บทวิเคราะห์ (Research)

Reiterate BUY on strong growth and resilience We maintain BUY on ADVANC due to: i) strong core profit growth in 2Q25E (+29% YoY) and FY25E (+21% YoY); and ii) resilience to the weak economy as evidenced in rising mobile and FBB ARPUs. We forecast strong 2Q25 core profit (+29% YoY, +4% QoQ), supported by healthy revenue growth and declining costs. Strong profit growth should continue in 3-4Q25E thanks to ARPU growth and spectrum cost savings (starting in Aug ). Our DCF-based TP remains unchanged at THB320 (7.3% WACC, 2.0% TG).