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.
Advanced Info Service Public Company LimitedAsia Plus maintains Buy and 428 baht fair value, forecasting Q4 2026 acceleration on iPhone 18 sales and seasonal factors.
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