Advanced Info Service Public Company Limited

Gulf Development Public Company Limited (GULF) plans to offer four tranches of debentures and digital debentures, with tenors of 4-10 years, to the general public between October 19-21, 2026. The debentures have been rated "AA-" with a "Stable" outlook by Tris Rating, reflecting the strength of its energy and infrastructure businesses, as well as stable dividend income from its stake in Advanced Info Service (ADVANC). Tranches 1, 2, and 4 will be offered through eight leading financial institutions at a price of 1,000 baht per unit, with a minimum subscription of 100,000 baht. Tranche 3 (digital debentures) will be offered through Krungthai Bank's "Paotang" application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per transaction. The company plans to use the proceeds to repay maturing debentures and to support investments in renewable energy and digital infrastructure, such as data centers, cloud, and AI. For the second quarter of 2026, the company reported a record core profit of 12.332 billion baht, up 74% from the same period last year, and total revenue of 50.294 billion baht, up 24%.

GULF expects continued growth in H2 performance due to rising electricity demand from data center and electric vehicle expansion. It plans to commercially operate new power plants with a combined capacity of about 700 megawatts, including six solar and solar-plus-battery projects totaling 623 megawatts, which will gradually reach COD in September, November, and December, adding 600 million baht in annual profit. This includes the Chiang Mai community waste-to-energy plant (10 megawatts) slated for operation in October 2026, contributing 120 million baht annually, and 60-70 megawatts of rooftop solar under GULF1. The LNG import business is expected to import 5 million tons, generating 1.5 billion baht in profit, along with increased profit sharing from ADVANC. This year, total revenue and EBITDA are expected to grow 12-15%. The company also unveiled a five-year investment plan (2026-2030) worth 130-140 billion baht, focusing on renewable energy, natural gas power plants, LNG terminals, and digital businesses under Gulf Edge, such as data centers, cloud, and AI, as well as the Laem Chabang deep-sea port Phase 3 project. It plans to offer 20 billion baht in bonds in October 2026 to institutional, high-net-worth, and retail investors, including via the Paotang app, to refinance existing bonds and fund working capital and business expansion, with emphasis on overseas projects and data centers.

The National Innovation Agency (NIA) hosted the GLOBAL STARTUP HUB DEMO DAY 2026, bringing together 30 selected startups in the fields of AI, IoT, Semiconductor, EV & Mobility, Energy Tech, and Climate Tech & Sustainability to present results after business matching with over 60 large corporations. The goal is to drive them toward Proof of Concept (PoC) testing with leading organizations such as Thailand Post, Central Retail, PTT, Thai Oil, and AIS, aiming to reduce industrial risks and create shortcuts to sales and commercial investment. Dr. Krishpaka Boonfueng, Director of NIA, stated that this project is a mechanism under the Groom – Grant – Growth – Global approach to enhance the business readiness and international market readiness of Thai startups. The PoC process will allow startups to validate their technology against real-world challenges and establish reference cases for future market expansion.

Analysts from Krungsri Securities Public Company Limited expect that the profits of ADVANC and TRUE in the third quarter of 2026 will grow compared to the same period last year, driven by price adjustments and cost control, especially marketing expenses, despite fragile purchasing power. They maintain a positive view on the industry group, even though it grew strongly by 100% in 2024 and 47% in 2025, but they expect the group's profits to grow another 23% in 2026 and 9% in 2027. ADVANC is expected to grow 16% in 2026 and 4% in 2027, while TRUE will stand out with growth of 40% in 2026 and 20% in 2027, as TRUE still has more room to reduce expenses. Although ADVANC's quarterly profit of 13 billion baht is double TRUE's 6.4 billion baht, the brokerage prefers TRUE as a laggard play in terms of both valuation and dividends, and views the recent price decline due to higher bond yields as a buying opportunity.

