บทวิเคราะห์ (Research)

ADVANC : Earnings result - Net profit beat estimates, but not core earnings We maintain a Buy rating for ADVANC with a higher TP of Bt305 (from Bt300) following the earnings upgrade, after adjusting for higher revenues from mobile and FBB units coupled with better cost control, especially in network opex. We don’t feel negative on the rise in SG&A costs since it rose along with better key operating metrics and revenue. We now project earnings would grow 20% yoy in FY24F and another 6.5% in FY25F, and ADVANC would offer 4% dividend yield.