บทวิเคราะห์ (Research)

Reiterate BUY with higher TP of THB319 We reiterate BUY on ADVANC due to: i) strong core profit growth (+27% YoY in 2Q25E and +21% YoY in FY25E); and ii) 4-5% dividend yields in FY25-26E. Following the stronger-than-expected 1Q25 core profit (+23% YoY, +5% QoQ), we raise FY25E core profit by 7%. We raise DCF-based TP to THB319 from THB312 thanks to earnings revisions and decrease in WACC to 7.26% from 7.36% (applying lower cost of debt of 3.0%). Potential re-rating catalysts are strong 2Q25E and mild bidding competition for 2100MHz spectrum on 29 Jun. Key risk is poor economic conditions amid global trade war.