บทวิเคราะห์ (Research)

NBTC’s draft public hearing for the 2025 spectrum auction suggests lower-than-expected reserve prices (50-60% below the historical starting price auctions), benefiting True Corporation (TRUE.BK/TRUE TB)* and Advanced Info Service (ADVANC.BK/ADVANC TB)*. The auction, likely in 2Q25, offers cost-saving opportunities, with TRUE potentially saving Bt4.5bn annually and ADVANC Bt1-1.5bn from spectrum lease substitutions. We maintain an Overweight call on the sector, favoring ADVANC (top pick) for stability and TRUE for greater cost synergies and upside potential. Key risks include court cases, integration costs, and competitive pressures.