Advanced Info Service Public Company Limited

Management did not state quarterly revenue or EPS numbers in the call. It said second-quarter performance beat guidance across key financial metrics, with EBITDA margin and ROIC reported at 19%, net debt-to-EBITDA around 2x, and average interest cost around 2.6%. Mobile data usage grew 16% year on year, 5G subscribers reached 19.7 million, up 41% year on year, and first-half product sales grew 5.9%. Management maintained full-year guidance for revenue growth and EBITDA, and said results should come nearer the upper end of the guidance range. For CapEx, management said spending will continue to support network infrastructure and that CapEx to revenue should average around 15%, not beyond.

The CEO emphasized that AIS is still seeing resilient demand for connectivity even in a fragile economy, helped by mobile data growth, 5G adoption, and improving ARPU trends in broadband and prepaid. He framed the company’s content and digital lifestyle strategy as a way to expand the market with attractive bundles, while keeping a focus on quality and affordability. Tone-wise, he was upbeat about first-half execution but cautious on the economic outlook, geopolitical risk, and second-half comparisons.

The CFO said second-half EBITDA will be weighed by IT spending tied to cloud-based systems and app consolidation, broadband integration costs, and some contribution from the virtual bank. He also noted that the 2Q admin expense decline was helped by a reversal of previously accrued restructuring costs, so the third and fourth quarters should move back toward a normal rate. On the balance sheet, he said interest-bearing debt could see some small decline after the April special dividend, but most debt is long term and will follow the repayment schedule.

Analysts pressed management on why full-year EBITDA guidance looked conservative versus strong first-half execution, and management replied that it is deliberately guiding cautiously because of uncertain GDP, purchasing power, war-related effects, and rising handset/equipment costs. They also asked about fixed broadband growth, where management said quarter-to-quarter noise is affected by weather, economy, and the ongoing integration, but that the company still sees itself as highly competitive and expects to improve after integration. On the content side, management said the new lower-priced sports bundles are intended to expand the market and be profitable on their own, while the EPL shift away from exclusivity should have only a small ARPU impact. Management also said the virtual bank is progressing as planned, but did not comment in detail on lending volumes or collections.