Wireless Telecommunication Services

China Unicom (Hong Kong) is trading at a price-to-earnings ratio of 9.4x, well below the telecom sector average of 15.3x and a broader peer group around 20.3x, according to a Simply Wall St valuation review. The stock has gained 84.9% over the past five years but now sits well below recent highs, putting its current earnings multiple in focus. The modelled fair P/E multiple reflecting China Unicom's earnings profile, scale and risk comes out higher than where the shares trade today, indicating the market is pricing the operator at a discount to what that earnings-based framework implies. A top community narrative on the stock argues it is roughly fairly valued, hinging on China Unicom successfully scaling computing power, AI and cloud services while keeping total CapEx near RMB 50 billion. The article is general commentary based on historical data and analyst forecasts and is not financial advice.

ClearBridge Investments' Dividend Strategy added T-Mobile US as a new position in the third quarter of 2026, according to the firm's quarterly investor letter. The strategy said T-Mobile continues to gain market share and enjoys the lowest cost structure of the major carriers, allowing it to deliver superior service at lower prices while still generating attractive returns. ClearBridge also noted that T-Mobile just raised its dividend roughly 15%. T-Mobile closed at $171.31 per share on October 08, 2026, down 6.04% over the past month and 25.12% over the past year, with a market capitalization of $183.76 billion and a 52-week range of $160.81 to $231.02. The ClearBridge Dividend Strategy reported modest gains in the quarter but underperformed the S&P 500, which rose 2.3%, due to mixed stock selection and stock-specific headwinds.

AIS has launched the AIS Point Coupon Day campaign on the MyAIS app, letting customers use points to redeem discount coupons and privileges from leading partner stores throughout late 2026. The first round of store coupons can be redeemed from 10 to 31 October 2026, including Sizzler with a 100 baht discount coupon for just 120 points, PTT Station with a 20 baht discount coupon for just 30 points, Fuku Matcha with a free 22-ounce bubble milk tea for just 100 points, Mister Donut with one free item for just 50 points, and McDonald's with free medium french fries for just 99 points. There is also a coupon for 600 MB of internet for one day for just 20 points, limited to 50,000 redemptions. Next comes the 11.11 promotion with new deals added from 11 to 13 November 2026, with coupons available to collect on 11 November from 10:00 a.m. or until they run out. Special deals include KOI Thé with a 20 baht discount coupon for just 15 points, limited to 1,000 redemptions, and an unlimited-speed 2 Mbps internet coupon for one day for just 25 points, limited to 50,000 redemptions. Store coupons can be redeemed from 11 to 30 November 2026, including Kamu Tea, Shabushi Buffet, Potato Corner, Watsons and Major Cineplex. The campaign closes with the 12.12 promotion from 12 to 14 December 2026, with coupons available to collect on 12 December from 10:00 a.m. or until they run out, such as Starbucks with a 50 baht discount coupon for just 30 points, limited to 1,000 redemptions, and an unlimited-speed 6 Mbps internet coupon for one day for just 45 points, limited to 50,000 redemptions. Store coupons can be redeemed from 12 to 31 December 2026, including GAGA, Pizza Hut, Auntie Anne's, SF Cinema and Bonchon.

AST SpaceMobile and TELUS have completed their first integration test connecting TELUS' terrestrial wireless network with AST SpaceMobile's satellite based system for direct smartphone to satellite service in Canada. The milestone comes amid a volatile stretch for AST SpaceMobile shares, which fell 6.13% over the past day, 13.90% over the past month and 31.80% year to date, closing at $56.93. The most followed narrative pegs fair value at $170 per share, framing the selloff as a valuation question, with forecast revenue rising 51.9% per year and expectations that ASTS becomes profitable within three years. Set against a current market value of about $23.60b and a reported net loss of $618.761m on $115.299m of revenue, the bull case leans on future execution, while analysts hold an average price target of $77.94, 36.9% above the last close. The story can break if satellite deployment slips or if carrier partners delay turning trials into meaningful and recurring service revenue.

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.

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.

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.

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.

