Brokerage expects ADVANC's third-quarter profit to reach 13.236 billion baht, up 9.9%

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Analysts at Phillip Securities (Thailand) Public Company Limited estimate ADVANC's net profit for the third quarter of 2026 at 13.236 billion baht, growing 9.9% from the same period last year, driven by continued gains in core service revenue, though slowing 3.5% from the previous quarter. The slowdown reflects the start of recognizing a share of losses from its investment in the Virtual Bank associate CLICX of roughly 210 million baht, as well as higher network expenses and SG&A costs from investment in developing back-end IT systems, even as marketing expenses declined following the end of the Premier League football rights. On the revenue side, growth is expected from higher average revenue per user in the mobile business, supported by a quality-customer screening strategy and promotion of 5G packages; continued growth in average revenue per user in the broadband business from bundled content service packages; and improved SIM and device sales following the start of iPhone 18 deliveries in mid-September. Enterprise customer service revenue was flat in line with economic conditions. The research team expects fourth-quarter 2026 results to rebound to a new high for the year, supported by the high season in tourism and year-end consumption and by a full quarter of iPhone 18 sales recognition. It sets a 2027 base price target of 414.00 baht with a Buy recommendation.

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CLICX (Clicx Bank)i
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ADVANC will recognize a roughly 210 million baht share of losses from its investment in Virtual Bank associate CLICX, weighing on Q3 profit.