Diversified Telecommunication Services

Verizon shares fell 6% in pre-market trading after SpaceX agreed to acquire private equity firm Grain Management's nationwide 800 MHz spectrum portfolio, stoking investor concerns over emerging satellite-to-cellular competition. Grain Management said in a press release that the deal covers 100% of its nationwide 800 MHz holdings, supplying up to 14 MHz of paired low-band airwaves pending Federal Communications Commission clearance. SpaceX Chief Executive Elon Musk called the agreement a very big deal that secures the spectrum required to achieve complete phone coverage across the United States without requiring specialized handsets. TD Cowen analyst John Blackledge characterized the transaction as a warning to legacy carriers that intensifies pressure to negotiate roaming partnerships, while William Blair analysts noted that established operators remain vocal skeptics of whether orbital networks can match terrestrial quality. Verizon trades on stable postpaid subscriber additions, average revenue per account growth, and the cash generation needed to service substantial debt and protect its dividend yield, and even though 14 MHz of low-band spectrum lacks the throughput to replace urban cell grids, the prospect of a nationwide direct-to-device alternative limits the multiple investors will pay for legacy cellular franchises.

AT&T shares fell 6.8% in pre-market trading after SpaceX struck a definitive agreement to acquire Grain Management's nationwide 800 MHz spectrum portfolio for an estimated $8 billion. Grain Management said the transaction covers 100% of its nationwide 800 MHz licenses, delivering up to 14 MHz of paired low-band spectrum, subject to Federal Communications Commission approval. SpaceX Chief Executive Elon Musk called the airwaves the last critical piece of the spectrum puzzle required to offer complete mobile coverage in America, noting existing smartphones already support the 800 MHz band. Morgan Stanley analysts said the deal signals SpaceX will become an aggressive spectrum acquirer, though any threat to incumbent carriers will likely materialize gradually in rural markets rather than urban centers, while Bernstein analyst Madison Rezaei noted that building a nationwide terrestrial footprint would still cost between $50 billion and $130 billion across tens of thousands of cell sites. AT&T, which relies on long-term postpaid phone contracts and bundled fiber offerings to fund heavy capital expenditures and sustain its balance-sheet deleveraging, faces a potential erosion of rural coverage premiums and a cap on future subscriber pricing power from an alternative direct-to-device network.

AT&T secured court approval for a US$177 million settlement over a major customer data breach affecting millions of users, with a federal judge signing off on the agreement in early October 2026 and resolving multiple consolidated class action lawsuits. Separately, AT&T, Verizon and T-Mobile agreed to pool spectrum and share satellite access in a new US connectivity joint venture targeting coverage gaps. The US$177 million breach settlement and the multi-carrier satellite venture are reshaping AT&T's risk profile and network ambitions. The payment is sizeable yet small next to the US$167.7b telecom group, which is already spending heavily on fiber and 5G, and the bigger issue for investors is execution on the US$6b targeted copper cost reductions and the large network build. The satellite venture is aimed at filling dead zones that fiber and towers do not reach, while the GIP and CPP Investments fiber venture pushes deeper high speed access in 16 states. The clearest test ahead is whether AT&T closes the fiber JV in the first half of 2027 as planned and starts reporting its share of JV earnings without consolidating the results, alongside progress toward the more than 60 million fiber locations target by 2030.

AT&T will add the new iPhone Duo, including the iPhone 18 Pro and iPhone 18 Pro Max, to its lineup, with pre-orders opening Friday, Oct. 16, and general availability on Friday, Oct. 23. New and existing customers can get up to $1200 off with an eligible trade-in, and customers who switch to AT&T can get up to $800 to pay off their current device. The iPhone Duo is the first foldable iPhone, featuring a 7.6-inch inner display that closes to a 5.4-inch outer display, and it is powered by the A20 Pro chip. AT&T said the devices run on its intelligent, reliable network backed by the AT&T Guarantee, and customers can upgrade every year through AT&T Next Up Anytime or mix and match plans per line with Unlimited Your Way. Jenifer Robertson, executive vice president and general manager of AT&T Consumer, said the company is committed to delivering the best customer experience and making it simple for people to connect to what matters most.

IDT Corporation reported full-year results for the period ended July 31, 2026, with sales of US$1.30 billion and net income of US$86.63 million. Alongside the earnings, the company filed a new US$5.22 million shelf registration covering 75,000 Class B shares tied to an ESOP offering. The combination of higher annual earnings per share from continuing operations and the ESOP-related share registration highlights IDT's focus on both profitability and employee ownership incentives. The ESOP registration modestly expands the share base alongside ongoing dividends and buybacks, and appears incremental rather than a material change to near-term catalysts. Investors are still weighing the company's BOSS Money working capital demands against its steady communications and payments cash flows.