ADVANC continues to maintain its market leadership while generating revenue from new services. The company aims to sustain its mobile business revenue share at around 51% and increase its Broadband revenue share from 53% in 2025 through enhancing customer quality, utilizing data and AI, and controlling costs. It expects to save approximately 1 billion baht from its original investment plan. Meanwhile, the 3BB system will be integrated into AIS within 4Q26, which will improve operational efficiency and customer management on a single platform. The new S-Curve will come from Digital Infrastructure and Enterprise Solutions. ADVANC holds a 39% stake in GSA Data Center, together with GULF and OR, and has already launched its first data center in Thailand, with a second one planned for 2027. Additionally, it is developing a Cloud Managed Platform to support Hybrid/Multi-cloud and Sovereign Cloud for enterprise customers, which will increase the Enterprise revenue share in the medium term. For Digital Content, it will cease exclusive EPL content through JAS after the current season ends and prepare to launch a new sports package with MONOMAX at 299 baht per month for non-AIS customers. In the short term, there are catalysts from the iPhone 17 and cost control. The dividend policy remains strong, with the company in discussions with Apple to increase the proportion of eSIM-supported devices in 4Q26, which will reduce SIM card costs and enhance service flexibility. The dividend payout is expected to be around 95%, with potential to reach 100% if there are no additional investment needs. Estimated DPS for 2026-27 is 13.70 and 13.73 baht per share, respectively. The average target price from IAA consensus is 404 baht. ADVANC is viewed as a defensive stock with high earnings visibility, supported by maintaining market leadership, cost control, and the expansion of Data Center/Cloud businesses. Recommendation: "Accumulate." On the technical side, in the short term, it is forming a Double Bottom support at 357, holding above it steadily, with buying pressure from DOJI candlesticks. Intraday resistance is the SMA5 acting as a downward trend line at 362; breaking and holding above it is a buy signal, ending the downtrend pattern. The main resistance levels to test to close the gap are 366/370, respectively. ASL advice: If you "hold shares," hold or buy more, with potential to test resistance at 362/366/370. If you "do not hold shares," buy for the short term, focusing on holding support at 357/352, and should not fall below.

AIS has launched a new international roaming eSIM service called AIS eZY2Fly eSIM, built around the idea of freedom to connect on the best network. Travellers can choose their own internet package, with both Unlimited Plan and Flexi Plan options that let them select the number of days and data volume to match actual usage, covering more than 181 countries worldwide, with 5G connectivity in over 120 countries. The service also includes 24-hour support from the AIS Call Center 1175, with no charge for calls made from abroad. AIS has also partnered with leading brands such as iQIYI, Viu, WeTV, Grab, King Power, Central, Dairy Queen, MSIG, AirAsia, Hungry Hub and JSBC to offer special privileges across transport, shopping, duty free, entertainment, food, beverages and insurance, along with package discounts of up to 50 percent from 24 August to 31 December 2026.

Mr. Sarath Ratanavadi, Vice Chairman of Advanced Info Service Public Company Limited, or ADVANC, purchased 1,000,000 ADVANC shares through the stock exchange on 18 August 2026 at an average price of 372.00 baht, worth a total of 372 million baht. The transaction was executed through Bualuang Securities Public Company Limited. The purchase took place before the shares went ex-dividend, or XD, on 19 August, entitling him to receive a dividend for the operating period from 1 January 2026 to 30 June 2026 at a rate of 8.69 baht per share, which the company will pay on 3 September, amounting to approximately 8.69 million baht in total dividends.

AIS has joined forces with Buriram United to announce a strategic partnership to upgrade its 5G Advanced network to cover every district in Buriram province by the end of August 2026, while offering exclusive benefits to customers and football fans throughout the 2026/27 season, which kicks off on 4 September 2026. Benefits include a free season ticket worth 5,000 baht for customers on 5G VIP Ultra packages and AIS 3BB FIBRE3 home internet packages of 799 baht or more, a free match shirt worth 840 baht for PLAY ALL packages, up to 50% off match tickets via the myAIS app, and the use of AIS Points to redeem discounts on merchandise and at local shops. The partnership also covers the installation of high-speed internet at Chang Arena and the training camp, as well as community activities such as AIS Football Clinic 2026 and the Green Stadium project.

