Financials Advanced Info Service

Equities

ADVANC

TH0268010Z03

Wireless Telecommunications Services

End-of-day quote Thailand S.E. Other stock markets 23:00:00 02/05/2024 BST			5-day change	1st Jan Change
207 ^THB	0.00%		+6.15%	-4.61%

04-30	Transcript : Advanced Info Service Public Company Limited, Q1 2024 Earnings Call, Apr 30, 2024
04-30	Advanced Info Service Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	633,287	523,346	684,003	579,971	645,404	615,661	-	-
Enterprise Value (EV) ¹	707,694	661,338	810,227	699,374	873,043	846,756	821,594	798,282
P/E ratio	20.3 x	19.1 x	25.4 x	22.3 x	22.2 x	19.5 x	17.7 x	16.2 x
Yield	3.45%	3.93%	3.34%	3.94%	3.97%	4.48%	4.95%	5.29%
Capitalization / Revenue	3.5 x	3.03 x	3.77 x	3.13 x	3.42 x	2.95 x	2.87 x	2.82 x
EV / Revenue	3.91 x	3.83 x	4.47 x	3.77 x	4.62 x	4.06 x	3.83 x	3.66 x
EV / EBITDA	9.03 x	7.4 x	8.86 x	7.78 x	9.33 x	7.96 x	7.48 x	7.06 x
EV / FCF	13.2 x	11.5 x	13.3 x	14.2 x	17.3 x	17.7 x	16.1 x	14.4 x
FCF Yield	7.57%	8.71%	7.51%	7.02%	5.79%	5.65%	6.23%	6.95%
Price to Book	9.14 x	6.93 x	8.37 x	6.77 x	7.12 x	6.5 x	6.17 x	5.68 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	207.0	207.0	207.0
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	180,894	172,890	181,333	185,485	188,873	208,738	214,526	218,257
EBITDA ¹	78,338	89,385	91,408	89,862	93,527	106,358	109,787	113,105
EBIT ¹	41,109	37,543	38,034	36,960	40,646	46,424	49,682	52,713
Operating Margin	22.73%	21.72%	20.97%	19.93%	21.52%	22.24%	23.16%	24.15%
Earnings before Tax (EBT) ¹	37,402	32,526	32,894	32,182	35,998	39,159	43,034	47,004
Net income ¹	31,190	27,434	26,922	26,011	29,086	31,547	34,775	37,960
Net margin	17.24%	15.87%	14.85%	14.02%	15.4%	15.11%	16.21%	17.39%
EPS ²	10.49	9.230	9.050	8.750	9.780	10.61	11.71	12.79
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	47,860	51,149	55,471
FCF margin	29.63%	33.3%	33.56%	26.46%	26.77%	22.93%	23.84%	25.42%
FCF Conversion (EBITDA)	68.42%	64.41%	66.57%	54.62%	54.05%	45%	46.59%	49.04%
FCF Conversion (Net income)	171.85%	209.86%	226.01%	188.71%	173.8%	151.71%	147.08%	146.13%
Dividend per Share ²	7.340	6.920	7.690	7.690	8.610	9.268	10.25	10.95
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 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	51,043	51,597	54,400	-	-
EBITDA	45,147	-	22,790	22,433	22,376	44,809	22,127	22,926	22,596	23,296	23,649	23,986	27,768	-	-	-	-	-
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	10,345	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%	20.27%	20.27%	15.51%	-	-
Earnings before Tax (EBT)	16,503	-	8,387	7,855	7,773	15,628	7,443	9,111	8,354	8,905	10,035	8,704	10,444	-	-	-	-	-
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	7,218	7,117	7,330	-	-
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%	14.14%	13.79%	13.47%	-	-
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	2.659	2.687	2.887	3.590	3.280
Dividend per Share ²	-	3.450	4.240	-	3.450	-	-	4.240	-	4.000	-	4.610	-	4.427	-	4.427	-	5.193
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	137,992	126,224	119,403	227,640	231,095	205,933	182,621
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9498 x	1.544 x	1.381 x	1.329 x	2.434 x	2.173 x	1.876 x	1.615 x
Free Cash Flow ¹	53,598	57,573	60,848	49,086	50,553	47,860	51,149	55,471
ROE (net income / shareholders' equity)	49.2%	37.9%	34.2%	31%	33%	34%	35.5%	36.1%
ROA (Net income/ Total Assets)	10.8%	8.58%	7.62%	7.5%	7.35%	7.68%	8.22%	9.44%
Assets ¹	290,082	319,919	353,198	346,632	395,742	410,805	422,823	402,038
Book Value Per Share ²	23.30	25.40	27.50	28.80	30.50	31.90	33.50	36.40
Cash Flow per Share ²	25.80	28.80	29.10	27.40	29.50	31.60	33.80	32.80
Capex ¹	23,029	28,057	25,786	32,319	37,088	28,647	30,355	31,502
Capex / Sales	12.73%	16.23%	14.22%	17.42%	19.64%	13.72%	14.15%	14.43%
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

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

207 THB

Average target price

259 THB

Spread / Average Target

+25.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
ADVANCED INFO SERVICE	-4.61%	16.72B
AT&T INC.	+0.42%	121B
SOFTBANK GROUP CORP.	+23.84%	74.71B
KDDI CORPORATION	-1.43%	60.26B
VODAFONE GROUP PLC	-0.18%	23.26B
CHINA UNICOM HONG KONG LIMITED	+19.80%	22.99B
TELENOR ASA	+10.98%	16.52B
TAIWAN MOBILE CO., LTD.	+5.98%	9.79B
VODACOM GROUP LIMITED	-12.26%	9.72B
SK TELECOM CO., LTD.	+1.40%	7.98B

Other Wireless Telecommunications Services