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1. Company Snapshot

1.a. Company Description

Advanced Info Service Public Company Limited, together its subsidiaries, provides mobile network, fixed broadband, and digital services primarily in Thailand.The company operates through three segments: Mobile Phone Services, Mobile Phone and Equipment Sales, and Datanet and Broadband Services.It is involved in the operation of cellular telephone networks in the frequency of 26 GHz, 700 MHz, 900 MHz, 1800 MHz, 2100 MHz, and 2600 MHz frequencies.


The company also distributes handsets, as well as cash cards; and electronic money and electronic payment services.In addition, it provides international telephone service, broadcasting network, and television broadcasting services for various channels, as well as insurance brokerage services.Further, the company offers IT system, content aggregator, and billing and collection outsourcing services; call center services; and land and building rental services, as well as related facilities.


Additionally, it provides internet data center, and internet and satellite uplink-downlink services for communications; distributes internet equipment; publishes telephone directories and advertising; offers mobile contents; and provides training and online advertising services.The company was founded in 1986 and is headquartered in Bangkok, Thailand.

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1.b. Last Insights on AISF

Advanced Info Service Public Company Limited's recent performance was hindered by a decline in revenue growth, despite a 21% increase in net profit in Q4 2024. The company's earnings call highlighted market challenges, which may have impacted its top-line performance. Furthermore, a recent news article noted a decrease in revenue growth, which could be attributed to increased competition and market saturation. Additionally, the company's future growth strategies may be impacted by the ongoing market challenges.

1.c. Company Highlights

2. AIS Posts Solid Q3 Results with Strong Revenue Growth and Profitability

AIS reported a robust third quarter with core service revenue growth driven by strong connectivity and content propositions. The company's EBITDA margin stood at 55% in the first 9 months of 2025, with a ROIC of 15%. Earnings per share (EPS) came in at 0.1062, beating analyst estimates of 0.09712. Revenue growth was supported by the company's focus on 5G and broadband services, with mobile revenue remaining resilient. The company's net debt to EBITDA ratio was 1.9x, indicating a solid financial position.

Publication Date: Nov -06

📋 Highlights
  • Financial Strength:: 55% EBITDA margin and 15% ROIC in first 9 months of 2025, with net debt/EBITDA at 1.9x.
  • 5G Growth:: Aims to achieve 70-80% 5G penetration in next few years, driven by device penetration and content engagement.
  • Prepaid ARPU Recovery:: Improved due to prepaid market recovery and rising data demand, with no specific ARPU figure cited.
  • Enterprise Revenue Growth:: 13% sales growth in first 9 months, with 7.5-8% margin improvement despite a temporary Prompt Pay issue.
  • Retail Expansion:: 56% house spending growth since July, targeting $15M with omnichannel strategies and SKU expansion.

Operational Highlights and Outlook

AIS's new CEO, Pratthana Leelapanang, emphasized the company's commitment to driving growth across businesses, integrating mobile, broadband, enterprise, entertainment, retail, and digital financial services. The company expects 5G penetration to reach 70-80% in the next few years and is confident in its ability to grow. AIS is also exploring new areas such as AI infrastructure and data centers, with a strong demand from enterprise customers, particularly hyperscalers.

Valuation and Dividend Yield

With a P/E Ratio of 23.59 and a P/B Ratio of 9.19, AIS's valuation appears to be reasonable considering its strong financial performance. The company's Dividend Yield stands at 4.02%, making it an attractive option for income-seeking investors. Additionally, the ROIC of 12.93% and ROE of 41.94% indicate a strong ability to generate returns on capital.

Growth Prospects and Challenges

AIS is well-positioned to benefit from the growing demand for 5G and broadband services, with a strong focus on quality subscribers and innovative products. The company's enterprise business is also expected to drive growth, with a strong demand from hyperscalers for AI and data center services. However, the competitive landscape is changing with the entry of hyperscalers, and AIS will need to continue to invest in its infrastructure to maintain its market position.

Capital Allocation and Spectrum Plans

AIS is committed to paying a high dividend payout ratio, with excess capital to be used for growth opportunities, including investments in enterprise, infrastructure, and mobile and broadband services. The company has a fundamental band in 2,100 megahertz and is looking at new spectrum in 3,500 megahertz, with plans to invest in AI infrastructure and data centers.