PTT remains the champion for the highest net profit in the first six months of 2026, with net profit of 78.263 billion baht, surging 74.50% from the same period last year, reflecting a strong recovery in the energy and petroleum business. PTTEP follows in second place with profit of 39.03245 billion baht, up 29.78%, while ADVANC continues to stand out in the telecom group with profit of 27.21151 billion baht, growing 26.18%. As for DELTA, despite having the highest market value of more than 3.34 trillion baht, it posted a first-half profit of 15.15577 billion baht, up 49.80% from the same period last year. TRUE is another company worth watching, because this time it recorded net profit of 13.14285 billion baht with a strong growth rate of 258.60%, reflecting the results of the merger and cost management that are beginning to show full effect. However, for GULF, although its net profit figure declined significantly, a closer look inside shows that in the second quarter of 2025 it booked a special gain from the business combination with INTUCH of 56.12 billion baht. Therefore, if counting only operating profit, it would be 21.659 billion baht, up 59.2% compared with the same period last year.

Onyx Hospitality Group has adopted AIS Cloud powered by Oracle Cloud Infrastructure, Thailand's first hyperscale cloud, to reinforce its digital foundation and connect its headquarters and hotels across the Asia-Pacific region for efficient collaboration. Mr. Pipat Khanonvech, Vice Chairman of the Information Technology Division, said the company manages hotels, resorts, serviced apartments, and luxury residences under the Amari, OZO, Shama, and Oriental Residence brands, with a goal of becoming the best mid-sized hospitality management company in the Asia-Pacific region. AIS Cloud supports large-scale data processing, covering ERP systems, data analytics, and hotel operating systems, and can be extended to AI and automation, helping Onyx expand from more than 45 properties to over 70 by 2030. Mr. Phupha Ekavipat, Head of Enterprise Business at Advanced Info Service, said AIS Business is developing AIS Cloud as a hyperscale cloud service from a Thai provider that understands the Thai business context and is ready to support Onyx's sustainable growth both domestically and internationally.

Asia Plus Securities said the combined net profit of 277 Thai listed companies in the second quarter of 2026 came in 11.8% above market expectations, a factor supporting the SET Index's tendency to swing upward and test resistance at 1,630 points this week. Companies that reported standout earnings included CENTEL, BA, SPALI, BCP, SCC, PTTGC, SJW, ITC, SCGP, PTTEP, GULF, TTB, KTB and KCE, and this is expected to lead to upward revisions in market earnings estimates in the next phase. Asia Plus Securities recommends a Selective Buy strategy, naming ADVANC, HANA and SPALI as top picks for the day. It noted that ADVANC is attractive for its interim dividend yield of 2.3% of the market price. HANA's second-quarter results are expected to recover both quarter-on-quarter and year-on-year, and it is benefiting from being selected for the latest MSCI Small Cap Index. SPALI reported second-quarter net profit above expectations and announced an interim dividend of 0.55 baht per share, representing a yield of 3.5%.

Kasikorn Securities said second-quarter 2026 results for the ICT sector were strong, with ADVANC and TRUE posting combined core profit of about 20 billion baht, up 33.9% from a year earlier and 3.3% from the previous quarter, beating the research team's estimate by 3.4%. ADVANC reported core profit of about 13 billion baht, up 24.3% year-on-year and 2.1% quarter-on-quarter, beating the estimate by 3.9%. TRUE reported core profit of about 6.4 billion baht, up 60.1% year-on-year and 6% quarter-on-quarter, beating the estimate by 2.4%. Kasikorn Securities favours TRUE over ADVANC on three main factors: a clear focus on core business, management targets that reflect strong growth momentum in the second half of 2026, and a forecast that TRUE's core profit in 2027 will grow 14.9%, compared with 10.35% for ADVANC. It also recommends watching two factors for entry timing in TRUE: the case of China Mobile selling TRUE shares through a big lot transaction, and moments when TRUE's share price weakens below the 12.50 to 13.00 baht level.

