The 2025 financial year has officially closed for two giants in Thailand's telecommunications sector: ADVANC and TRUE. This year can truly be called a "golden year" for communication stocks.
Both companies have shown remarkable profit growth, and the key highlight drawing investor attention is their substantial dividend announcements, reflecting strong cash flow positions.
Let's start with Advanced Info Service Public Company Limited (ADVANC) stock. The year 2025 marks a year of strength across all dimensions for ADVANC, with outstanding growth in both revenue and profit.
ADVANC recorded a net profit of 47,885.90 million baht in 2025, an increase of 36.5% compared to the previous year, mainly driven by total revenue expanding to 226,998 million baht alongside efficient cost management.
This resulted in an EBITDA growth of 8.6% to reach 123,270 million baht. Importantly, the EBITDA margin improved from 53.1% to 54.5%, demonstrating truly quality growth.
The most remarkable announcement was the final dividend payment (second half of 2025) of as much as 27.41 baht per share, with an XD date set for 27 Feb 2026. This payment includes a special dividend of 19.00 baht from retained earnings.
Including the interim dividend, ADVANC's total dividend payout for 2025 reached 34.30 baht per share, reflecting a strong financial position and abundant cash flow.
On the other hand, True Corporation Public Company Limited (TRUE) stock. The year 2025 marks an official "turnaround" for TRUE, clearly demonstrating that the merger is beginning to bear fruit.
TRUE reported a net profit of 9,240.46 million baht for 2025, growing over 184%, recovering from a loss of more than ten billion baht in 2024. Excluding special items, the normalized profit would be as high as 19,200 million baht.
An interesting point is the "stability" as TRUE has achieved consecutive quarterly net profits. EBITDA grew 7.0% to 105,026 million baht despite stable revenue, reflecting improved profitability and cost control post-merger.
Even though it just turned profitable, TRUE's board approved a final dividend of 0.12 baht per share with an XD date on 8 May 2026. The total dividend for the year is 0.31 baht per share, representing a dividend payout ratio exceeding 100% of net profit.
Yuanta Securities (Thailand) They recommend ADVANC as a "TRADING" stock with a fair price at the end of 2026 of 373.00 baht per share. Although the company’s normalized profit in Q4/25 grew 35% year-on-year, close to expectations, they raised the 2026 profit forecast by 4% to 52 billion baht to reflect continued growth targets.
Regarding ADVANC’s dividend payment of 27.41 baht per share (yielding 7.6%), including 8.41 baht from operations and a 19.00 baht special dividend, this is seen as a short-term positive catalyst for the share price.
However, the special dividend is a one-time event, and they assess that the current stock valuation is becoming stretched. Trading at a 2026 EV/EBITDA multiple that is no longer cheap, they recommend gradually taking profits if the share price rises significantly above fundamentals.
Meanwhile, Krungsri Securities Offers a positive view on TRUE stock, maintaining a "buy" recommendation and raising the target price to 19.00 baht following an analyst meeting revealing clear business direction. Management believes the bottom was passed in Q3/25, and Q4/25 marks the beginning of a new growth cycle after the merger.
They have raised 2026-2027 profit forecasts for TRUE by an average of 25% to reflect network expenses and service costs coming in lower than expected, forecasting 40% profit growth in 2026. TRUE has passed the peak investment phase in network upgrades, allowing significant reductions in capital expenditure.
Regarding dividends, TRUE has increased its payout policy to at least 70% of earnings (up from 60%) due to rising free cash flow. Krungsri estimates TRUE’s dividend yield will be high at 4.8% in 2026 and 6.6% in 2027, expected to surpass ADVANC.
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