3. NewsRoom

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Advanced Info Service PCL (AVIFY) Q3 2025 Earnings Call Highlights: Strong Financial ...

Nov -05

Source:

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Advanced Info Service PCL (AVIFY) Q1 2025 Earnings Call Highlights: Strong Growth Amid Economic ...

May -08

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Advanced Info Service PCL (AVIFY) Q4 2024 Earnings Call Highlights: Strong Profit Growth and ...

Feb -08

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Telcos Advanced Info, Thaicom want investors to reject offers under parent merger

Jan -16

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Advanced Info Service PCL (AVIFY) Q3 2024 Earnings Call Highlights: Strong Broadband Growth and ...

Nov -04

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.40%)

6. Segments

Mobile Phone Services

Expected Growth: 3.0%

The mobile phone services segment is expected to grow at a moderate rate of 3% due to increasing demand for data services and the company's efforts to expand its 4G network coverage and improve customer quality of service. The growth will also be driven by the increasing adoption of smartphones and mobile internet usage.

Mobile Phone and Equipment Sales

Expected Growth: 5.0%

The mobile phone and equipment sales segment is expected to grow at a rate of 5% due to the increasing demand for smartphones and the company's strategy to expand its retail presence. The growth will also be driven by the launch of new mobile devices and the company's efforts to improve its customer service.

Datanet and Broadband Services

Expected Growth: 8.0%

The datanet and broadband services segment is expected to grow at a rate of 8% due to the increasing demand for high-speed internet services and the company's efforts to expand its fiber-optic network coverage. The growth will also be driven by the increasing adoption of online services and the company's strategy to offer bundled services to customers.

7. Detailed Products

Mobile Network Services

Advanced Info Service provides mobile network services including 2G, 3G, and 4G connectivity to individual and business customers.

Fixed Broadband Services

AIS offers fixed broadband services, including fiber-optic and DSL connections, for high-speed internet access.

Digital Services

AIS provides digital services, including AIS Play, a streaming service, and AIS Fibre, a fiber-optic internet service.

Enterprise Solutions

AIS offers enterprise solutions, including IoT, cloud, and cybersecurity services, to businesses and organizations.

International Roaming Services

AIS provides international roaming services, allowing customers to stay connected while traveling abroad.

8. Advanced Info Service Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Advanced Info Service Public Company Limited is medium due to the presence of alternative telecommunications services such as fixed-line phones and internet services.

Bargaining Power Of Customers

The bargaining power of customers for Advanced Info Service Public Company Limited is low due to the lack of switching options and the company's strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Advanced Info Service Public Company Limited is medium due to the presence of multiple suppliers and the company's dependence on them for network equipment and services.

Threat Of New Entrants

The threat of new entrants for Advanced Info Service Public Company Limited is low due to the high barriers to entry in the telecommunications industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Advanced Info Service Public Company Limited is high due to the presence of multiple competitors in the Thai telecommunications market, including True Corporation and dtac.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 72.80%
Debt Cost 3.95%
Equity Weight 27.20%
Equity Cost 4.05%
WACC 3.97%
Leverage 267.64%

11. Quality Control: Advanced Info Service Public Company Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Orange

A-Score: 7.2/10

Value: 6.3

Growth: 3.9

Quality: 4.4

Yield: 9.4

Momentum: 9.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
AT&T

A-Score: 7.0/10

Value: 7.1

Growth: 2.6

Quality: 5.7

Yield: 9.0

Momentum: 8.5

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Verizon

A-Score: 6.9/10

Value: 7.0

Growth: 3.1

Quality: 5.5

Yield: 10.0

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Comcast

A-Score: 6.5/10

Value: 8.4

Growth: 5.2

Quality: 8.0

Yield: 7.0

Momentum: 1.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
AIS

A-Score: 6.5/10

Value: 2.7

Growth: 5.4

Quality: 6.2

Yield: 5.8

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Vodafone

A-Score: 6.1/10

Value: 9.4

Growth: 1.2

Quality: 2.0

Yield: 8.8

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.05$

Current Price

8.05$

Potential

-0.00%

Expected Cash-Flows