J.P. Morgan has raised its target price for ADVANC by 5.9% to 430 baht from 406 baht, viewing ADVANC as a leader in Thailand's telecom and platform sector with continued growth. Foreign investors are starting to pay attention to ADVANC's data center business, which is in its early stages and could be reflected in the valuation ahead of time. Meanwhile, KGI maintains an Outperform rating and has raised its 2026 target price to 425 baht from 421 baht, based on second-quarter 2026 net profit of 13.72 billion baht, up 24.9% year on year, and six-month net profit of 27.21 billion baht, up 26.2% year on year. The company also announced a first-half dividend of 8.69 baht per share, representing a dividend yield of 2.3%, with the ex-dividend date set for August 19, 2026.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

ADVANC announced it is maintaining its 2026 core service revenue growth target of 3 to 5 percent and EBITDA growth of 2 to 4 percent, even though first-half results exceeded that range. Second-quarter 2026 net profit came in at 13.716 billion baht, up 25 percent from a year earlier, while EBITDA stood at 32.939 billion baht, an increase of 8.8 percent year on year. The company said it remains cautious about economic uncertainty and consumer purchasing power, and will accelerate network and IT system investment in the second half, keeping its full-year capital expenditure budget at 30 to 35 billion baht. The cloud and data center business, which accounts for roughly 40 percent of enterprise revenue excluding mobile services, continues to grow at a double-digit pace, and the company is pressing ahead with a three-to-five-year strategy to become an intelligent infrastructure provider.

Krungsri Securities reports that ADVANC posted a net profit of 13.7 billion baht in the second quarter of 2026, up 25% from a year earlier and 1.6% from the previous quarter, beating market estimates by 2%. The result was supported by an 11% quarter-on-quarter decline in selling and administrative expenses, thanks to a one-time reversal of fixed broadband business restructuring costs. Mobile and fixed broadband revenues grew strongly by 6% and 8% year-on-year respectively. The company also announced an interim dividend of 8.69 baht per share, with the ex-dividend date on 19 August, representing a yield of 2.3% for a two-week holding period. The research team maintains its 2026 earnings per share growth forecast at 15.9% and keeps a buy rating, while raising the target price to 430 baht from 417 baht, citing an attractive annual dividend yield of 4.5% with an upward trend.

Gulf Energy Development Public Company Limited, or GULF, reported a record-high operating profit of 12.3 billion baht in the second quarter of 2026, up 74% from the same period last year, driven by its energy business and share of profit from ADVANC. In the second half, it plans to start commercial operation of an additional 700 megawatts of power plants and targets 12-15% growth in total revenue and EBITDA this year. ADVANC announced a second-quarter 2026 profit of 13.7 billion baht, up 25%, with its 5G user base surpassing 19.7 million and an interim dividend of 8.69 baht per share. TRUE is still awaiting clarity on the China Mobile issue. OR swung to a loss of over 1.77 billion baht in the second quarter of 2026 due to inventory valuation losses from falling global oil prices, even though revenue grew to 205 billion baht and Cafe Amazon achieved record sales of 117 million cups. MEDEZE reaffirmed its leadership in stem cell banking with international standards. NER is confident that third-quarter 2026 results will recover in line with rubber prices, despite cutting its sales volume target to 440,000-450,000 tons while maintaining its 2026 revenue target of 30 billion baht. KUN reported first-half revenue of 278 million baht, up 40%, driven by demand for detached houses priced at 5 million baht and above. TEKA reported a 66.8% surge in first-half 2026 profit to 40.46 million baht, with revenue exceeding one billion baht. SYNEX announced a second-quarter 2026 net profit of 224 million baht, up 17.8%, and an interim dividend of 0.10 baht per share, with the XD date set for August 19. PCE is confident that the palm oil industry will be supported by global palm prices and B7-B20 policies. TMI is accelerating resolution of power plant issues and sustaining its lighting equipment business. SPVI is unfazed by Apple's iPhone price adjustments, noting that it supports margins through selling price adjustments. POLY is benefiting from TOYOTA's sales dominance in the Thai auto market, pushing the revenue share of its automotive group past 60%. ALPHAX is expanding into the Lao financial sector with digital transformation and AI. AURA is preparing to offer its first bond issuance of 2026 to expand its gold ornament sale-with-repurchase portfolio.

