Thailand’s recent telecom spectrum auction has concluded with outcomes supportive of ongoing market stability and cost optimization, according to UBS Securities. The investment bank noted that the auction process was smooth, with final prices settling at just 10-20% above reserve levels—a result viewed as reasonable.
Both Advanced Info Service (SET: ADVANC) and True Corporation (SET: TRUE) demonstrated rational bidding, a signal of continued disciplined competition within the sector. ADVANC secured 30MHz of 2100MHz spectrum, while TRUE acquired 70MHz of 2300MHz—both bands acquired as replacements for spectrum set to expire under existing leases from National Telecom (NT).
In addition to these expected allocations, TRUE also obtained 20MHz of 1500MHz spectrum. While this purchase was not anticipated, UBS highlighted that it remains within TRUE’s previously outlined investment budget.
These spectrum acquisitions are expected to deliver substantial annual cost savings, starting August 2025—approximately THB 2 billion per year for ADVANC and THB 5 billion per year for TRUE.
Reflecting these developments, UBS has set a target price for ADVANC at THB 346 per share and for TRUE at THB 16.80 per share.
