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%.
Advanced Info Service Public Company LimitedDAOL maintains Buy and 435 baht target on ADVANC, forecasting 3Q26E normalized profit of 13.6 billion baht, up 13% year-on-year.
