On November 7, 2025, the board of directors of Advanced Info Service Public Company Limited (SET: ADVANC or AIS) will hold a meeting to acknowledge and approve the third quarter financial statements for 2025 and notify the Stock Exchange of Thailand (SET) on the same day. Krungsri Securities, CGS International (CGSI) Securities (Thailand), and Yuanta Securities (Thailand) forecast that ADVANC’s core profit for 3Q25 will reach a quarterly record high since 2015, estimated at approximately THB 11.1 billion.
Krungsri Securities stated that ADVANC was mainly supported by its core revenue (excluding interconnection charges or IC) which grew by 6.8% year-on-year (YoY) and by 1.4% quarter-on-quarter (QoQ), driven by strong performances in both mobile and fixed broadband (FBB) businesses, benefiting from increased user numbers and higher average revenue per user (ARPU). Therefore, the securities company recommends a “BUY” for ADVANC, with a target price of THB 350 per share.
CGSI Securities analysts noted in their report that ADVANC’s 3Q25 net profit is expected to grow by 25.4% YoY and by 0.3% QoQ. Meanwhile, EBITDA is forecast at THB 29.7 billion, up 6.1% YoY, although down slightly by 0.5% QoQ.
Service revenue (excluding IC) is expected to grow by 6.1% YoY and by 0.7% QoQ, supported by continued solid growth in mobile service revenue (up 4.7% YoY and 0.1% QoQ) and robust broadband revenue (up 8.9% YoY and 2.0% QoQ). Additionally, CGSI Securities noted that ADVANC’s mobile business continues to see a net increase in users in 3Q25, and ARPU will be boosted by higher prepaid ARPU.
Yuanta Securities stated that ADVANC’s 3Q25 profit is projected to grow strongly by 31% YoY, with a target price range of THB 320 – 330 per share. The key drivers are strong profit growth, profit recognition from 3BB assets, and efficient cost management.
For the outstanding 3Q25 performance, the securities company estimates that ADVANC’s normalized profit will increase by 31% YoY and by 2% QoQ. Core service revenue is forecast at THB 43.4 billion, up 7% YoY and 1% QoQ. SG&A expenses (selling & administrative expenses) are expected to decrease to 14% of total revenue, with marketing expenses forecast to drop by 11% YoY due to a high budget in 3Q24 for a new brand launch.
In addition, ADVANC is expected to recognize revenue from English Premier League (EPL) subscriptions, with EPL fees comprising 0.4% (EPL subscribers pay THB 199 /month). The FBB business will likely be supported by a 600,000-user increase among high spenders, while enterprise revenue grows due to more customers using data package services and cloud solutions.
Meanwhile, TISCO Securities stated that ADVANC’s net profit for 3Q25 is projected at THB 11.2 billion, an increase of 28% YoY and a rise of 2% QoQ. Despite being the low season for the mobile business, ADVANC has begun to realize cost savings following the spectrum auction. The analyst team expects the company’s 4Q25 earnings to continue growing QoQ. They also noted that ADVANC’s balance sheet remains strong, and forecast that the company will pay an annual dividend of about 4%, with a base target price of THB 319 per share.
