Advanced Info Service Public Company Limited

Management did not state quarterly revenue or EPS figures in the transcript. They said second-quarter results exceeded guidance across all key financial metrics, with EBITDA margin and ROIC improving; ROIC was reported at 19%. Mobile data usage grew 16% year over year, 5G subscribers reached 19.7 million and were up 41% year over year, and first-half product sales grew 5.9%. Net debt-to-EBITDA was around 2x and average interest cost was around 2.6%. For the second half, management maintained full-year revenue growth and EBITDA guidance, but said results are likely to come nearer the upper end of guidance; they also expect higher expenses from IT spending, broadband integration and early virtual bank losses, while CapEx should continue in line with rising network capacity needs.

The CEO emphasized that AIS is prioritizing long-term competitiveness through network quality, content breadth, and digital services, even if that means accepting near-term cost pressure. He said the company is still integrating IT systems and broadband operations, launching new products and content bundles, and building the virtual bank and data center platform. His tone was upbeat on the business momentum but clearly cautious on the economy, geopolitics and second-half execution.

The CFO focused on the second-half cost build-up: IT spending is largely OpEx, broadband integration expenses will continue, and the virtual bank may contribute initial losses. He also said admin expense fell in Q2 because of a reversal of previously accrued restructuring costs, and that Q3/Q4 should return to a normal rate. On capital structure, he said interest-bearing debt could decline somewhat after the special dividend, but most debt is long term and will follow the repayment schedule; net debt-to-EBITDA was around 2x and average interest cost around 2.6%.

Analysts pressed management on why EBITDA guidance implies a weaker second half, and management said the guidance is conservative because of GDP uncertainty, purchasing power, war-related risks and higher handset/equipment costs. They also asked about broadband slowing versus peers, and management blamed integration work, weather and weaker economy, while saying the company still believes it can win share after integration is complete. On content, management said cheaper bundles like PLAY at THB 199 are meant to expand the market, not simply cannibalize existing packages, and that content should be profitable on a standalone basis. On Click and other new ventures, management said lending and deposit rollout are proceeding as planned, while bad-debt handling will be managed within the separate legal entity and credit framework.