The wait is over for investors as telecom stocks have reported their full Q1 2026 financial results, marking one of the key industries closely watched by the capital market due to its resilience to economic conditions and strong cash flow.
This reporting period is particularly interesting as it highlights the overall competition between the two remaining giants in the market.
TRUE has continued to generate profit for the fifth consecutive quarter since the merger, while ADVANC maintains its leadership with strong profit growth amid economic challenges.
Currently, there are two main telecom stocks playing a major role in the Thai stock market, each with distinct sizes and financial structures reflected in their market capitalization and financial ratios.
Comparing the current fundamental data reveals an interesting picture as follows.
ADVANC stock, or Advanced Info Service Public Company Limited (ADVANC)
TRUE stock, or True Corporation Public Company Limited (TRUE)
ADVANC shows strong 28% profit growth, excels in cost control, advances Data Center investments
ADVANC reported steady growth in Q1 2026 results, driven by core business and efficient cost management, with net profit of 13,496 million baht, up 28% year-on-year.
Total revenue was 58,197 million baht, up 3.4% year-on-year, with core service revenue at 44,849 million baht, growing 7% from last year due to strong data connectivity, along with reduced network and financial costs.
Mobile subscribers totaled 46.9 million, increasing 2.7% year-on-year, with the 5G subscriber base growing continuously to 18.5 million. Average revenue per user (ARPU) was 238 baht per month, up 4.2% from last year, driven by higher data usage and sales of premium packages.
Additionally, the company updated progress on the GSA02 Data Center project, sized at 38 megawatts, expected to begin service in 2027, and successfully issued its first US dollar bond worth 1 billion dollars to expand its capital base.
TRUE posts record high profit, fully benefiting from merger synergy
TRUE reported a record high net profit of 6,589 million baht in Q1 69, growing 303.3% year-on-year. This marks the fifth consecutive profitable quarter since the merger.
This was driven by recognition of post-merger benefits (synergy), disciplined cost management, and reduced network expenses following the acquisition of frequency licenses.
Total revenue stood at 46,393 million baht, down 9.8% year-on-year, mainly due to decreased network rental income after contract termination with NT. However, mobile service revenue grew 0.2% year-on-year to 32,739 million baht.
Mobile subscribers numbered 48.1 million, down 1.3% from the previous year, with 5G users at 18.4 million. Overall average revenue per user (ARPU) improved to 224 baht per month, up 4.5% year-on-year.
Ultimately, the battle between telecom stocks in the Thai market currently has "no clear winner or loser," as both giants offer distinct advantages catering to different investor preferences.
For investors seeking "stable" stocks focused on steady growth, market leadership, and strong profit and dividend bases, ADVANC may be the reassuring choice.
However, for those who favor "turnaround" stocks with rapid growth fueled by merger synergy and exponential profit increases, TRUE presents an equally compelling challenge.
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