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.

Bualuang Securities has upgraded the telecommunications sector from market weight to overweight, viewing the group's earnings as 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, at 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 adjustments since March are still gradually feeding through positively into the third quarter of 2026. On costs, structural changes are clear: 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 spectrum lease obligations with NT and the realization of roughly 7.1 billion baht per year in network merger benefits. ADVANC, meanwhile, benefits from the consolidation of TTTBB and lower network costs, leaving both companies' margins likely to hold at high levels through 2027. Another tailwind is lower debt burdens and financing costs. TRUE expects its net debt to EBITDA ratio to fall to 3.0 times by the end of 2027, ahead of its earlier 2028 target, while interest costs decline and it begins paying quarterly dividends. ADVANC's average borrowing cost is just 2.6%, and its net debt to EBITDA is expected to fall below 1 time by the end of 2026. For the third quarter of 2026, combined core profit for the sector's stocks is expected at 20.0 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 group. 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 report core profit of 13.0 billion baht, up 8% year on year but down 5% quarter on quarter on seasonal expenses and its share of losses at CLICX Bank. GST is still expected to post a core loss of about 20 million baht, with a clear recovery likely to be a story for 2027. TRUE is the sector's top pick, given earnings that continue to hit new highs, a cheaper valuation than ADVANC, and a lower debt burden that opens the way for higher dividends. Bualuang upgraded TRUE from trading buy to buy with an unchanged target price of 15.10 baht, while keeping ADVANC at buy with a target price of 398 baht, and maintaining an avoid rating on GST, formerly THCOM.

Verizon Communications, AT&T and T-Mobile have formed a new joint venture aimed at widening U.S. wireless coverage in underserved regions. The partnership targets the near elimination of domestic coverage gaps, focusing on rural communities and remote travel corridors, and also plans to strengthen emergency connectivity and support satellite and direct-to-device links for critical services. Verizon Communications, a telecom group valued at about $190.5b, already sells connectivity, technology and information services to consumers, enterprises and governments, so the venture fits directly into its core role supplying critical communications infrastructure worldwide. The move extends Verizon's existing 5G and satellite work into rural areas and transport routes, which can support fixed wireless access, private networks and backup links for business customers. Investors will be watching how the joint venture shows up in Verizon's disclosed 5G and satellite rollout milestones across rural and remote regions, including any quantified coverage targets or customer adoption metrics tied to the May spectrum pooling plan, as well as progress tied to the planned Fourth Quarter 2026 timing for SKYBOXE's Verizon Business powered offerings.

AT&T Inc. has agreed to form a new U.S. fiber joint venture with Global Infrastructure Partners and the Canada Pension Plan Investment Board. The venture will include AT&T's subsidiary Forged Fiber 37, which holds the fiber build engine, network assets and operations acquired from Lumen Technologies, along with Gigapower, AT&T's existing wholesale fiber joint venture with GIP. AT&T will own 50% of the joint venture, with GIP and CPP Investments collectively owning the remaining 50%, and the company plans to use the transaction proceeds to reduce debt, invest in its business and return capital to shareholders. The deal is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions, and supports AT&T's goal of reaching more than 60 million fiber locations by the end of 2030. The joint venture will operate as a wholesale commercial open-access fiber company supporting AT&T's network growth across major metropolitan areas in 16 states through a capital-light model.

Samart Telcoms Public Company Limited, or SAMTEL, disclosed that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter dated October 6, 2026 from National Telecom Public Company Limited, or NT, to proceed with a contract to expand the capacity of the Backhaul network between Data Centers and submarine cable stations in order to support one international data communication circuit, as previously quoted. The project has a total value of 363.09 million baht including value-added tax, of which ICN holds a 45.41% share of the project, worth 164.87 million baht including value-added tax, while the SAMTEL subsidiary holds 54.59%. In addition, Secure Info Company Limited, or SCI, a subsidiary indirectly held 99.99% by SAMTEL through Samart Comtech Company Limited, signed a purchase agreement for equipment and devices for the project to establish a Cyber Operations Center and a backup data center, the Digital Resilience Center, at the SMART PARK Industrial Estate office, with the Industrial Estate Authority of Thailand on September 29, 2026. The total project value is 146.20 million baht including value-added tax, with delivery scheduled for completion by April 27, 2027, and payment terms divided into five installments based on work progress.

