Advanced Info Service Public Company Limited (SET: ADVANC) is set to announce its 4Q25 financial results on February 3, 2026. Earnings are expected to reach record high in a decade, reflecting a continued recovery of revenue and efficient cost management.
Meanwhile, True Corporation Public Company Limited (SET: TRUE) is also anticipated to post strong financial results. The company will maintain its policy of regular dividend payments this year. Despite the positive trends in profitability and improving cash flow, both stocks are still trading at attractive valuations, making them noteworthy telecom stocks for early 2026.
Krungsri Securities (KSS) estimates ADVANC’s 4Q25 profit will hit THB 12.4 billion—the highest quarterly level since 2015—marking robust year-on-year (YoY) growth of 35% and a quarter-on-quarter (QoQ) increase of 4%. This reflects revenue growth across all business segments and continually improving cost control.
For dividends, KSS expects a second-half 2025 dividend per share (DPS) at THB 7.82, providing a yield of approximately 2.5% for a holding period of about two months.
Key 4Q25 assumptions include a 6.2% YoY and 2.1% QoQ increase in core revenue to THB 44.4 billion, driven by growth in the mobile and fixed broadband (FBB) segments as both Net Add and Average Revenue Per User (ARPU) improved. Enterprise revenue also grew both YoY and QoQ, supported by more project signings.
Operating service costs fell 14.7% YoY and 8.6% QoQ to THB 21.1 billion due to lower network rental fees from National Telecom PCL (NT) and decreased depreciation. SG&A expenses dropped 12% YoY thanks to stringent cost controls, though they rose 13% QoQ due to seasonal factors and a low 3Q25 base. Interest expenses declined 11% YoY and 1% QoQ after issuing lower-cost debentures to replace higher-cost ones.
ADVANC’s executive has confirmed plans to increase capital expenditure (Capex) in 2026 to support growing data usage. KSS preliminarily estimates Capex at about THB 33 billion, up from THB 26 billion in 2025, raising depreciation by about THB 1 billion per year, or just around 2% of 2026 net profit, with no significant impact on overall profitability.
KSS maintains a “BUY” recommendation for ADVANC, with a discounted cash flow (DCF)-derived target price of THB 360, citing continuously growing profit, efficient cost management, and a robust dividend structure. The DPS for the second half of 2025 is expected to be THB 7.82 baht per share, offering an attractive short-term yield and remaining appealing for long-term investment.
Meanwhile, Yuanta Securities (Thailand) expects TRUE to post normalized profit of THB 4.9 billion in 4Q25, up 6.2% QoQ and 43.7% YoY, underscoring strong growth both YoY and QoQ. The main driver is significantly higher mobile service revenue and, for the first time, a substantial quarterly reduction in frequency fee costs, positively impacting the cost structure.
TRUE’s 4Q25 dividend is expected at THB 0.06 per share. In 2026, TRUE’s normalized profit is projected to continue growing about 30% YoY, driven by the rebound in core revenue, improved cost management, and lower frequency expenses. The 2026 DPS is estimated at THB 0.49 per share—up roughly 100% YoY—reflecting a much stronger cash flow.
Yuanta maintains a “BUY” recommendation for TRUE, with a year-end 2026 fair value of THB 16.00 per share, based on the DCF method. This represents attractive upside versus current levels, given the growing profit and dividend trends over the medium to long term.
