Phillip Securities (Thailand) has issued a ‘Buy’ recommendation on Advanced Info Service Public Company Limited (SET: ADVANC), expecting the company’s third-quarter performance in 2025 to show growth both year-on-year and quarter-on-quarter.
The brokerage firm cites stronger average revenue per user (ARPU) in its mobile and fixed broadband segments, bolstered by a full-quarter contribution from English Premier League (EPL) broadcast rights and improved mobile handset sales following the release of the iPhone 17 in September.
However, ongoing macroeconomic volatility and stricter SIM card registration requirements may weigh on the pace of new customer acquisitions. Meanwhile, the enterprise and data center businesses are expected to remain on an expansion trajectory.
For 2025, ADVANC is targeting double-digit revenue growth in the enterprise segment, supported by its first 25-megawatt data center—now operating at about 80% utilization—and the launch of its second data center, with 38 megawatts of capacity, at a newly developed site.
Looking to the second half of 2025, the analyst forecasts earnings to improve from the first half, underpinned by a full-quarter boost from EPL rights beginning in the third quarter and cost savings from new frequency licenses, as quarterly depreciation expenses are set to decline from THB 900 million to THB 240 million despite continued recognition of some legacy frequency depreciation costs in July.
Following these developments, Phillip Securities gives ADVANC a 2026 target price of THB 344 per share.