Bell today announced the launch of the ahlo 2, the next generation of its exclusive smartphone brand, offering Canadians upgraded features at exceptional value. The device features a large 6.9-inch eye-comfort display, an advanced 50 MP camera system and Android 16, along with a powerful 5,200 mAh battery that provides up to a day and a half of typical use, up to seven days in e-reader mode, and fast charging that gets users from 0% to 50% power in approximately 38 minutes. Available exclusively through Bell, Virgin Plus and participating retailers, ahlo 2 launches with a retail price of $335, with financing available from $10 per month through SmartPay. Bell also offers a custom-designed protective case and 30W fast charger bundle for just $39.99. Steve Karan, Vice President, Wireless Product & Logistics at Bell, said ahlo 2 delivers features typically associated with higher-priced smartphones at a price point accessible to more Canadians.

Samart Telcoms Public Company Limited, or SAMTEL, disclosed that Secure Info Company Limited, or SCI, a subsidiary in which the company holds a 99.99% indirect stake through Samart Comtech Company Limited, signed a purchase and sale contract for the procurement of machinery and equipment for the project to establish a cyber operations center and a data backup center, or Digital Resilience Center, at the SMART PARK Industrial Estate office with the Industrial Estate Authority of Thailand on September 29, 2026. The total project value is 146.20 million baht, including value-added tax, with delivery scheduled for completion by April 27, 2027. Payment terms are divided into five installments based on completed work progress.

True Corporation has launched an upgraded version of its eSIM GO Travel MyPlan roaming package, letting travelers on any network use it without swapping out their primary SIM. It adds two options: GO UNLIMITED for those who want continuous data, and GO FLEXY for those who want to choose the number of days and data volume to suit each trip, starting at an average of just 11 baht per day. Ms. Putthipha Chiantachakul, Head of International Business at True Corporation, said the Customized Travel Connectivity concept lets customers choose the country, number of days, and data package themselves. Both packages cover destinations on every continent worldwide through a network of more than 700 partners, support 5G, and include a free 2GB of internet for use in Thailand. There are also privileges from leading partners, such as free travel insurance from FWD Life Insurance and Allianz Ayudhya, Red Carpet service from AirAsia, a 40% discount on round-trip airport transfer service from Grab, and discount coupons from leading overseas stores. True has also appointed Jean-Ruechathorn Kittipornpanich as a Brand Ambassador under the concept GO your way, stand out just right. Customers on any network can buy, register, and install the eSIM themselves via QR Code around the clock, with the day count starting when they first connect to a network while abroad.

Samart Telcoms Public Company Limited, or SAMTEL, announced that Secure Info Company Limited, or SCI, an indirectly held subsidiary through Samart Comtech Company Limited with a 99.99% stake, signed a purchase agreement for equipment and devices for the project to establish a cyber operations center and data backup center, known as the Digital Resilience Center, or DRC, at the SMART PARK Industrial Estate office of the Industrial Estate Authority of Thailand, or IEAT, on September 29, 2026. The total project value is 146.20 million baht, including value-added tax. Delivery is scheduled for completion by April 27, 2027, with payment terms divided into five installments based on completed work progress.

Samart Telcoms Public Company Limited, or SAMTEL, announced that Secure Info Company Limited, or SCI, a subsidiary held indirectly through Samart Comtech Company Limited at 99.99%, has signed a purchase agreement for machinery and equipment for the project to establish a cyber operations centre and data backup centre, known as the Digital Resilience Center or DRC, at the SMART PARK Industrial Estate office of the Industrial Estate Authority of Thailand, or IEAT, on 29 September 2026. The project has a total value of 146.20 million baht including value-added tax, with delivery scheduled for completion by 27 April 2027. Payment terms are divided into five instalments based on completed work progress. IEAT procurement data indicates that the project covers the purchase of machinery and equipment for establishing the cyber operations centre and data backup centre, DRC, at the Smart Park Industrial Estate office, with the contract drawn up on 29 September 2026.

Samart Telcoms Public Company Limited, or SAMTEL, informed the Stock Exchange of Thailand that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter from National Telecom Public Company Limited, or NT, dated 6 October 2026, notifying the signing of a contract to expand the capacity of the Backhaul network between the Data Center and the submarine cable station to support one system of international data communication circuits. The SI Consortium won the project as per its submitted bid, with a total project value of 363.09 million baht, and NT has asked the SI Consortium to submit relevant supporting documents for the preparation and signing of the contract. The revenue split between Samart Communication Service Company Limited and Information and Communication Networks Public Company Limited stands at 54.59% to 45.41% respectively.

