Financials Advanced Info Service

Equities

ADVANC

TH0268010Z03

Wireless Telecommunications Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
195 ^THB	-1.27%		-0.26%	-10.14%

Feb. 15	Transcript : Advanced Info Service Public Company Limited - Analyst/Investor Day
Feb. 07	Transcript : Advanced Info Service Public Company Limited, Q4 2023 Earnings Call, Feb 07, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	633,287	523,346	684,003	579,971	645,404	579,971	-	-
Enterprise Value (EV) ¹	707,694	661,338	810,227	699,374	873,043	813,796	763,640	776,038
P/E ratio	20.3 x	19.1 x	25.4 x	22.3 x	22.2 x	18.7 x	16.8 x	15.3 x
Yield	3.45%	3.93%	3.34%	3.94%	3.97%	4.67%	5.23%	5.57%
Capitalization / Revenue	3.5 x	3.03 x	3.77 x	3.13 x	3.42 x	2.79 x	2.71 x	2.68 x
EV / Revenue	3.91 x	3.83 x	4.47 x	3.77 x	4.62 x	3.92 x	3.57 x	3.58 x
EV / EBITDA	9.03 x	7.4 x	8.86 x	7.78 x	9.33 x	7.76 x	7.03 x	6.93 x
EV / FCF	13.2 x	11.5 x	13.3 x	14.2 x	17.3 x	16.3 x	15.6 x	14.6 x
FCF Yield	7.57%	8.71%	7.51%	7.02%	5.79%	6.14%	6.42%	6.84%
Price to Book	9.14 x	6.93 x	8.37 x	6.77 x	7.12 x	6.15 x	5.85 x	5.33 x
Nbr of stocks (in thousands)	2,973,179	2,973,554	2,973,926	2,974,210	2,974,210	2,974,210	-	-
Reference price ²	213.0	176.0	230.0	195.0	217.0	195.0	195.0	195.0
Announcement Date	2/6/20	2/8/21	2/7/22	2/9/23	2/6/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	180,894	172,890	181,333	185,485	188,873	207,795	213,853	216,698
EBITDA ¹	78,338	89,385	91,408	89,862	93,527	104,863	108,678	111,930
EBIT ¹	41,109	37,543	38,034	36,960	40,646	45,706	49,488	52,592
Operating Margin	22.73%	21.72%	20.97%	19.93%	21.52%	22%	23.14%	24.27%
Earnings before Tax (EBT) ¹	37,402	32,526	32,894	32,182	35,998	38,544	42,652	46,537
Net income ¹	31,190	27,434	26,922	26,011	29,086	31,105	34,517	37,668
Net margin	17.24%	15.87%	14.85%	14.02%	15.4%	14.97%	16.14%	17.38%
EPS ²	10.49	9.230	9.050	8.750	9.780	10.46	11.63	12.71
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	49,974	49,016	53,064
FCF margin	29.63%	33.3%	33.56%	26.46%	26.77%	24.05%	22.92%	24.49%
FCF Conversion (EBITDA)	68.42%	64.41%	66.57%	54.62%	54.05%	47.66%	45.1%	47.41%
FCF Conversion (Net income)	171.85%	209.86%	226.01%	188.71%	173.8%	160.66%	142%	140.87%
Dividend per Share ²	7.340	6.920	7.690	7.690	8.610	9.108	10.19	10.86
Announcement Date	2/6/20	2/8/21	2/7/22	2/9/23	2/6/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	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 Q3	2024 Q4	2025 Q1
Net sales ¹	85,101	-	42,377	50,338	45,279	45,273	90,552	46,234	48,699	46,712	44,774	46,069	51,318	52,892	51,043	51,597	53,789	-
EBITDA ¹	45,147	-	22,943	22,790	22,433	22,376	44,809	22,127	22,926	22,596	23,296	23,649	23,986	26,059	-	-	-	-
EBIT ¹	19,278	-	9,501	9,244	9,064	9,184	18,247	8,905	9,807	9,441	10,159	10,805	10,241	10,875	9,959	10,067	9,999	-
Operating Margin	22.65%	-	22.42%	18.36%	20.02%	20.29%	20.15%	19.26%	20.14%	20.21%	22.69%	23.45%	19.96%	20.56%	19.51%	19.51%	18.59%	-
Earnings before Tax (EBT) ¹	16,503	-	7,774	8,387	7,855	7,773	15,628	7,443	9,111	8,354	8,905	10,035	8,704	9,329	-	-	-	-
Net income ¹	13,757	13,685	6,374	6,863	6,311	6,305	12,616	6,032	7,363	6,757	7,180	8,146	7,003	7,178	7,218	7,117	7,330	-
Net margin	16.17%	-	15.04%	13.63%	13.94%	13.93%	13.93%	13.05%	15.12%	14.46%	16.04%	17.68%	13.65%	13.57%	14.14%	13.79%	13.63%	-
EPS ²	4.630	4.600	2.140	2.310	2.120	2.120	4.240	2.030	2.480	2.270	2.410	2.740	2.350	2.467	2.510	2.542	2.636	-
Dividend per Share ²	-	3.450	-	4.240	-	3.450	-	-	4.240	-	4.000	-	4.610	-	4.427	-	4.427	-
Announcement Date	8/6/20	8/3/21	11/1/21	2/7/22	5/10/22	8/8/22	8/8/22	11/3/22	2/9/23	5/8/23	8/7/23	10/30/23	2/6/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,407	137,992	126,224	119,403	227,640	233,825	183,669	196,067
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9498 x	1.544 x	1.381 x	1.329 x	2.434 x	2.23 x	1.69 x	1.752 x
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	49,974	49,016	53,064
ROE (net income / shareholders' equity)	49.2%	37.9%	34.2%	31%	33%	33.5%	35.5%	35.9%
ROA (Net income/ Total Assets)	10.8%	8.58%	7.62%	7.5%	7.35%	6.92%	7.88%	8.73%
Assets ¹	290,082	319,919	353,198	346,632	395,742	449,581	437,828	431,473
Book Value Per Share ²	23.30	25.40	27.50	28.80	30.50	31.70	33.30	36.60
Cash Flow per Share ²	25.80	28.80	29.10	27.40	29.50	28.60	30.30	31.40
Capex ¹	23,029	28,057	25,786	32,319	37,088	28,035	30,986	32,373
Capex / Sales	12.73%	16.23%	14.22%	17.42%	19.64%	13.49%	14.49%	14.94%
Announcement Date	2/6/20	2/8/21	2/7/22	2/9/23	2/6/24	-	-	-

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

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

195 THB

Average target price

256.2 THB

Spread / Average Target

+31.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
ADVANCED INFO SERVICE	-10.14%	15.66B
T-MOBILE US	+2.26%	193B
AT&T INC.	-0.18%	120B
SOFTBANK GROUP CORP.	+23.66%	72.46B
KDDI CORPORATION	-2.36%	57.97B
CHINA UNICOM HONG KONG LIMITED	+24.90%	23.92B
TELENOR ASA	+9.95%	16.07B
TAIWAN MOBILE CO., LTD.	+4.97%	9.6B
VODACOM GROUP LIMITED	-15.58%	9.2B
SK TELECOM CO., LTD.	+2.40%	7.93B

Other Wireless Telecommunications Services