บทวิเคราะห์ (Research)

Reiterate BUY with a slightly lower TP of THB311 We reiterate BUY on ADVANC due to: i) strong core profit growth (+17% YoY in 1Q25E and +12% YoY in FY25E); and ii) 4-5% dividend yields in FY25-26E. We trim our DCF-based TP to THB311 (7.4% WACC, 2% terminal growth) from THB312 after raising 1800MHz spectrum price by 17%. A downside risk is slow GDP growth while the potential upside is an auction delay (i.e. free-of-charge 2100MHz spectrum usage for a certain period of time).