The SI CONSORTIUM joint venture, comprising Information and Communication Networks Public Company Limited, or ICN, and Samart Communication Service Company Limited, has received a letter from National Telecom Public Company Limited, or NT, to proceed with the preparation and signing of a contract for a project to expand the capacity of the Backhaul network between Data Centers and submarine cable stations to support one system of international data communication circuits. The project has a total value of 363.09 million baht, including value-added tax. As for the revenue split, Samart Communication Service Company Limited, a subsidiary of Samart Telcoms Public Company Limited, or SAMTEL, which holds a 99.99% stake, will receive 54.59% of the project revenue, while ICN will receive 45.41%, equivalent to approximately 164.87 million baht, including value-added tax. SI CONSORTIUM will use the relevant supporting documents to prepare and sign the contract with NT.

The SI Consortium, a joint venture between a subsidiary of Samart Telcoms Public Company Limited, or SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, has received a letter from National Telecom Public Company Limited, or NT, dated 6 October 2026, notifying it to sign a contract for the expansion of backhaul network capacity between data centers and submarine cable stations. This project is being carried out to support one system of international data communication circuits, with a total project value of 363.09 million baht, including value-added tax. Revenue will be split between the SAMTEL subsidiary and ICN at a ratio of 54.59 percent to 45.41 percent, respectively. As a result, the SAMTEL subsidiary will recognize revenue of approximately 198.21 million baht, while ICN will recognize revenue of approximately 164.88 million baht. NT has asked the SI Consortium to submit the relevant supporting documents for the preparation and signing of the contract.

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%.

The joint venture SI, or SI CONSORTIUM, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMART, and Information and Communication Networks Public Company Limited, or ICN, has received a letter from National Telecom Public Company Limited, or NT, dated 6 October 2026, instructing it to proceed with the drafting of a contract to expand the capacity of the Backhaul network between Data Centers and submarine cable stations in order to support one system of international data communication circuits, as quoted by SI CONSORTIUM. The project has a total value of 363.09 million baht, including value-added tax. NT has asked SI CONSORTIUM to submit the relevant supporting documents for the preparation and signing of the contract. The revenue split between SAMART's subsidiary and Information and Communication Networks Public Company Limited stands at 54.59% to 45.41% respectively.

Samart Telcoms, or SAMTEL, announced that the SI Consortium joint venture has received a letter from National Telecom awarding it a contract to expand backhaul network capacity between data centers and submarine cable stations to support international data communication circuits, for one system, as proposed by SI Consortium, with a project value of 363.09 million baht including value-added tax. National Telecom has asked SI Consortium to submit the relevant supporting documents for the preparation and signing of the contract. SI Consortium comprises Samart Communication Services, a subsidiary 99.99 percent held by SAMTEL, and Information and Communication Networks. The revenue split between the subsidiary and Information and Communication Networks stands at 54.59 percent to 45.41 percent respectively.

AT&T Inc. affiliates, affiliates of Global Infrastructure Partners, a part of BlackRock, and Canada Pension Plan Investment Board have agreed to form a new U.S. fiber joint venture that will operate as a leading wholesale fiber commercial open access company. The joint venture will combine Forged Fiber 37, the newly created subsidiary holding the fiber build engine, network assets and operations AT&T recently acquired from Lumen, with Gigapower, AT&T's existing wholesale fiber joint venture with GIP. Under the agreement, AT&T will hold 50% ownership of the joint venture, with GIP and CPP Investments collectively owning 50%, and AT&T expects to receive proceeds at closing that it intends to use consistent with its capital allocation priorities, including helping achieve its net-debt-to-adjusted EBITDA ratio target in the 2.5x range within approximately three years. The transaction is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, and supports AT&T's plans to reach more than 60 million fiber locations by the end of 2030. Until close, AT&T expects to continue to report Forged Fiber 37 as held-for-sale and discontinued operations, and after close it does not expect to consolidate the joint venture's financial results but plans to report its share of equity income or loss in earnings.