AIS has announced the expansion of its 5G-Advanced upload network to cover 100% of its service area across Bangkok, making the Thai capital the first city in the world with citywide 5G-Advanced upload coverage. The rollout uses Uplink 2CC technology on the 2600 MHz and 700 MHz bands over a 5G Standalone, or 5G SA, network, boosting maximum upload speeds by up to two times, and the company plans to extend the capability to the main district of all 77 provinces nationwide. Kittit Ngamjettanarom, AIS's Chief Technology Officer, said the expansion is not only about speed but about preparing infrastructure to support an AI-driven economy and laying the foundation for Thailand to connect to new opportunities as an ASEAN AI Connectivity Hub. AIS customers with compatible devices can experience 5G-Advanced without signing up for an additional package. AIS is also developing Downlink 3CC by combining the 2600 MHz, 700 MHz and 2100 MHz bands to raise maximum download speeds by up to 1.5 times, which currently covers most of Bangkok, with a target of full citywide coverage by the end of 2026.

Optimum Communications shares jumped 6% in the afternoon session after the company announced network upgrades in Lake Charles, Louisiana, expanding broadband availability with internet speeds of up to 2 Gbps while also investing in local community organizations. According to the company's press release, the week-long initiative included network enhancements across the Lake Charles area designed to improve connectivity for households and businesses. The shares closed the day at $0.99, up 7.6% from the previous close. Optimum Communications is down 44.1% since the beginning of the year, and at $0.96 per share, it is trading 64.3% below its 52-week high of $2.69 from October 2025.

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.

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.

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.

KGI Securities (Thailand) said in an analysis dated October 2, 2026, that it expects Advanced Info Service, or ADVANC, to report net profit of approximately 13.3 billion baht for the third quarter of 2026, down about 3% from the previous quarter but up roughly 11% from the same period a year earlier. Core profit is expected at approximately 13.2 billion baht, down 3% from the previous quarter and up 10% from a year earlier. Total revenue this quarter is expected at approximately 57.7 billion baht, up 5.8% from the same period a year earlier but down 0.3% from the previous quarter, driven by continued growth in the mobile phone business and the Fixed Broadband, or FBB, business. If the forecast holds, core profit for the first nine months of 2026 will be approximately 40.3 billion baht, up 20% from the same period a year earlier, accounting for about 73% of KGI's full-year 2026 profit estimate. KGI expects normal profit for the full year at approximately 55.1 billion baht, up 19.8% from a year earlier, and expects it to rise to approximately 58.2 billion baht in 2027. KGI maintains its Outperform recommendation and has lowered its 2027 target price to 396 baht from 425 baht, seeing roughly 15% upside from the share price of 345 baht on October 1, 2026, and expects a dividend yield of about 5% per year.

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.

Analysts raised their fair value estimate for Vodafone Group from £1.20 to £1.22, a roughly 2.2% increase, after what several banks described as stronger Q1 trading and a clearer view on the Vodafone Three stake acquisition. Berenberg lifted its price target to 140 GBp from 123 GBp, citing strong Q1 results especially in Vodacom and Germany and the acquisition of the 49% stake in Vodafone Three, while Goldman Sachs set a higher 155 GBp target and moved to a Buy rating, pointing to faster improvement in return on invested capital. New Street also moved to a Buy rating, and Morgan Stanley raised its target twice, from 105 GBp to 115 GBp and then to 125 GBp, though it kept an Equal Weight rating. The revised targets cluster in the £1.15 to £1.55 range. Alongside the fair value change, the model's revenue growth assumption shifted from roughly 5.17% to 5.33%, the net profit margin moved from about 7.95% to 6.94%, and the future P/E rose from about 8.9x to 10.5x, with the discount rate holding around 7.56%.

A U.S. district court in Delaware overturned a jury decision to award $22.7M to the plaintiffs in a patent case against Gogo Inc., ruling that SmartSky Networks failed to present sufficient evidence that it suffered legally recoverable damages and that the amount of the award was unsupported by the actual facts. SmartSky sued Gogo for patent infringement in February 2022, claiming Gogo's 5G air-to-ground inflight connectivity service illegally used SmartSky's proprietary technology. In November 2025, a jury agreed with SmartSky that Gogo infringed on its four patented technologies, but the $22.7M monetary award was set aside because SmartSky failed to legally prove its calculated damages. Although the decision is subject to appeal, Gogo applauded the court's decision regarding the award, calling it a significant step in resolving the matter and saying the court found SmartSky's damages award was untethered to the evidentiary record. SmartSky said the court upheld the jury's findings that Gogo willfully infringed its valid patents, adding that it is disappointed with the damages ruling and is evaluating its options for further relief.

