We maintain our 2026-27 earnings forecasts at THB 54bn (+18% YoY) and THB 59bn (+9% YoY), respectively. We also maintain our 2027 target price of THB 428/share (DCF, WACC 6%).  
We maintain our “Buy” recommendation for ADVANC shares because 1) there are positive short-term factors from better-than-expected earnings, 2) earnings are on an upward trend in 4Q26, and 3) it is a stock with consistent and attractive dividends. We project a dividend yield of 5.1% for 2026 and expect it to increase to 5.3% in 2027, providing investment support during volatile market conditions.

Attached Documents :

ADVANC261104.pdf