Lleida.net said its SMS traffic delivered to Spanish operators has risen 40% since January, driven by mandatory sender registration. The growth accelerated with the first steps of the regulation and soared after it took full effect on 15 September, with Spain the main destination for the company's SMS traffic. Lleida.net estimates its market share at between 20% and 25% of quality SMS traffic in Spain, the transactional, non-advertising traffic such as two-step verification codes and notifications, a share it was able to calculate thanks to sender registration. Under Order TDF/149/2025 and CNMC Circular 1/2026, operators must since 15 September block SMS, MMS and RCS messages whose sender is a trade name or alias not entered in the CNMC's Alias Register, or that arrive through a provider not authorised in that register, a measure aimed at curbing smishing. CEO and founder Sisco Sapena said requiring every sender to be identified restores trust in the channel and rewards companies that operate legitimately. Lleida.net, a telecommunications operator with its own CNMC-assigned numbering that it can assign to clients, said the register has also boosted activity among its clients, who increased their traffic with the company after registering their senders.

Verizon Communications has entered into a joint venture with AT&T Inc. and T-Mobile US, Inc. to expand wireless coverage and reduce mobile dead zones across the United States using satellite connectivity. The venture will complement Verizon's existing network with direct-to-device services, letting compatible devices connect to satellite networks and providing backup connectivity during natural disasters or other network disruptions. The partnership is expected to reduce coverage gaps, improve reliability and provide more satellite service options, while helping Verizon adopt common technical standards that improve compatibility among devices, operating systems and satellite networks. Existing carrier-satellite agreements will remain in place, allowing Verizon to continue its independent connectivity initiatives alongside the new venture. Verizon shares have gained 10.8% over the past year compared with the industry's growth of 119.6%, and the stock trades at a forward price-to-earnings ratio of 8.77 versus the industry average of 37.6. Earnings estimates for 2026 have remained static at $5.03 per share, while estimates for 2027 have increased 0.2% to $5.30 over the past 60 days.

TELUS and AST SpaceMobile have successfully completed their first integration test between TELUS' wireless network and AST SpaceMobile's space-based network, a milestone toward delivering broadband data, voice calls and text messages directly between smartphones and satellites. The service is expected to be available to TELUS customers within the next year, letting eligible smartphones connect beyond the reach of traditional cell towers. AST SpaceMobile's constellation features the largest communication arrays ever deployed in Low Earth Orbit. Nazim Benhadid, Executive Vice-President and Chief Technology Officer at TELUS, called the milestone a major step forward in extending cellular coverage to places where service isn't available today, while AST SpaceMobile Chief Commercial Officer Chris Ivory said the test reflects the strength and maturity of the company's technology. The partnership builds on TELUS' ongoing investments in its wireless network, including faster 5G+ and LTE speeds and expanded coverage across Canada.

PROEN Corp, or PROEN, has received an investment promotion card from the Board of Investment, or BOI, for its Cloud Service business, granting an exemption from corporate income tax on net profits from the promoted business for up to 8 years, with the total exempted tax amount not exceeding 100% of the investment, excluding land costs and working capital, along with import duty benefits on machinery under specified conditions. Chief Executive Officer Kittiphun Sribua-iam disclosed that this BOI privilege extends the company's digital infrastructure business and opens the opportunity to generate increased revenue from Cloud services in the future. The promotion card requires the project to have an investment of no less than 282.86 million baht, excluding land costs and working capital, and to commence operations within 36 months from the date the promotion card is issued. The project scope covers Cloud Service offerings including Infrastructure as a Service, or IaaS, and Platform as a Service, or PaaS, along with conditions regarding the Data Center, connectivity systems, and standards for security and service provision. The company also plans to organize training to develop knowledge and skills in using Cloud Service continuously every quarter for a period of 3 years from the date the promotion card is received. The Cloud business is expected to help create a new revenue base and support the recovery of operating results in the period ahead.

True Corporation has released True Data Insight findings from an analysis of usage on the TRUE 5G and True Online networks during the severe flooding in the final week of September 2026, showing that voice calls made a clear comeback, rising 600% overall compared with normal conditions. By area, Ramkhamhaeng housing saw voice traffic rise 222% and Klong Chan housing 169%. During the peak usage window between 09:00 and 10:00 on 26 September, voice traffic in Ramkhamhaeng housing soared 632%, while Klong Chan housing rose 311% compared with the same period the previous week. On mobile data, uploads grew faster than downloads: Ramkhamhaeng housing saw uploads rise 61% against downloads of 4%, and Klong Chan housing saw uploads rise 44% against downloads of 6%. Among communication apps, LINE saw the largest traffic increase at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. For home internet from True Online, the eastern region saw average usage rise 8%, the highest of any region overall, with Trat province up 21%, while Bangkok and its vicinity rose an average of 5% and the central and western regions rose an average of 3%, with Ratchaburi up the most at 6%. True said it will use these insights to help plan and manage its network so it can more effectively meet the public's communication needs in emergency situations.