Rogers Communications Inc. announced today that it has completed the acquisition of Maple Leaf Sports & Entertainment, increasing its ownership of MLSE to 100%. Rogers acquired the remaining 25% ownership stake in MLSE from Kilmer Sports Inc. for C$4.35 billion. MLSE includes the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, the development teams affiliated with Toronto's NHL and NBA franchises, Scotiabank Arena, and its partnership with Live Nation. Rogers will create a new business unit, Rogers Sports, that brings its sports, media and entertainment businesses together including MLSE and the Toronto Blue Jays. Keith Pelley will remain President and CEO of MLSE and Mark Shapiro will remain President and CEO of the Toronto Blue Jays, with Pelley taking on additional accountability for Rogers Media effective immediately.

BBB National Programs' National Advertising Division found that T-Mobile US, Inc. supported certain comparative claims about its T-Mobile Fiber service, but recommended the company modify its "Break free from big cable contracts" claim following a challenge by Charter Communications. The two companies compete in the home internet market, with Charter offering residential service under the Spectrum brand via hybrid fiber-coaxial and fiber-to-the-home networks, and T-Mobile offering FTTH through T-Fiber. NAD determined that T-Mobile's speed claims, including that T-Fiber provides "up to gigabit upload and download speeds" and "significantly more uploading power than most cable internet options," were supported as qualified descriptions of traditional cable internet. NAD also found supported the claims that T-Fiber offers lower latency than traditional cable internet, that T-Fiber experiences "no slow down during peak hours," and that fiber is more scalable and future-proof than coaxial cable technology. However, NAD found that the "Break free from big cable contracts" headline, read with the cable internet comparison, conveys the unsupported message that major cable providers including Spectrum necessarily require long-term contracts and impose early termination fees, and recommended T-Mobile modify the claim. In its advertiser statement, T-Mobile said it "will comply with NAD's recommendation."

Three consortiums led by SK Telecom, KT and Kakao plan to launch artificial intelligence services developed under the South Korean government's project in closed beta within October. Under the AI for All project, launched last July, the initiative aims to reduce reliance on foreign AI models and requires developers to use domestically developed AI models for at least 50% of the services they offer, while receiving government funding and GPU support. Initial developers are targeting 5 million monthly users, while Kakao aims to grow that to 10 million by 2027 and 30 million by 2030. The government also plans to inject an additional 250 billion won in budget starting next year, part of which will be used to procure around 2,000 GPUs. Meanwhile, the Ministry of Science and ICT said that about 23 million South Koreans have used generative AI models, with roughly 21 million using free basic-tier models.

Analysts at Krungsri Securities and Yuan Ta Securities (Thailand) issued research notes on 30 September 2026, expecting Advanced Info Service, or ADVANC, to post normalised profit of about 13 billion baht for the third quarter of 2026, a strong gain from a year earlier, driven by its mobile phone and fixed broadband internet businesses. Krungsri Securities forecasts normalised profit of 13.4 billion baht, up 12% year on year but down slightly, about 1%, from the previous quarter, and expects total revenue of roughly 57.7 billion baht, up 6.2% from a year earlier and 2.2% from the previous quarter. Yuan Ta Securities expects normalised profit of 13.2 billion baht, up 10% year on year but down about 3% from the previous quarter, with mobile service revenue excluding IC at roughly 34.4 billion baht and fixed broadband revenue at about 8.64 billion baht. Both houses maintain a Buy rating. Krungsri Securities sets a target price of 430 baht and keeps its 2026 normalised profit forecast at about 53.3 billion baht, up 15.9% from a year earlier. Yuan Ta Securities sets a 2027 target price of 403 baht and estimates normalised profit for 2026 and 2027 at about 54.2 billion baht and 57.7 billion baht, up 17.7% and 6.5% year on year respectively, and sees further growth potential from investment in AI infrastructure.

