บทวิเคราะห์ (Research)

EPL impact might be overhyped; maintain POSITIVE We maintain our POSITIVE view on the telecom sector due to strong FY25/26E core profit growth of 38%/11% (higher than SET’s 6%/6%) and ARPU resilience against macroeconomic headwinds. 700k EPL subscribers imply only 0.6% upside to ADVANC’s FY26E core profit. For TRUE, we expect the loss of EPL rights to be earnings-neutral, contrary to some investor concerns. TRUE remains our Top Pick thanks to stronger earnings growth in 3-4Q25E and FY26E and potential upside from opex savings after 3Q25. Potential re-rating catalyst for TRUE is QoQ recovery in 3Q25 core profit.