True Corporation has released True Data Insight findings from usage on the TRUE 5G and True Online networks during the severe flooding in the final week of September 2026, showing a clear shift in the communication behaviour of Thais, with voice calls coming back into heavy use the moment a crisis hit. Data from 26 September 2026 compared with the previous week showed voice traffic rising in Bangkok and its surrounding provinces, with Pathum Thani up 60%, Bangkok up 58%, Samut Prakan up 58%, Nonthaburi up 51% and Chonburi up 29%. In the flood-hit areas, voice traffic at Keha Rom Klao rose 222% and at Keha Khlong Chan rose 169%. During the peak usage period between 09:00 and 10:00 on 26 September, voice traffic at Keha Rom Klao surged 632%, while Keha Khlong Chan rose 311% compared with the same period the previous week. On mobile data, uploads rose clearly faster than downloads: averaged over 25-26 September 2026, Keha Rom Klao saw uploads up 61% against a download increase of 4%, while Keha Khlong Chan saw uploads up 44% against a download increase of 6%. For mobile app traffic, LINE posted the largest gain at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. On home internet from True Online in the main affected areas, the eastern region recorded an average usage increase of 8%, the highest of any region overall, with Trat province up as much as 21%, while Bangkok and its surrounding provinces rose an average of 5% and the central and western regions rose an average of 3%, with Ratchaburi posting the largest gain at 6%. True said it will use this dataset on communication behaviour during emergencies to help plan and manage its network in line with the public's communication needs in unforeseen situations going forward.

True Corporation Public Company Limited, or TRUE, has released the findings of its True Data Insight analysis of usage data on the TRUE 5G and True Online networks during the heavy rain and flooding in the final week of September 2026, showing a clear shift in users' communication behaviour, with voice calls rising significantly again in affected areas. Voice Traffic data for 26 September 2026 compared with the previous week showed Pathum Thani up 60%, Bangkok and Samut Prakan both up 58%, Nonthaburi up 51% and Chonburi up 29%. Looking specifically at the hardest-hit areas, the Rom Klao housing estate saw Voice Traffic rise 222% and the Khlong Chan housing estate 169%. During the 09:00-10:00 hour on 26 September, Voice Traffic usage at the Rom Klao housing estate surged as much as 632%, while the Khlong Chan housing estate rose 311% compared with the same period the previous week. On Mobile Data usage over the TRUE 5G network, Upload Traffic rose at a clearly higher rate than Download: on average for 25-26 September, the Rom Klao housing estate saw Upload rise 61% against a Download increase of 4%, and the Khlong Chan housing estate saw Upload rise 44% against a Download increase of 6%. Among mobile applications, LINE saw the highest traffic increase at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. For True Online home internet, usage rose clearly in areas affected by the flooding, with the eastern region up an average of 8%, the highest of any region overall, and Trat province up as much as 21%, while Bangkok and its vicinity rose an average of 5% and the central and western regions rose an average of 3%, with Ratchaburi up the most at 6%, compared with regions not primarily affected, which grew at a lower rate. TRUE will use the True Data Insight data to help plan and manage its network to accommodate changing usage patterns in emergency situations going forward.

Deutsche Telekom said it expects to save billions of dollars by 2030 and generate additional revenue as it rolls out artificial intelligence across the entire company. The partially state-owned German telecommunications giant expects AI and automation to generate gross savings of about €1.1B, or $1.2B, outside the U.S. for 2027 compared to 2023, with around €2.5B, roughly $2.8B, in indirect cost savings by 2030. Deutsche Telekom, which owns a majority stake in T-Mobile US, expects AI-related savings of €100M to €150M between 2023 and 2027, and says additional savings in 2027 will be partially reinvested in expanding Germany's fiber-optic network. On the revenue side, the company expects to generate around €250M in AI-related revenue from businesses outside the U.S. by 2026, aiming to increase that to about €800M by 2030. CEO Tim Höttges said AI is fundamentally transforming Deutsche Telekom, making its networks better and smarter, its service more personalized, and opening up new business models from AI assistants during phone calls to a sovereign infrastructure for European industry. The company's AI chatbot Frag Magenta handled about 2.6M customer service calls in H1 2026, and U.S. customer service calls have dropped 55%, with AI agents now handling 40% of customer contacts. Deutsche Telekom is also developing a platform for small and medium-sized businesses to help them automate recurring tasks.

