All three mobile operators, ADVANC, TRUE and NT, have launched special packages to support the TH-AI Passport project. ADVANC was the first to launch the AiPASS package on 16 September 2026, while TRUE and NT plan to follow from 1 October 2026 at 29 baht per month, usable only on the AiPASS application with unlimited data. This creates upside risk to mobile ARPU forecasts over the next 3-5 years. Kasikorn Securities assesses the development as slightly positive for ADVANC and TRUE shares; in the best case both could see revenue rise by 870 million baht, equal to 0.46% of ADVANC's core service revenue and 0.5% of TRUE's. It also sees TRUE as the sector's top pick, recommending TRUE over ADVANC given normalised profit growth trends over the next 4-6 quarters, the chance of a higher dividend payout ratio from the current 79%, and trading at a 23.9% discount to its EV/EBITDA multiple, even though TRUE carries higher debt and a higher beta than ADVANC, as well as uncertainty over China Mobile's sale of TRUE shares.
Advanced Info Service Public Company LimitedADVANC launched the 29-baht AiPASS package first, which Kasikorn sees as slightly positive with potential revenue upside of 870 million baht (0.46% of core service revenue).
True Corporation Public Company LimitedTRUE will launch the 29-baht AiPASS package from 1 October 2026, seen as slightly positive with potential revenue upside of 870 million baht (0.5% of revenue) and named sector top pick.
China Mobile LimitedNT is mentioned as planning to launch the AiPASS package from 1 October 2026, but no specific impact assessment is given for NT.
