On Friday, the share price of Advanced Info Service Public Company Limited (SET: ADVANC) at the time of 10:43 a.m. was at THB 293.00, a THB 1.00 or 0.34% increase with a total trading value of THB 470.65 million.
Meanwhile, the share price of True Corporation Public Company Limited (SET: TRUE) at the same time was at THB 11.20, a THB 0.20 or 1.82% increase with a total trading value of THB 663.79 million.
Krungsri Securities (KSS) has conducted an analysis of the impact of recent regulatory measures, specifically the reduction in service charges for the “Thong Fah (Blue Flag)” budget mobile package, proposed by the National Broadcasting and Telecommunication Commission. According to KSS, this measure is unlikely to have a significant effect on the profitability of leading mobile operators such as ADVANC and TRUE.
The main reasons cited are the package’s lack of popularity and its minor share in the operator’s overall service portfolio when compared to other available packages.
A comparative analysis shows that similar prepaid packages at the price point of THB 200 per month offer superior value, providing up to 25GB of internet data at speeds of 6Mbps, making them substantially more attractive than the Thong Fah package.
With the price of the Thong Fah package expected to remain above THB 200 per month, there is little incentive for consumers to switch to this package on a large scale. Consequently, there will be a negligible impact on the average revenue per user (ARPU) for mobile operators.
KSS maintains its earnings growth forecasts for ADVANC at 16.6% for 2025 and 9% for 2026, while TRUE is projected to grow 71% in 2025 and 35% in 2026.
The brokerage reiterates its “Buy” rating for both stocks, with a target price of THB 350 for ADVANC and THB 18 for TRUE. These targets reflect strong earnings outlooks, robust free cash flow generation, and possible upside risk from future spectrum auctions, which could act as a positive driver for future performance.
