Advanced Info Services Public Company Limited (SET: ADVANC) is expected to sustain its growth trajectory into the third quarter of 2025, according to analysis from Kiatnakin Phatra Securities (KKPS).
The brokerage projects pre-exceptional net profit of THB 11 billion, a solid 30% increase from a year earlier, though flat quarter-on-quarter reflecting typical seasonal factors. The positive outlook is underpinned by continued revenue growth, contributions from English Premier League (EPL) packages, and spectrum-related cost reductions.
For the first nine months, profit is set to reach 73% of KKPS’ full-year forecast and 77% of the Bloomberg consensus estimate. The analyst has reiterated its ‘Buy’ recommendation on ADVANC with a target price of THB 293.00 per share, citing confidence in ongoing growth momentum and an attractive dividend yield.
Though there were no additional pricing adjustments in the third quarter, the lingering effects of price hikes implemented in the first half, combined with new EPL package revenues, are seen driving mobile service revenue up 4.5% year-on-year. Fixed broadband sales are forecast to expand at a high single-digit rate, while enterprise revenue is anticipated to jump 20% from the previous year.
KKPS believes that ADVANC’s cost base will remain well managed. While the company has not specified the expense of acquiring EPL rights, the securities firm projects that EPL-related activity will deliver a net positive contribution to earnings.
Cost-saving measures will also support results, particularly with a THB 400 million reduction following the expiration of the 2100MHz spectrum contract with National Telecom Public Company Limited (NT) in early August. Although ADVANC reacquired the spectrum at auction, costs are now lower than those paid under the NT contract. These savings are expected to be fully recognized in the fourth quarter.