Gulf Energy Development Public Company Limited, or GULF, reported second-quarter 2569 net profit rose 36.5 percent from the previous quarter to 12.4 billion baht, slightly above market expectations. The result was supported by core profit increasing 32.2 percent from the prior quarter to 12.3 billion baht, a record quarterly high, driven by higher dividend income of 2.8 billion baht following the main dividend payment cycle of Kasikornbank, as well as other income surging 240.5 percent from the previous quarter to 2.2 billion baht, mainly from a 1.9 billion baht gain on the sale of a 51 percent stake in the Pak Lay power plant. Overall electricity sales volumes also rose from both IPP and SPP power plants as the government called for more power during the summer. However, pressure came from weaker margins at SPP plants due to higher natural gas costs, and a slight dip in profit share from associates as wind power plants saw lower wind speeds and SPP plants posted lower profits, even though profit share from ADVANC, Jackson, and PTTNGD increased. The analyst team maintained its full-year 2569 core profit forecast at 38 billion baht, up 32 percent from the previous year, and kept a buy rating with a year-end 2570 target price of 80 baht.

Advanced Info Service, or AIS, reported a second-quarter 2026 net profit of 13.716 billion baht, up 25% from the same period last year and up 1.6% from the previous quarter. Total revenue came in at 56.497 billion baht, driven by the mobile business where revenue grew 6% from the second quarter of 2025 after 5G subscribers rose to 19.7 million numbers. The home broadband business under AIS 3BB FIBRE3 saw revenue grow 7.9% from a total customer base of 5.3 million subscribers. Meanwhile, the enterprise customer service business grew 2.8%, powered by cloud and data center momentum. AIS maintains its core service revenue growth target of 3% to 5% and EBITDA growth of 2% to 4% for 2026, with a capital expenditure framework of 30 billion to 35 billion baht to upgrade its intelligent digital infrastructure.

Krungsri Securities forecasts that GULF will report a second-quarter 2026 core profit of 11,554 million baht, up 63% from the same period last year, supported by dividend income from KBANK of about 2,800 million baht and improved profit contributions from power plants in the HKP and GJP groups, as well as continued growth at ADVANC. However, including an extraordinary gain from the sale of the Pak Lay hydropower project, net profit would be 13,354 million baht, down 79% from a year earlier but up 46% from the previous quarter. For the third quarter, core profit may decline from the second quarter as dividend income from KBANK will drop to around 400 to 500 million baht, but it should still grow year-on-year thanks to new renewable power plants coming online and profit contributions from ADVANC. Krungsri Securities maintains a buy rating with a target price of 74 baht, viewing GULF as a top pick benefiting from the data center theme and the new PDP plan, while also having high debt headroom of about 900 billion baht.

Dao Securities Thailand expects the SET Index to move sideways within a support range of 1,593 to 1,601 points and a resistance range of 1,615 to 1,623 points. Investors are awaiting progress in US-Iran negotiations and second-quarter 2025 earnings. The market has largely priced in the negotiation news but is still waiting for a concrete joint statement. Attention is also on ADVANC's earnings announcement today. Dao estimates second-quarter 2025 profit at 13.5 billion baht, up 25 percent from a year earlier and flat from the previous quarter, with good growth from a recovering gross margin after the end of the NT spectrum burden, though pressured by seasonal factors. Dao recommends buying ADVANC with a target price of 410 baht and expects a first-half 2025 dividend of 8.00 baht per share, representing a yield of about 2.2 percent. Meanwhile, foreign fund flows in August have seen net selling of Thai stocks totaling 7.73 billion baht, led by TRUE, which is in line with the region but with higher value, so the trend must be monitored going forward. If the index approaches support, it is an opportunity to accumulate stocks with good earnings.

Asia Plus Securities has raised its year-end target for the SET Index to 1,720 points from 1,580 points, viewing the Thai stock market as a high-dividend safe haven amid global volatility. Executive Director Therdsak Thaveeteeratham said a key driver is robust listed-company earnings, with full-year aggregate profit forecast at 1.2 trillion baht, or earnings per share of 95 baht, after the first quarter posted a record high of roughly 357 billion baht. Meanwhile, year-to-date net foreign buying stands at about 74 to 75 billion baht, only one-third of past inflow peaks, leaving room for further inflows. On strategy, the firm recommends pivoting to Domestic Play sectors that rely on the local economy, such as banks offering dividend yields above 4%, healthcare stocks especially BDMS with a dividend yield as high as 4%, telecoms like ADVANC and TRUE, as well as transport, logistics, and food sectors.

