Bualuang Securities estimates that the third-quarter 2026 core profit of Advanced Info Service Public Company Limited, or ADVANC, will come in at 13.0 billion baht, up 8% year on year but down 5% quarter on quarter. The decline from the previous quarter stems from seasonally higher SG&A expenses and the first full quarter of loss recognition from CLICX Bank, outweighing the softening of the core telecommunications business. Total revenue is expected at 57.5 billion baht, up 5.7% year on year and 1.7% quarter on quarter, supported by mobile, home internet, and device sales from the iPhone 18 launch. Mobile revenue is forecast at 34.1 billion baht, up 3.7% year on year but down 0.7% quarter on quarter, on 47.3 million users and prepaid ARPU rising 6.5% year on year to 160 baht. CLICX is expected to post a loss share of 23 million baht, compared with a profit of 273 million baht in the second quarter, after the bank began operations on 19 June and with ADVANC holding a 39% stake. The research team views the third quarter of 2026 as the year's low point, with nine-month 2026 core profit forecast at 40.1 billion baht, up 19% year on year and representing 74% of the full-year estimate, before a quarter-on-quarter recovery in the fourth quarter driven by the high season, prepaid package price adjustments from March, and a full quarter of iPhone 18 Pro and Pro Max sales. It maintains a Buy rating with a target price of 398 baht, seeing the share price weakness around the third-quarter results as an accumulation opportunity, since the main pressure comes from seasonal expenses and CLICX while the core business is still growing. Full-year 2026 core profit is still expected at 54.3 billion baht, up 13.7% year on year. The impact of Bangkok flooding on the network is expected to be limited, and the bigger issue to watch is purchasing power in the flooded areas in early the fourth quarter of 2026.
Advanced Info Service Public Company LimitedBualuang estimates ADVANC's Q3/2026 core profit at 13.0 billion baht and maintains a Buy rating with a 398 baht target price, calling the weakness an accumulation opportunity.
CLICX is expected to post a loss share of 23 million baht in Q3/2026 versus a 273 million baht profit in Q2 after starting operations on 19 June.