Daiwa Securities (Thailand) Public Company Limited said in an analysis today that Advanced Info Service Public Company Limited, or ADVANC, will post normal profit of approximately 13.6 billion baht in the third quarter of 2026, up 13% from the same period last year, though slightly down 1% from the previous quarter. The result is driven by the mobile phone business and the fixed broadband business, or FBB, which are showing improving trends, both in terms of rising net new subscribers and higher average revenue per user, or ARPU. Daiwa Securities maintains its profit forecast for ADVANC in 2026 at 53.5 billion baht, up 12% from last year, and expects profit momentum in the fourth quarter of 2026 to receive additional support from seasonal factors during the business's high season, as well as full-quarter recognition of sales of new iPhone models. Daiwa Securities therefore maintains its Buy recommendation on ADVANC with a target price of 435 baht per share.

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%.

DAOL Securities holds a positive view on ADVANC's normalized profit in the third quarter of 2026, expecting it at around 13.6 billion baht, up 13% year-on-year but down 1% quarter-on-quarter. The year-on-year growth comes from higher service revenue driven by data usage and upselling to high-value customers, which helps offset the impact of the low season, more cautious purchasing power amid cost-of-living pressures, and the flood situation. For the third quarter of 2026, mobile blended ARPU is expected at 241 baht and FBB ARPU at 539 baht, while service costs benefit from lower content costs after the end of the EPL. The slight quarter-on-quarter decline in profit comes from SG&A rising 3% quarter-on-quarter on IT and personnel expenses. DAOL maintains its profit forecasts for 2026E and 2027E at 54 billion and 57 billion baht, up 12% and 7% year-on-year respectively, with nine-month 2026E profit accounting for 76% of the full-year estimate. It maintains its Buy recommendation with a target price of 435.00 baht, based on DCF with a WACC of 7.0% and terminal growth of 2.0%.

Gabelli Value 25 Fund disclosed in its second-quarter 2026 investor letter that Telephone and Data Systems submitted a non-binding proposal in May 2026 to the board of its 82%-owned subsidiary, Array Digital Infrastructure, to acquire all outstanding common shares of Array not currently owned by TDS, at 0.86 TDS shares per Array share. Array is the fifth-largest wireless tower operator in the United States, with over 4,450 sites. TDS is a telecommunications company primarily operating rural wireline and wireless tower operations, and the stock was a 1.3% position in the fund. The fund's Class I shares gained 7.16% in the second quarter of 2026, compared with a 15.20% advance for the S&P 500, while its one-year return reached 26.11% versus 22.32% for the index. Gabelli expects 2026 S&P 500 earnings growth of 25% and continued AI investment to remain important market drivers, while flagging risks from geopolitical tensions, higher energy prices, inflation, interest-rate uncertainty, and elevated market concentration.

Asia Plus Securities said in an analysis that Advanced Info Service Public Company Limited, or ADVANC, is expected to post third-quarter 2026 earnings roughly flat from the previous quarter but still growing year on year, before an opportunity to accelerate in the fourth quarter of 2026 on seasonal factors and handset sales. Revenue from sales and services in the third quarter of 2026 is expected to rise about 1% from the previous quarter and 5% from the same period a year earlier, driven by mobile phone and broadband service revenue, as well as handset sales from the iPhone 17 and iPhone 18, though this is partly offset by higher selling and administrative expenses and a lower share of profit from associates, since the third quarter of 2026 is the first quarter in which ADVANC fully recognises a full quarter of losses from its branchless commercial banking business of about 167 million baht. The research team estimates third-quarter 2026 net profit at about 13.6 billion baht, flat from the previous quarter but up 14% from the same period a year earlier. If it comes in as expected, first-nine-month profit for 2026 would represent about 75% of the full-year profit forecast. For the fourth quarter of 2026, service revenue and handset sales are expected to get a boost from seasonal factors and from fully recognising iPhone 18 sales for the whole quarter after its launch in mid-September 2026, as well as the launch of a foldable-screen smartphone model in October 2026. Asia Plus Securities maintains its normalised profit forecasts for 2026 and 2027 at 54 billion baht, up 18% year on year, and 59 billion baht, up 9% year on year, respectively. It also maintains its Buy recommendation and its 2027 fair value of 428 baht per share, based on the discounted cash flow method using a WACC of 6%, and expects a full-year dividend yield of about 5.0% to 5.2% for 2026 to 2027.