Gulf Development Public Company Limited, or GULF, is on track to post a new record high for core profit in the second quarter of 2026, with analysts forecasting core profit of 11.5 to 11.8 billion baht, a significant increase from both the same period last year and the previous quarter. Key drivers include the recognition of dividends from KBANK of approximately 2.8 billion baht, a gain from the sale of an investment in the Pak Lay hydropower project worth around 1.8 billion baht, and a growing share of profit from associates such as ADVANC. The large-scale power plant business also saw improved performance amid higher electricity demand during the hot season. Krungsri Securities has a target price of 74 baht, Kasikorn Securities 79 baht, Asia Plus Securities 80 baht, and Yuanta Securities the highest target at 91 baht, noting that GULF has an advantage in expanding its data center and AI businesses thanks to its ready land, power plants, and IT infrastructure.

Analysts at Yuanta Securities Thailand expect ADVANC to pay a dividend for 2026 of 16.8 baht per share, and for the first half of 2026 of 8.57 baht per share, based on a payout ratio of 95%. Meanwhile, TRUE's dividend forecast for 2026 has been raised to 0.64 baht per share, and for 2027 to 0.69 baht per share, which is about 26% above market expectations for 2026. They maintain a buy recommendation and a year-end 2026 target price of 18.60 baht per share. For ADVANC, the analyst keeps the 2026 normalized profit estimate at 52 billion baht, up 14% from the previous year, and recommends trading, based on a year-end 2026 target price of 390 baht per share.

Pi Securities notes that Bloomberg Consensus has raised its earnings forecasts for Thai listed companies to over 100 baht per share this year and 105 baht per share next year, reflecting that the market is starting to see a better earnings trend for Thai companies than previously expected. If earnings meet estimates and foreign capital inflows continue, the SET Index has a chance to move up and test the 1,650-point area, and if it breaks through, the next target assessed by many analysts around 1,700 points remains possible. With a more relaxed overall picture, Pi Securities still favors stocks benefiting from lower oil prices and the domestic economic recovery, especially MINT, CENTEL, as well as fundamentally strong stocks like ADVANC, which still have support from earnings performance and continued investment flows rotating into quality stocks.

Bualuang Securities expects the SET Index in August to move in a range of 1,600 to 1,700 points, supported by a broad-based earnings recovery, reflected in SET EPS being revised up by 4.2 percent in July and 6.3 percent year-to-date. Foreign investors bought a net 49 billion baht of Thai stocks in July and 76 billion baht year-to-date. Bualuang Securities recommends a Defensive Yield Core strategy combined with Satellite Alpha through four main themes. The first theme is Thailand Power Infrastructure Cycle, focusing on investment in transmission systems and renewable energy driven by data center electricity demand in the Eastern Economic Corridor reaching 26,045 megawatts. The government is preparing to invest 31 billion baht to expand the transmission system and plans to use remaining loan funds of around 200 billion baht to support solar rooftop and smart grid projects, benefiting stocks such as GULF and GUNKUL. The second theme is Higher for Longer Defensive-Dividend Rotation, focusing on high-dividend stocks amid high interest rates and geopolitical uncertainty, especially in the communications sector where earnings are still growing. ADVANC's second-quarter 2026 profit is expected to rise 24 percent year-on-year, and TRUE's by 48 percent year-on-year. The third theme is Policy-driven Tourism Recovery, focusing on the tourism sector which is expected to have passed its earnings trough in the second quarter of 2026, supported by government measures worth 1.75 billion baht, benefiting stocks such as ERW. The fourth theme is Selective Consumption Recovery, focusing on IT retail and beverage sectors that are still growing, with COM7 sales up 8 to 10 percent year-on-year, ADVICE up 13 to 15 percent year-on-year, and MOSHI expecting same-store sales growth of 4 percent, benefiting stocks such as CBG.

AIS Business has signed a memorandum of understanding with Huawei Cloud to combine world-class cloud capabilities and intelligent 5G solutions, propelling Thailand's industrial sector toward an AI-driven manufacturing base. Mr. Phupha Ekaviphat, Head of Enterprise Business Group at Advanced Info Service Public Company Limited, noted that the manufacturing sector accounted for approximately 25% of Thailand's GDP in 2024 and employed 16% of the workforce, or over 6.2 million people. This collaboration will develop an end-to-end digital infrastructure, from data connectivity via 5G Private Network and fiber to cloud computing with GPUs, enabling AI applications for smart manufacturing such as automated quality inspection, predictive maintenance, and digital twin systems. Ms. Celine Chew, Chief Executive Officer of Huawei Cloud Thailand, said the partnership lays a comprehensive digital foundation from data connectivity to real-world AI deployment, with AIS Business serving as a strategic local distributor partner.

