Following the release of Q1 2025 results and the subsequent conference call, UBS maintains a positive outlook on Advanced Info Service Public Company Limited (SET: ADVANC or AIS)’s operations and growth prospects.
UBS has increased its earnings estimates for 2025-2027 by 4% and adjusted the discounted cash flow-based price target to 339 Baht per share, up from 326 Baht, to reflect the Q1 2025 performance and the anticipated continuation of cost improvement initiatives.
Although top-line growth might appear modest, UBS anticipates that the ongoing benefits of industry consolidation—such as eliminating excessively costly price plans—along with sustained cost controls in areas like SG&A, D&A, and finance costs, will support growth.
Additionally, from August 2025, cost savings from the 2100MHz spectrum auction lease should further enable AIS to achieve a strong compound annual growth rate of 14% in earnings from 2024 to 2026.
