Major brokerages have delivered their post-earnings verdict for Advanced Info Service Public Company Limited (SET: ADVANC), following the telecom giant’s impressive 1Q26 results, which topped both broker and consensus estimates.
CLSA maintained an “Outperform” call with a target price (TP) of THB 410, citing robust sales in SIM cards, devices, and effective OPEX management as key drivers of the stronger-than-expected quarter. Mobile and FBB segments also posted solid subscriber and ARPU growth.
DBS echoed the upbeat sentiment with a “Buy” rating and TP of THB 420, noting that ADVANC’s EBITDA margin exceeded expectations by 10%. The broker projected a stable outlook for 2026 with 11% core profit growth, while monitoring Middle East-related risks for any adverse sentiment spillover.
Morgan Stanley remained “Overweight” (TP THB 450), highlighting 1Q26 service revenue and EBITDA expansion of 7% YoY, both ahead of guidance. The analyst flagged AIS’ resilience in mobile and fixed broadband (FBB), outperforming rival True, although it warned of looming consumer demand risks due to possible energy shocks.
JP Morgan also retained “Overweight” (TP THB 406), noting 1Q26 net profit of THB 13.5 billion (+28% YoY), which outpaced both internal and consensus estimates and accounted for 26% of full-year projections. JP Morgan viewed ADVANC’s full-year EBITDA growth guidance as conservative and anticipated further earnings upgrades.
Citi was more cautious, keeping a “Neutral” rating and TP of THB 365. While acknowledging AIS’ robust start—service revenues and EBITDA both up 7% YoY—Citi pointed to early signs of consumer sentiment softening and upcoming headwinds from increased financing costs from special dividend starting from 2Q26 and early-stage losses in new ventures.
The overall broker view is positive, with earnings momentum from Q1 expected to support shares. However, several analysts are watching for headwinds from consumer sentiment shifts, increased costs, and investment drag as 2026 progresses.