Krungsri Securities expects the SET index to recover today, with resistance at 1,616 to 1,620 points and support at 1,587 to 1,584 points. The rebound is supported by the Dollar Index weakening to a one-month low, along with lower-than-expected US core PCE inflation and the first reading of second-quarter 2026 GDP, which are boosting sentiment in emerging stock markets. Investment momentum remains clear from both external and domestic sources. Recommended standout stocks include GULF, GPSC, and ADVANC.

Analysts expect second-quarter 2026 earnings for telecom stocks ADVANC and TRUE to remain outstanding. Krungsri Securities estimates ADVANC net profit at 13.6 billion baht, up 24 percent from a year earlier and 1 percent from the previous quarter, supported by service revenue and cost control, and projects an interim dividend of 8.60 baht per share with a target price of 417 baht. For TRUE, it forecasts net profit of 6.78 billion baht, surging 234 percent year-on-year and 3 percent quarter-on-quarter, with a chance to hit a new high from the mobile business, and gives a target price of 19 baht. Meanwhile, Kasikorn Securities expects ADVANC normalised profit at 13.1 billion baht, up 19.7 percent from a year earlier, with a target of 385.34 baht, and TRUE at 6.24 billion baht, up 77.4 percent, with a target of 16.77 baht, noting that TRUE offers wider upside than ADVANC at around 32 percent versus 11 percent.

AIS Business is advancing into the comprehensive smart building market to drive the development of all types of office buildings through solutions spanning from digital backbone and management systems to smart technologies. Mr. Phupha Ekaviphat, Head of Enterprise Business at Advanced Info Service Public Company Limited, revealed that Thailand's digital economy in 2026 is expected to be worth around 5.6 trillion baht, reflecting the importance of cloud, data, AI, IoT, and automation for the business sector. AIS Business has prepared solutions that enable organizations to fully leverage technology. Office buildings are critical infrastructure where people, systems, data, and technology work together every day. If a building is ready, businesses can operate continuously, securely, and support future growth. Additionally, data from JLL indicates that around 60% of office space in Bangkok and surrounding areas is over 20 years old, presenting a significant opportunity to upgrade existing buildings to meet modern business needs without the need for complete reconstruction. AIS Business has identified five key components of the digital backbone: a stable and continuously available core fiber network, backup internet for business continuity, comprehensive mobile signal coverage throughout the building, enterprise-grade Wi-Fi supporting a large number of users and devices, and infrastructure ready for future technologies. Once all five aspects of the digital backbone are in place, it will serve as the foundation for connecting various systems within the building to work together and be centrally managed, enhancing operational efficiency, elevating user experience, attracting quality tenants, and creating long-term property value, while supporting the development towards smart building and green building standards, which are crucial foundations for strengthening the capabilities of the business sector and Thailand's digital economy.

AIS has officially announced a strategic partnership with Buriram United to elevate the Thai football industry, combining its smart network, technology, and digital services with the strength of one of Thailand's top football clubs. This collaboration builds on AIS's role with the Football Association of Thailand in broadcasting Thai football at all levels, covering Thai League 1 to 3, cup competitions, and youth leagues. It will offer exclusive privileges, premium content, and digital lifestyle activities to customers and fans throughout the 2026/27 season, while jointly driving sustainability efforts in the environment, youth development, and community.

Bualuang Securities expects net profit of Thai listed companies in the second quarter of 2026 to expand 24 percent from the same period last year and rise 2 percent from the first quarter, supported by higher energy prices, petrochemical spreads, mobile and internet service revenue, lower network costs, demand for electronic components for artificial intelligence and data centers, as well as new power generation capacity and profits from GULF's overseas power plant business. Meanwhile, the meat sector is pressured by lower meat prices, the banking group by narrowing interest margins, and the hospital group by fewer cash-paying patients and a slowdown in non-urgent treatments. Bualuang Securities highlights two investment approaches: picking stocks with still-strong second-quarter profit trends such as PTT, PTTGC, TRUE, ADVANC, AMATA, GULF, GUNKUL, and WHAUP, and gradually accumulating stocks with weak prices but expected strong profit recovery in the second half, such as CBG, ERW, CPF, and BTG.