Several brokerages have assessed the third-quarter 2026 results of ADVANC and TRUE, expecting ADVANC to post a core profit of 13.4 billion baht, up 11% year-on-year but down 2% quarter-on-quarter, weighed by a 9% rise in SG&A expenses and a recognized share of losses of 206 million baht from CLICX Bank, in which ADVANC holds a 39% stake. Revenue from the mobile and home internet businesses continued to grow. Brokerages set the highest target price for ADVANC at 430 baht. For TRUE, profit is expected at around 6.9 billion baht, up 342% year-on-year and 6% quarter-on-quarter, driven by revenue growth and cost reductions. Brokerages set the highest target price for TRUE at 18.60 baht and expect a third-quarter dividend of about 0.15 to 0.16 baht per share.

Krungsri Securities Public Company Limited maintains a Buy rating on ADVANC with a target price of 430 baht, expecting third-quarter 2026 net profit of 13.4 billion baht, up 11.5% from a year earlier but down 2.1% from the previous quarter. Core profit is expected at 13.4 billion baht, up 12.0% year on year and down 1.4% quarter on quarter. The pressure on profit compared with the previous quarter comes from higher network costs and a larger share of losses recognised from Virtual Banking. Core revenue excluding Interconnect is expected to rise 4.8% year on year and 0.5% quarter on quarter to 45.6 billion baht, supported by the mobile and Fixed Broadband businesses, with mobile revenue forecast at 34,437 million baht and FBB revenue at 8,654 million baht. Krungsri maintains its 2026 profit forecast at 53.3 billion baht, up 15.9% year on year, and expects a dividend yield of 4.9%. ADVANC closed at 349 baht against the 430 baht target price, implying upside of 23%.

Asia Plus Securities said it expects ADVANC to post net profit of 13.6 billion baht in the third quarter of 2026, flat from the previous quarter but up 14% from the same period a year earlier, driven by service and sales revenue expected to rise 1% quarter-on-quarter and 5% year-on-year on continued growth in mobile and broadband service revenue, plus handset sales lifted by the iPhone 17 and iPhone 18. However, the revenue increase is partly offset by higher selling and administrative expenses from marketing spending and IT system investment, as well as a decline in share of profit from associates, since the third quarter of 2026 is the first quarter to fully recognise a loss of about 167 million baht from the branchless commercial banking business. If profit comes in as expected, first-nine-month profit for 2026 would represent 75% of the research house's full-year forecast. For the fourth quarter of 2026, service revenue and handset sales are expected to get a seasonal boost, and the company will fully recognise iPhone 18 sales for the quarter after the launch in mid-September 2026, while a foldable-screen model due in October 2026 is expected to drive sales growth significantly above the prior year. The research house maintained its normalised profit forecasts for 2026 and 2027 at 54 billion baht, up 18% from a year earlier, and 59 billion baht, up 9% from a year earlier, respectively. It also kept its 2027 fair value at 428 baht and maintained a Buy rating on ADVANC, expecting a dividend yield of 5.0% to 5.2% for the full 2026 and 2027 periods.

T-Mobile US announced on September 24 the nationwide launch of new AI-powered AutoPilot capabilities alongside an expansion of its Dynamic CX platform. Embedded directly into T-Mobile's Self-Organizing Network, AutoPilot enables real-time automated network adjustments during changing conditions, while Dynamic CX leverages AI to predict traffic demands and optimize user performance. The software-driven enhancements build on T-Mobile's ongoing physical infrastructure investments, including backup power and diverse transport paths, aimed at maximizing uptime and network resilience. In Q2 2026, T-Mobile reported total service revenue rising 9% year-over-year to $19.0 billion, Postpaid service revenue growing 13% to $15.9 billion, and Postpaid ARPA reaching $152.91, up 2%, while management raised full-year 2026 Adjusted Free Cash Flow guidance to between $18.4 billion and $18.8 billion. The company continues to manage UScellular merger-related integration costs, which impacted Q2 net income by $146 million, or $0.14 per diluted share, as Postpaid net account additions fell 13% year-over-year to 277 thousand.