บทวิเคราะห์ (Research)

The outcome of the June 29 spectrum auction should boost sector sentiment, with ADVANC securing 30MHz of 2100MHz at disciplined pricing (+10%), signaling confidence in long-term capacity and reinforcing Thailand’s rare telco duopoly. We revise our 2025F–27F earnings forecasts for ADVANC up 1-3%, expecting continued QoQ and YoY profit growth, peaking in 4Q25F. With improved visibility, earnings momentum, and strong cost control, we upgrade the counter to Outperform, from Neutral, with a new target price of Bt315, Bt312. ADVANC’s resilient dividend and enhanced risk/reward make it an attractive play amid