PROEN Corp Public Company Limited, or PROEN, has received an investment promotion certificate from the Board of Investment (BOI) for its Cloud Service business for up to 8 years, as disclosed by Chief Executive Officer Kittiphun Sribua-iam. The company has been granted a corporate income tax exemption on net profits from the promoted business for up to 8 years, with the total exempted tax amount not exceeding 100% of the investment capital, excluding land costs and working capital, along with import duty benefits on machinery under specified conditions. The promotion certificate requires the project to have an investment of no less than 282.86 million baht, excluding land costs and working capital, and operations must commence within 36 months from the date the promotion certificate is issued. The project scope covers the provision of Cloud Services including both Infrastructure as a Service (IaaS) and Platform as a Service (PaaS), along with conditions regarding the Data Center, connectivity systems, and standards for security and service provision. Kittiphun said that this BOI privilege did not come solely from the investment, but required passing conditions and standards on many fronts, including the quality of the Cloud and Data Center infrastructure, the efficiency of systems and energy usage, high-speed connectivity systems, as well as standards for security and service provision, which reflect the readiness of the infrastructure the company has developed. In addition, PROEN plans to organize training to develop knowledge and skills in using Cloud Services continuously every quarter for a period of 3 years from the date of receiving the promotion certificate, in order to upgrade the Cloud technology skills of its personnel. The company expects this investment to open opportunities for PROEN to build a new revenue base from providing Cloud infrastructure and platform services if it can increase the number of customers and system utilization rates according to plan, while the 8-year tax exemption will help profits from businesses that meet BOI conditions have a greater chance of flowing through to net profit.

PROEN Corp Public Company Limited, or PROEN, has received an investment promotion certificate from the Board of Investment, or BOI, for its Cloud Service business, granting a corporate income tax exemption of up to 8 years, under a total tax exemption ceiling of not more than 100% of the investment, excluding land costs and working capital, along with import duty benefits on machinery under specified conditions. Chief Executive Officer Kittiphun Sribua-iam disclosed that the project requires a minimum investment of 282.86 million baht, excluding land costs and working capital, and must commence operations within 36 months from the date the promotion certificate is issued. The project scope covers the provision of Cloud Services in both Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) formats, and must comply with BOI criteria regarding data centers, connectivity systems, and security and service quality standards. The company expects this investment to open opportunities to build a new revenue base from Cloud infrastructure and platform services if it can increase the number of customers and system utilization according to plan. The machinery import duty exemption will help reduce part of the investment cost, while the corporate income tax exemption of up to 8 years will allow profits from the BOI-eligible business to flow through more fully to the company's net profit. Kittiphun added in closing that if operations proceed according to plan, the Cloud business will help increase both revenue and profit for PROEN in the future and may serve as another supporting factor for the recovery of its operating results in the period ahead.

True Corporation has released True Data Insight data from an analysis of usage on the TRUE 5G and True Online networks during severe flooding in the final week of September 2026, finding that voice calls clearly rose again. On 26 September 2026 compared with the previous week, Pathum Thani rose 60%, Bangkok 58%, Samut Prakan 58%, Nonthaburi 51% and Chonburi 29%. In the affected areas, Keha Romklao saw voice traffic rise 222% and Keha Khlong Chan rise 169%. During the peak usage period of 09:00–10:00 on the same day, Keha Romklao surged 632% and Keha Khlong Chan rose 311%. As for average mobile data on 25–26 September 2026, Keha Romklao saw uploads rise 61% against a 4% increase in downloads, while Keha Khlong Chan saw uploads rise 44% against a 6% rise in downloads. The messaging app LINE posted the highest increase at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. Home internet usage in the affected areas of the eastern region rose an average of 8%, the highest overall among the regions, with Trat up as much as 21%. Bangkok and its vicinity rose an average of 5%, while the central and western regions rose an average of 3%, with Ratchaburi posting the highest increase at 6%. True said it will use these insights to help plan and manage its network so it can meet communications demand in every situation.

Interlink Telecom Public Company Limited, or ITEL, has been selected by the Provincial Electricity Authority, or PEA, to carry out the project to tidy communication cables on power poles for the year 2026. The project is divided into two parts: work in the central region worth 148,774,493.70 baht, and work in the southern region worth 117,830,798.25 baht, for a total value of 266,605,291.95 baht. Dr. Nattanai Anantarumporn, Chief Executive Officer of ITEL, said the company is pleased to have earned PEA's trust and is committed to completing the work efficiently and on target. The two projects, with a combined value of more than 266 million baht, will help strengthen the company's telecommunications infrastructure revenue base, with revenue recognition proceeding in line with the operating plan and contract conditions after signing.

