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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 Delivers Strong 2025 Performance, Sets Stage for Continued Growth

AIS reported a robust financial performance in 2025, with net profit reaching THB 47.9 billion, up 37% year-on-year, and THB 46 billion normalized, up 32%. Earnings per share (EPS) came in at 0.129, beating analyst estimates of 0.1054. The company's core service revenue and EBITDA exceeded the upper end of guidance, driven by strong demand for connectivity across consumer data usage and enterprise digital connectivity. The EBITDA margin was healthy, supported by operational efficiency.

Publication Date: 08:08

📋 Highlights
  • Strong Profit Growth:: Net profit surged 37% YoY to THB 47.9 billion, with normalized profit up 32% to THB 46 billion.
  • Generous Dividend Payout:: Approved THB 15.30/share ordinary dividend (95% payout ratio) and THB 19/share special dividend, totaling over THB 50 billion in shareholder returns.
  • 5G Adoption Surge:: 5G subscribers hit 17.9 million (38% of total), up 50% YoY, with data consumption rising 16% to 34 GB/subscriber.
  • 2026 Guidance:: Targets 3-5% core revenue growth and 2-4% EBITDA growth, supported by THB 30-35 billion in CapEx and THB 8-10 billion in new investments (virtual bank, data centers).
  • ESG Leadership:: Maintained MSCI AA ESG rating and AAA from Stock Exchange of Thailand, reinforcing its position as a sustainability leader.

Operational Highlights

AIS's 5G adoption reached 17.9 million subscribers, or 38% of its subscriber base, growing nearly 50% year-on-year. Data consumption exceeded 34 gigabytes per subscriber, up 16% year-on-year. The broadband service grew steadily with subscribers exceeding 5.2 million and ARPU at THB 530, both up more than 4% year-on-year. The Enterprise business delivered double-digit growth, supported by strong connectivity demand.

Outlook and Guidance

AIS guided for 3-5% core service revenue growth and 2-4% EBITDA growth in 2026, with CapEx investment of THB 30-35 billion. The company expects to drive growth through expanding digital infrastructure, including data centers and cloud services. The revenue growth is expected to be lower this year due to macroeconomic headwinds, but AIS aims to grow its ARPU, with opportunities in mobile, broadband, and enterprise services.

Valuation and Dividend

At current levels, the stock trades at a P/E Ratio of 22.92 and a Dividend Yield of 3.42%. The Board approved an ordinary dividend of THB 15.30 per share, representing a 95% payout ratio, and a one-time special dividend of THB 19 per share. The company's capital management strategy aims to optimize its capital structure to provide an optimal return to shareholders and growth for the business.

Growth Initiatives

AIS is progressing well with its virtual bank initiative, targeting commercialization within 2026, and its data center business through GSA, with the first data center already commercialized and two more expected to be ready by 2027. The company is also exploring emerging technologies, including low earth orbit broadband satellite business and 6G technology, which may provide new opportunities for growth.

3. NewsRoom

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Advanced Info Service PCL (AVIFY) Q4 2025 Earnings Call Highlights: Strong Growth Amid Economic ...

01:06

Source:

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Netcracker Completes Major Revenue Management Upgrade and Large-Scale Cloud Deployment for AIS

Dec -09

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

Nov -05

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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

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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: 6.2

Growth: 3.9

Quality: 4.4

Yield: 9.4

Momentum: 9.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
AT&T

A-Score: 7.0/10

Value: 7.5

Growth: 2.6

Quality: 5.5

Yield: 9.0

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Verizon

A-Score: 6.9/10

Value: 8.0

Growth: 3.1

Quality: 5.8

Yield: 10.0

Momentum: 4.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Comcast

A-Score: 6.1/10

Value: 8.6

Growth: 5.2

Quality: 6.6

Yield: 7.0

Momentum: 1.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Vodafone

A-Score: 6.1/10

Value: 9.0

Growth: 1.2

Quality: 2.1

Yield: 8.1

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
AIS

A-Score: 5.8/10

Value: 2.9

Growth: 5.4

Quality: 6.4

Yield: 5.8

Momentum: 4.0

Volatility: 10.0

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

9.65$

Current Price

9.65$

Potential

-0.00%

Expected Cash-Flows