Maybank Securities (Thailand) wrote that Thailand’s telecom sector is expected to benefit from a continued easing in competitive pressure, supporting earnings growth for major operators. Recent adjustments to prepaid mobile plans by True Corporation (TRUE) and Advanced Info Service (ADVANC) have prompted upward revisions to profit forecasts, reinforcing a constructive outlook for the industry.
In early March 2026, both key operators scaled back internet speeds and data allowances across several prepaid packages priced between THB 150 and THB 350. The move marks the first such revision since February 2025 and signals a shift toward more disciplined pricing. Maybank believes these changes will encourage users to migrate to higher-priced plans, thereby lifting average revenue per user (ARPU).
For instance, a THB 150 package offering 10GB of data now comes with reduced speed from 2mbps to 1mbps, making it less suitable for bandwidth-intensive activities. As a result, subscribers may be incentivized to switch to more expensive tiers that provide faster speeds and larger data quotas. Meanwhile, certain mid-tier plans may appear less appealing following revisions, particularly where data allowances fall short of typical usage levels.
Reflecting these developments, earnings projections for the sector have been revised upward. Core profit estimates for TRUE have been increased by 2% for 2026 and 4% for 2027, while ADVANC sees smaller upgrades of 1% and 2%, respectively. The stronger uplift in 2027 reflects expectations that the full benefit of reduced competition will become more evident from 4Q26 onwards.
The brokerage noted that current projections point to robust profit expansion in 2026, with TRUE expected to deliver significantly higher growth than its peers. The company is also viewed as more attractively valued across key metrics, supporting a preference for its shares over ADVANC.
On the cost side, potential increases in electricity tariffs are seen as manageable. Amid geopolitical tensions, a 10% rise in power prices would have only a modest impact on profitability, with limited downside risk to earnings.
Following these, Maybank reiterated a positive stance on the telecom sector, giving a ‘Buy’ rating on TRUE, with a target price of THB 16.00 per share, while suggesting a ‘Hold’ rating on ADVANC, with a target price of THB 365.00 per share.
