On Thursday at 3:28 PM (Bangkok time), the share price of Advanced Info Service Public Company Limited (SET: ADVANC) rose by 1.01% or THB 3.00 to THB 299.00, with a trading value of THB 2.42 billion.
Maybank Securities has maintained its ‘Buy’ rating on ADVANC, setting a target price of THB 320 per share, following an upbeat analyst briefing that highlighted promising growth prospects and new business initiatives.
The management remains positive on the outlook for ADVANC’s core segments, including mobile and fixed broadband (FBB), both of which are expected to continue growing robustly. The company outlined three key drivers that could become future “S-curves” for the company: an entertainment ecosystem with AIS Play positioned as “Thailand’s Netflix,” accelerated retail sales growth, and a new virtual bank venture.
ADVANC emphasized that AIS Play is arguably the only platform in the ASEAN region aggregating all major OTT services—including Netflix, Disney+, HBO Max, and Prime Video—on a single platform. This differentiates ADVANC from True Corporation Public Company Limited (SET: TRUE), which currently offers multiple separate content platforms such as True Vision, True Vision NOW, and TrueID TV. Thanks to broadcast rights for the English Premier League (EPL) and the Thai League, AIS Play is swiftly becoming a dominant force in the live sports streaming market.
Maybank notes that most EPL subscribers for the new season are already existing ADVANC customers. The company does not anticipate significant migration from TRUE’s customer base for EPL packages, expecting subscriber growth to primarily come from market expansion and the capture of users from illegal streaming channels.
This trend is supported by competitive pricing, with EPL packages available at just THB 199 per month. ADVANC estimates that the EPL market in Thailand could total 3-4 million subscribers, compared to only 200,000 under TRUE last season.
In retail, margins are projected to improve from 4.4% in the first half of 2025 to at least 5% in the second half, bolstered by the launch and rising sales of house-branded accessories under the “Link Up” brand. Retail growth is expected to continue in subsequent years, helped by store redesigns, an expanded range of accessories, and the company’s “Amazing 10 points” price discount campaign.
Furthermore, ADVANC holds a 39% stake in the virtual bank project, with the remainder owned by Krung Thai Bank Public Company Limited (SET: KTB) and PTT Oil and Retail Business Public Company Limited (SET: OR). Management expects the virtual bank to achieve profitability within three years of launch.
Looking forward, Maybank Securities sees room for further stock re-rating, citing the potential for earnings upgrades among analysts and momentum from strong third- and fourth-quarter results in 2025.
