Yuanta Securities raised its profit forecasts for Advanced Info Service Public Company Limited, or ADVANC, by 4% for 2026 and 6% for 2027, citing better-than-expected Mobile Service Revenue excluding IC. It set a new fair value of 403.00 baht per share using a DCF method with a WACC of 7.5% and terminal growth of 1.0%, and upgraded its recommendation to "Buy," viewing the share price around 350.00 baht per share as attractive again for gradual accumulation. The core value of ADVANC still comes from its Mobile, Fixed Broadband, and Enterprise businesses, whose economics are visible today, while AI Infrastructure, Virtual Bank, and New Digital Businesses remain upside rather than core profit in the forecasts. The company offers a dividend yield of about 5% at the current share price. Key risks include changes in regulation and spectrum, Data Center and AI investment exceeding demand, technology disruption, and higher bond yields, which could pressure both free cash flow and valuation.
Advanced Info Service Public Company LimitedYuanta raised ADVANC's 2026-27 profit forecasts and upgraded to Buy with a new 403 baht fair value, calling the ~350 baht price attractive.