PROEN Corp Public Company Limited, or PROEN, has received an investment promotion certificate from the Board of Investment, or BOI, for its Cloud Service business, granting a corporate income tax exemption on net profits from the promoted business for up to 8 years, with the total exempted tax amount not exceeding 100% of the investment, excluding land costs and working capital, along with import duty benefits on machinery under the specified conditions as detailed in the promotion certificate. The project requires a minimum investment of 282.86 million baht, excluding land costs and working capital, and must commence operations within 36 months from the date the promotion certificate is issued. The project scope covers the provision of Cloud Service, including both Infrastructure as a Service, or IaaS, and Platform as a Service, or PaaS, along with conditions regarding data centers, connectivity systems, and standards for security and service provision. Kittiphun Sribua-iam, Chief Executive Officer of PROEN, said that receiving this promotion reflects the readiness of the infrastructure the company has developed, and that the cloud business is expected to create a new revenue base and support after-tax profits in the future. Meanwhile, the company plans to organize training to develop knowledge and skills in using Cloud Service continuously every quarter for a period of 3 years from the date the promotion certificate is received.

The Thai stock market index on October 2, 2026 closed at 1,571.62 points, up 7.71 points or 0.49%, with trading value of 71.09 billion baht. Foreign investment flowed out toward U.S. government bonds, which offer lower risk and yields above 5%, while Thai stocks still await third-quarter 2026 earnings. PTT Oil and Retail Business, or OR, sent positive signals as it prepares for a tourism recovery that is driving growth in jet fuel sales. It has also pinned its flag in Phuket and is pressing ahead with budget hotels, gradually opening them in 2027-2028, with a target of 50 locations by 2031. The first phase will pilot six model hotels in high-potential locations: Phuket, Kanchanaburi, Phra Nakhon Si Ayutthaya, Songkhla (Hat Yai), Chonburi and Bangkok, to extend the business and turn PTT Station service stations into safe, standardized overnight stops nationwide. Meanwhile, ITEL won a big project from the Provincial Electricity Authority, or PEA, to organize communications cables across two regions, the central and southern regions, with a combined value of more than 266 million baht, reflecting confidence in its potential and experience in managing communications infrastructure, and positioning it to pursue future telecommunications infrastructure projects. WP completed its share buyback plan as scheduled, repurchasing the full 15,000,000 shares, or 2.94%, for an investment value of 57.08 million baht. CEO Chomkamol Poompanmoung is confident the move will build investor confidence and lift return on equity and earnings per share, while the company proceeds with this year's business plan, targeting LPG sales of 770,000 tons and focusing on expanding the domestic market alongside its rooftop solar business. BA, Bangkok Airways, is passing on something special to thank passengers on the occasion of winning the World's Best Regional Airline and Best Regional Airline in Asia awards from the SKYTRAX World Airline Awards for the 10th consecutive year, with the Lucky TEN campaign, building on the Thank You for 10 Amazing Years campaign launched last September. It invites passengers to join a draw for the right to buy tickets at a special 90% discount, or pay only 10% of the Web Promo (P-Q Class) fare, on five domestic routes, limited to just 200 entitlements, from October 5-9, 2026 only.

UOB Kay Hian Thailand has issued an analyst report forecasting the third-quarter 2026 results of ADVANC and TRUE, maintaining a buy rating on both stocks. The research team expects ADVANC to post a net profit of 13,340 million baht in the third quarter of 2026, up 11% year on year but down 3% quarter on quarter, with core service revenue from key segments at 45,830 million baht, up 5.1% year on year and up 1% quarter on quarter. The gross profit margin is expected to hold steady at 44.4%, and the quarter-on-quarter decline in profit stems from higher IT-related expenses. The team maintains its buy rating on ADVANC with a target price of 415 baht. For TRUE, the research team expects a net profit of 6,970 million baht in the third quarter of 2026, up 343% year on year and up 6% quarter on quarter. The year-on-year growth comes off a low base in the same period last year due to a single network outage incident, while the quarter-on-quarter profit growth is supported by the continued strength of most business operations. Core service revenue in the third quarter of 2026 is expected at 41,800 million baht, growing 1.3% year on year and up 1.0% quarter on quarter, driven by strong performance in the mobile, broadband, and television businesses. The team views the third quarter of 2026 as a low season, particularly for handset sales, since iPhone sales are likely to make a significant contribution in the fourth quarter of 2026. The research team maintains its buy rating on TRUE and raises its target price to 16.50 baht from 15.70 baht.