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.
Advanced Info Service Public Company LimitedAsia Plus expects ADVANC's Q3 2026 net profit to rise 14% YoY and maintains Buy rating with 428 baht fair value.