Globlex Securities expects the Thai stock index to move in a range of 1,600 to 1,650 points this week, with a downward trend in line with global markets. The main pressure comes from attacks on oil tankers in the Red Sea that have driven crude oil prices sharply higher, stoking inflation concerns and expectations of rising interest rates. Assistant Managing Director Vilasinee Boonmasungsong said the Houthi attacks on two Saudi Arabian oil tankers caused crude prices to spike and markets to worry about accelerating inflation again. On the domestic positive side, investment promotion applications in the first half of 2026 totaled more than 1.47 trillion baht, up 37 percent. In the United States, initial jobless claims fell to 187,000, and a nuclear cooperation agreement was reached with Saudi Arabia. However, negative factors remain from US trade policy, which imposes import tariffs on Thailand at a maximum rate of 12.5 percent, and the global interest rate outlook, with the FedWatch tool indicating an 83 percent chance of a Fed rate hike in September. Meanwhile, the VIX Index surged 12.38 percent to close at 18.70, reflecting market fragility. On investment strategy, Research Director Watcharin Jongyanyong recommends a defensive stance in five fundamentally strong stocks: ADVANC, AOT, BH, GULF, and KBANK.

AIS PLAY has launched a new package called PLAY ALL, the first in Thailand to combine sports and entertainment content from all networks at a price of 199 baht per month for AIS mobile and home internet customers. This package brings together world-class sports including Bundesliga football, NBA basketball, NFL American football, ATP tennis, and LPGA Tour, PGA Tour, and DP World Tour golf, along with club TV channels MUTV and Real Madrid TV, as well as Thai sports such as Muay Thai from Rajadamnern Stadium and Thai League football at all levels. It also features 24 premium global TV channels like Warner TV, Discovery, CNN, and BBC News. AIS mobile and home internet customers get a special price of 199 baht per month for 12 months, down from the regular 299 baht per month, or an annual plan at 1,999 baht, down from 2,999 baht. General customers can subscribe at 299 baht per month or 2,999 baht per year. Watch in Full HD on one device. Subscriptions are available from today until 30 September 2026.

Krungsri Securities, or KSS, assesses that the Thai stock market is in a consolidation phase, with resistance framed at 1,650 and 1,665 points and support at 1,630 and 1,626 points. This comes amid pressure from Brent crude oil prices surging past $100 per barrel, the US 10-year Treasury yield climbing to test 4.7%, its highest in 1 year and 7 months, and the baht weakening to a 15-month low of 33.82 per dollar. Also weighing are US import tariff measures under Section 301 at rates of 10 to 12.5% on 60 countries, effective from 24 July 2026, though the impact on Thailand is limited as key exports like electronic parts and semiconductors are not covered. KSS expects stocks in the energy, energy security, and commercial banking sectors to be the main pillars supporting the index. It recommends standout energy stocks including PTT, PTTEP, BCP, TOP, and SPRC. In banking, it recommends KBANK and KTB. In telecoms, it recommends ADVANC and TRUE. In construction, it recommends STECON, PYLON, and INSET. In industrial estates, it recommends AMATA and WHA.

AIS Business, together with Bridge Alliance and Thales, has launched the world's first multi-operator eSIM network for enterprise customers based on the GSMA SGP.32 standard, aiming to enhance IoT connectivity across the Asia-Pacific region. The project involves collaboration with four member operators of Bridge Alliance: AIS Thailand, Globe Telecom Philippines, Optus Australia, and Singtel Singapore, which jointly tested the platform until it was ready for commercial deployment. The platform enables enterprises to centrally manage connectivity, allowing devices to automatically select the most suitable network and switch operators without changing SIM cards. GlobalData forecasts that cellular IoT and machine-to-machine connections in the Asia-Pacific region will grow to 1.3 billion by 2030, and this solution will help reduce complexity and costs in cross-border connectivity management for businesses operating in multiple countries.