Financials Advanced Info Service Thailand S.E.

Equities

ADVANC-R

TH0268010R11

Wireless Telecommunications Services

End-of-day quote Thailand S.E. Other stock markets 03:30:00 15/07/2024 am IST			5-day change	1st Jan Change
223 ^THB	+0.90%		+4.69%	+2.76%

12:53am	Correction: Thai Court Dismisses National Telecom Appeal Against Decision on SingTel Unit Arbitration Award	MT
15/07	Thai Court Dismisses National Telecom Appeal Against Decision on SingTel Unit Arbitration Award	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,33,287	5,23,346	6,84,003	5,79,971	6,45,404	6,63,249	-	-
Enterprise Value (EV) ¹	7,07,694	6,61,338	8,10,227	6,99,374	8,73,043	8,95,969	8,68,877	8,43,754
P/E ratio	20.3 x	19.1 x	25.4 x	22.3 x	22.2 x	20.9 x	18.7 x	17.1 x
Yield	3.45%	3.93%	3.34%	3.94%	3.97%	4.22%	4.69%	5.17%
Capitalization / Revenue	3.5 x	3.03 x	3.77 x	3.13 x	3.42 x	3.16 x	3.08 x	3.03 x
EV / Revenue	3.91 x	3.83 x	4.47 x	3.77 x	4.62 x	4.27 x	4.04 x	3.86 x
EV / EBITDA	9.03 x	7.4 x	8.86 x	7.78 x	9.33 x	8.41 x	7.86 x	7.39 x
EV / FCF	13.2 x	11.5 x	13.3 x	14.2 x	17.3 x	16.4 x	16.6 x	14.8 x
FCF Yield	7.57%	8.71%	7.51%	7.02%	5.79%	6.11%	6.03%	6.76%
Price to Book	9.14 x	6.93 x	8.37 x	6.77 x	7.12 x	7.05 x	6.68 x	6.13 x
Nbr of stocks (in thousands)	29,73,179	29,73,554	29,73,926	29,74,210	29,74,210	29,74,210	-	-
Reference price ²	213.0	176.0	230.0	195.0	217.0	223.0	223.0	223.0
Announcement Date	06/02/20	08/02/21	07/02/22	09/02/23	06/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,80,894	1,72,890	1,81,333	1,85,485	1,88,873	2,09,639	2,15,064	2,18,641
EBITDA ¹	78,338	89,385	91,408	89,862	93,527	1,06,584	1,10,496	1,14,131
EBIT ¹	41,109	37,543	38,034	36,960	40,646	46,768	50,336	53,516
Operating Margin	22.73%	21.72%	20.97%	19.93%	21.52%	22.31%	23.41%	24.48%
Earnings before Tax (EBT) ¹	37,402	32,526	32,894	32,182	35,998	39,226	43,469	47,951
Net income ¹	31,190	27,434	26,922	26,011	29,086	31,780	35,398	38,888
Net margin	17.24%	15.87%	14.85%	14.02%	15.4%	15.16%	16.46%	17.79%
EPS ²	10.49	9.230	9.050	8.750	9.780	10.69	11.90	13.08
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	54,735	52,433	57,044
FCF margin	29.63%	33.3%	33.56%	26.46%	26.77%	26.11%	24.38%	26.09%
FCF Conversion (EBITDA)	68.42%	64.41%	66.57%	54.62%	54.05%	51.35%	47.45%	49.98%
FCF Conversion (Net income)	171.85%	209.86%	226.01%	188.71%	173.8%	172.23%	148.12%	146.69%
Dividend per Share ²	7.340	6.920	7.690	7.690	8.610	9.400	10.46	11.53
Announcement Date	06/02/20	08/02/21	07/02/22	09/02/23	06/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	85,101	-	50,338	45,279	45,273	90,552	46,234	48,699	46,712	44,774	46,069	51,318	53,293	50,549	1,03,727	51,597	54,400	-	-
EBITDA ¹	45,147	-	22,790	22,433	22,376	44,809	22,127	22,926	22,596	23,296	23,649	23,986	27,768	27,802	-	-	-	-	-
EBIT ¹	19,278	-	9,244	9,064	9,184	18,247	8,905	9,807	9,441	10,159	10,805	10,241	12,529	12,224	25,273	10,457	8,437	-	-
Operating Margin	22.65%	-	18.36%	20.02%	20.29%	20.15%	19.26%	20.14%	20.21%	22.69%	23.45%	19.96%	23.51%	24.18%	24.36%	20.27%	15.51%	-	-
Earnings before Tax (EBT) ¹	16,503	-	8,387	7,855	7,773	15,628	7,443	9,111	8,354	8,905	10,035	8,704	10,444	10,462	-	-	-	-	-
Net income ¹	13,757	13,685	6,863	6,311	6,305	12,616	6,032	7,363	6,757	7,180	8,146	7,003	8,451	8,461	17,181	7,831	8,066	-	-
Net margin	16.17%	-	13.63%	13.94%	13.93%	13.93%	13.05%	15.12%	14.46%	16.04%	17.68%	13.65%	15.86%	16.74%	16.56%	15.18%	14.83%	-	-
EPS ²	4.630	4.600	2.310	2.120	2.120	4.240	2.030	2.480	2.270	2.410	2.740	2.350	2.840	2.776	-	2.660	2.800	3.590	3.280
Dividend per Share ²	-	3.450	4.240	-	3.450	-	-	4.240	-	4.000	-	4.610	-	4.871	-	-	4.871	-	5.639
Announcement Date	06/08/20	03/08/21	07/02/22	10/05/22	08/08/22	08/08/22	03/11/22	09/02/23	08/05/23	07/08/23	30/10/23	06/02/24	30/04/24	-	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,407	1,37,992	1,26,224	1,19,403	2,27,640	2,32,720	2,05,628	1,80,505
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9498 x	1.544 x	1.381 x	1.329 x	2.434 x	2.183 x	1.861 x	1.582 x
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	54,735	52,433	57,044
ROE (net income / shareholders' equity)	49.2%	37.9%	34.2%	31%	33%	34.6%	36.4%	37.3%
ROA (Net income/ Total Assets)	10.8%	8.58%	7.62%	7.5%	7.35%	7.02%	7.97%	8.97%
Assets ¹	2,90,082	3,19,919	3,53,198	3,46,632	3,95,742	4,52,526	4,44,207	4,33,529
Book Value Per Share ²	23.30	25.40	27.50	28.80	30.50	31.70	33.40	36.40
Cash Flow per Share ²	25.80	28.80	29.10	27.40	29.50	33.10	34.20	33.40
Capex ¹	23,029	28,057	25,786	32,319	37,088	28,727	28,407	31,239
Capex / Sales	12.73%	16.23%	14.22%	17.42%	19.64%	13.7%	13.21%	14.29%
Announcement Date	06/02/20	08/02/21	07/02/22	09/02/23	06/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Advanced Info Service

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

223 THB

Average target price

258.2 THB

Spread / Average Target

+15.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
T-MOBILE US	+13.36%	214B
SOFTBANK GROUP CORP.	+82.66%	106B
KDDI CORPORATION	+0.47%	59.69B
CHINA UNICOM HONG KONG LIMITED	+50.82%	28.81B
VODAFONE GROUP PLC	+1.66%	24.1B
TELENOR ASA	+5.15%	15.55B
VODACOM GROUP LIMITED	-6.20%	10.56B
TAIWAN MOBILE CO., LTD.	+2.43%	9.37B
TRUE CORPORATION	+80.20%	8.7B

Other Wireless Telecommunications Services