Yuanta Securities (Thailand) has raised its end-2027 fair value for Advanced Info Service, or ADVANC, to 403 baht per share from 390 baht per share, based on a DCF method under assumptions of a 7.5% WACC and 1.0% terminal growth, and upgraded its recommendation to "Buy" from "Trading Buy." On earnings estimates, Yuanta lifted its normal profit forecasts for 2026 and 2027 by 4% and 6% respectively, after mobile service revenue excluding interconnection charges trended better than expected. It expects normal profit of about 54.165 billion baht in 2026, rising to 57.674 billion baht in 2027. The analyst team gives most weight to the Mobile, Fixed Broadband and Enterprise businesses because their revenue patterns and returns are clearly assessable, while AI Infrastructure, Virtual Bank and other new digital businesses are still seen more as upside rather than being included in the base assumptions, until there is clarity on recurring revenue, ROIC asset utilisation and post-investment cash flow. The core businesses remain attractive on a dividend yield of about 5%. Key risk factors include regulatory and spectrum changes, Data Center and AI investment running ahead of actual demand, technological change, and rising bond yields.
Advanced Info Service Public Company LimitedYuanta raised ADVANC's fair value to 403 baht and upgraded it to Buy, lifting 2026-2027 profit forecasts on better-than-expected mobile service revenue.
