reports
- Waritthorn Kaewmuang
Advanced Info Service (ADVANC TB) - Notable Earnings Improvement In 2Q...
ADVANC’s 2Q23 core profit is expected to be outstanding, reaching a new peak since 3Q19 as ARPU has picked up due to softening competition and the subsequent margin expansion. We expect a substantial improvement in 2H23 due to the time lag of ARPU uplift, lower electricity expense and possible upside from the acquisition of TTTBB and JASIF. Maintain BUY. Target price: Bt262.00.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily - Thursday, July 06, 2023
KEY HIGHLIGHTS Results Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt183.50/Target: Bt230.00) 1Q23: Results miss consensus expectation. Update Advanced Info Service (ADVANC TB/BUY/Bt214.00/Target: Bt262.00) Notable earnings improvement in 2Q23 from ARPU uplift.
- Waritthorn Kaewmuang
Advanced Info Service (ADVANC TB) - 1Q23: Results In Line; Substantial...
ADVANC reported 1Q23 net profit which was in line with consensus estimates on the back of low yoy revenue growth and stringent cost control. Although ARPU remained in decline in 1Q23, the inflection point is imminent following a completed amalgamation of peers that would lead to a secular shift in the industry’s competitive landscape. Maintain BUY. Target price: Bt254.00.
- Kochakorn Sutaruksanon
- Waritthorn Kaewmuang
Thailand Daily - Tuesday, May 09, 2023
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt219.00/Target: Bt254.00) 1Q23: Results in line; substantial improvement expected. Minor International (MINT TB/BUY/Bt33.50/Target: Bt42.00) 1Q23: Worse-than-expected results; brighter earnings prospects in 2Q23 await.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - Expect 4Q22 Earnings To Improve qo...
We expect ADVANC to post a strong qoq improvement in 4Q22 net profit on the back of huge forex gains and higher service revenue from the potentially lower market competition facing both the mobile and fixed broadband businesses. Earnings upside should come from the acquisitions of TTTBB and JASIF and new business opportunities include smart energy solutions and regional data centre businesses. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Thailand Research Team
Thailand Daily - Wednesday, January 04, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: Jan 23 Portfolio China’s reopening will certainly boost Thailand’s economy through tourism and consumption. Update Advanced Info Service (ADVANC TB/BUY/Bt196.00/Target: Bt244.00) Expect 4Q22 earnings to improve qoq on forex gains and higher service revenue.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - 3Q22: Results In Line With Our Est...
ADVANC’s 3Q22 net profit declined qoq, mainly due to higher network opex and on the back of higher electricity cost and lower service revenue amid a sluggish economy. We expect a potential improvement in the competitive landscape for the FBB and mobile businesses. Earnings upside from new business opportunities includes smart energy solutions and regional data centre businesses. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, November 04, 2022
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt192.50/Target: Bt244.00) 3Q22: Results in line with our estimate; outlook to improve in 4Q22. LPN Development (LPN TB/HOLD/Bt4.60/Target: Bt4.60) 3Q22: Earnings jump from sales of office building projects. Update Thai Union Group (TU TB/BUY/Bt18.00/Target: Bt23.00) Core business to continue growing in 2023.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - Expect 3Q22 Earnings To Decline Sl...
We expect ADVANC’s 3Q22 net profit to decline slightly qoq, mainly due to higher network opex and SG&A expenses on the back of higher electricity cost and continuation of existing campaigns. We expect a potential improvement in the competitive landscape for both the FBB and mobile businesses. Earnings upside from new business opportunities include AISCB, smart energy solutions and regional data centre businesses. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - 2Q22: Results In Line With Our Est...
ADVANC posted a flat qoq net profit, in line with our estimate but below consensus’ by 7%. The improvement in core earnings was mainly due to the improvement in service revenue on the back of the marketing activities in both the mobile and fixed broadband businesses. We expect a positive earnings outlook on the potential improved competitive landscape both in the FBB and mobile businesses. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
Thailand Daily - Tuesday, August 09, 2022
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt202.00/Target: Bt244.00) 2Q22: Results were in line with our estimate but below consensus’ by 7%. Thai Union Group (TU TB/BUY/Bt16.60/Target: Bt20.00) Core operation will start to improve in 2H22. Upgrade to BUY.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - 1Q22: Results In Line With Our Est...
ADVANC’s 1Q22 core earnings decreased slightly qoq, mainly due to lower service revenue as a result of the Omicron outbreak, but partially offset by lower opex and SG&A expenses qoq. We expect positive earnings upside from new business opportunities including AISCB (Digital lending business), potential synergistic benefits from GULF for smart energy solutions, and the new investment in the regional data centre business. Maintain BUY. Target price: Bt244.00.
- Arsit Pamaranont
- Chaiwat Arsirawichai
- Peerawat Dentananan
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 11, 2022
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt208.00/Target: Bt244.00) 1Q22: Results in line with our estimate but lower than consensus’ by 5%. AP Thailand (AP TB/BUY/Bt10.60/Target: Bt13.00) 1Q22: Standout performance from continued strength in the low-rise segment. IRPC (IRPC TB/HOLD/Bt3.42/Target: Bt3.50) 1Q22: First quarterly loss since 2020; lowering estimates PTT Oil & Retail Business (OR TB/BUY/Bt25.00/Target: Bt31.00) 1Q22: Results beat our and consensus estimates b...
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - Expect 1Q22 Earnings To Decline Sl...
We expect ADVANC’s 1Q22 net profit to slightly decrease qoq, mainly due to lower service revenue from the impact of the Omicron outbreak, while opex and SG&A expenses are expected to be flat qoq. We expect a positive earnings upside from the new business opportunities, including AISCB (digital lending business), potential synergy from GULF on smart energy solutions (Smart grid, Smart city) and the regional data centre business. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
Thailand Daily - Thursday, April 07, 2022
KEY HIGHLIGHTS Update Advanced Info Service (ADVANC TB/BUY/Bt234.00/Target: Bt244.00) Expect 1Q22 earnings to decline slightly qoq; upside from new business opportunities. Thai Union Group (TU TB/HOLD/Bt18.30/Target: Bt18.00) 1H22 earnings momentum to be weak as per our expectations.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - 4Q21: Results In Line With Our And...
ADVANC posted a 4Q21 net profit of Bt6.9b, in line with our and market estimates. The qoq increase was mainly due to higher service revenue (on the back of an improvement in the economy) which offset the higher opex and SG&A expenses. We expect the outlook to remain solid due to higher overall ARPU given the higher number of 5G subscribers. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Peerawat Dentananan
Thailand Daily - Tuesday, February 08, 2022
KEY HIGHLIGHTS Sector Property 4Q21 results preview: Earnings to recover, driven by the low-rise segment. Results Advanced Info Service (ADVANC TB/BUY/Bt219.00/Target: Bt244.00) 4Q21: Results in line with our and consensus estimates. Outlook remains solid.
- Chaiwat Arsirawichai
Advanced Info Service (ADVANC TB) - Expect 4Q21 Net Profit To Improve ...
We expect ADVANC’s 4Q21 net profit of Bt6.7b to edge up qoq, mainly due to higher service revenue from the better economic conditions which will offset the higher opex and SG&A expenses. We expect a positive earnings momentum in the next couple of quarters on the better economic conditions and better competitive landscape as well as higher overall ARPU given more 5G subscribers. Maintain BUY. Target price: Bt244.00.
- Chaiwat Arsirawichai
- Thailand Research Team
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