Limited · Regulation · Negative NT lost its 1.2-billion-baht compensation claim against ADVANC's DPC, though its two remaining cases worth 1.98 billion baht are still under consideration.
TTB Wealth Flags 5 Stocks Set to Benefit from the Thai Chuay Thai Plus Scheme Extension
TTB Wealth, the securities arm of TTB Bank, said the Ministry of Finance has confirmed a two-month extension of the Thai Chuay Thai Plus scheme, covering October through November, to help ease the cost of living amid persistently high energy prices. The extension will use the remaining budget, and the subsidy conditions remain unchanged at the 60/40 split. The proposal is set to go before the Cabinet meeting on September 22. TTB Wealth views this positively for the food retail sector, namely CRC, which operates the GO Wholesale cash-and-carry business, and CPN, which benefits from higher shopper traffic at its malls, as well as CBG. It also sees gains for the telecommunications sector from higher top-up revenue, namely ADVANC and TRUE.
Asia Plus keeps overweight on ICT sector, sees strong fundamentals for ADVANC and TRUE
Asia Plus Securities research maintains an overweight investment weighting for the ICT sector, believing ICT stocks will be less affected by the economy, inflation and interest rates than other sectors, because normal profits of mobile and internet service providers ADVANC and TRUE, the main drivers of the sector's earnings, are expected to keep growing in the second half of this year both HoH and YoY, and to continue growing into 2027. In the short term, however, ADVANC and TRUE share prices will be pressured by US interest rate issues, with investors watching whether the Fed is likely to raise rates further. Yesterday, ADVANC and TRUE shares closed down 2% to 3% on concerns the Fed will raise rates, which pushed bond yields higher and pressured risk assets such as stocks offering similar dividend yields. In addition, ADVANC has launched a low-priced package for the AI Passport project at 29 baht per month, usable from 15 September 2026 to August 2027. TRUE has not yet launched this package but is expected to do so next month to support government policy. The research team views the bond yield issue as a short- to medium-term negative for ADVANC and TRUE, which are expected to offer dividend yields of about 4.6% to 5.2% for 2026 to 2027, with their appeal diminishing if the Fed raises rates. As for the low-priced package, it believes this will not significantly affect ADVANC's and TRUE's operating results, since the AI Passport project has a combined user base of only just over 1.0 million, small compared with ADVANC's total customer base of nearly 47 million and TRUE's 50 million.
ADVANC.BK · Monetary · Neutral ADVANC shares pressured by US rate/bond-yield concerns, though fundamentals seen growing; low-priced AI Passport package seen as immaterial.
TRUE.BK · Monetary · Neutral TRUE shares pressured by US rate/bond-yield concerns, though fundamentals seen growing; expected to launch low-priced AI Passport package next month.
Singtel Partners With Gulf Development on Thailand-Singapore Subsea Cable
Singapore Telecommunications has agreed a partnership with Gulf Development to build a new submarine cable link between Thailand and Singapore. The partners plan to invest in the Vietnam Thailand Singapore Cable System, expanding regional data routes across Southeast Asia, with the collaboration including scope for additional subsea projects that could support future traffic demand between key regional hubs. The VTS Cable System is targeted to be operational by 2030, and the agreement also involves AIS, giving Singtel a local partner in Thailand and Vietnam for permitting, construction and customer access. Singapore Telecommunications, a telecom group with a market value of about SGD72.6b, operates connectivity networks across Singapore, Australia, and other markets, and the new subsea route fits its role as a regional data carrier rather than a purely domestic operator. Investors will be watching build timelines, capex phasing, and once live, booked capacity from cloud providers and regional carriers, along with any disclosure on return profiles for digital infrastructure.
GULF.BK · Capital · Positive Gulf Development is partnering with Singtel to invest in the Vietnam Thailand Singapore Cable System, expanding its digital infrastructure portfolio.
ADVANC.BK · Demand · Positive AIS is a partner in the VTS Cable System, giving it local access and customer reach for the new Thailand-Singapore subsea route.
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