Yuanta maintains Buy on ADVANC with 403 baht target, expects 3Q26 profit to grow 10%

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Yuanta Securities released an analysis expecting ADVANC to post normal profit of 13.2 billion baht in the third quarter of 2026, down 3% from the previous quarter but up 10% from a year earlier, supported by strong core business revenue and cost reductions that help offset higher depreciation and network costs. Mobile service revenue excluding interconnection fees is expected at 34.4 billion baht, up 0.2% from the previous quarter and 4.7% from a year earlier, while broadband revenue is expected at 8.64 billion baht and equipment business revenue at 9.1 billion baht, benefiting from the iPhone 17 launch and strong reception for the iPhone 18 Pro and iPhone 18 Pro Max. The company is expected to post EBITDA of 32.3 billion baht and an EBITDA margin of 57.9%. The company will announce its results on November 3, 2026. As for the CLICX business, it lost 428 million baht in the third quarter through August and is expected to remain in loss in September, as it has only recently started lending and must set aside high ECL provisions, though the impact on group profit remains limited because ADVANC holds a 39% stake. Yuanta maintains its Buy rating with a fair value of 403 baht per share, based on DCF with a WACC of 7.5% and terminal growth of 1.0%. It expects normal profit of 54.2 billion baht in 2026, up 17.7% from a year earlier, and 57.7 billion baht in 2027, up 6.5%, with the current share price offering a dividend yield of about 5.0% in 2026 and 5.3% in 2027.

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Cloud & Digital Infrastructure▲ · 1 stocks

Off-coverage companies 1

CLICX (Clicx Bank)Private▼ Negative
Capitalrelevance

CLICX lost 428 million baht in 3Q26 through August and is expected to remain in loss due to high ECL provisions from its new lending business.

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