Phillip expects ADVANC's third-quarter 2569 profit to reach 13.236 billion baht, sets target price at 414 baht

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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.

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Cloud & Digital Infrastructure▲

Off-coverage companies 1

CLICX (Clicx Bank)i
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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.