Advanced Info Service Public Company Limited AVIFY

Communication ServicesTelecommunications ServicesThailand

Last close 9.80 USD on Nov 2, 2026, +28.6% year to date

Quant rating

Quant rating B Rank 38 of 152 in Communication Services

Growth C 99 of 152
Valuation C 82 of 152
Quality A 6 of 152
Revisions C 75 of 152
Momentum C 69 of 152

Wall Street consensus Buy (1.78)

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.7B
Enterprise value: 37.5B
52-week range: 7.79 – 12.80
3-year range: 4.86 – 12.80
Dividend yield: 5.47%
Beta (5 years): 0.16
Shares outstanding: 2,974M
Next earnings: Nov 2, 2026

About the company

Advanced Info Service Public Company Limited is a Thailand-based company, which is engaged in providing consulting and management services to its subsidiaries. The Company operates through three segments: Mobile phone services, Mobile phone and equipment sales and Datanet and broadband services. The Company’s subsidiaries include Advanced Contact Center Company Limited; Digital Phone Company Limited; Advanced Magic Card Company Limited; AIN GlobalComm Company Limited; Advanced Wireless Network Company Limited; Super Broadband Network Company Limited, and others. Advanced Wireless Network Company Limited is a service provider of cellular telephone networks, a distributor of handsets and international telephone service, network operator, telecommunication service operator and Internet. Super Broadband Network Company Limited is a network operator and telecom service operator, including as a service provider of a broadcasting network and television broadcasting service several channels.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,188	6,234	5,498	5,359	5,457	–
Revenue growth	15.3%	13.4%	2.6%	−1.8%	−5.2%	4.5%
EPS (basic, normalized)	0.52	0.35	0.28	–	–	–
EPS growth	48.8%	26.5%	–	–	–	–
Gross margin	39.7%	36.6%	33.6%	32.0%	33.0%	35.0%
Net margin	21.2%	16.4%	15.4%	14.0%	14.8%	16.4%
ROE	46.9%	37.4%	33.0%	31.1%	34.2%	36.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	430
Current ratio	0.40x
Long-term debt (mil)	6,882
Net debt (mil)	7,889
Total equity (mil)	1,575
Net debt / equity	5.01x
Net debt / EBITDA	2.02x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,188	+15.3%	5.2x	3,909	+22.5%	9.6x	0.52	+48.8%	18.9x
2026	6,975	−3.0%	5.4x	3,764	−3.7%	10.0x	0.53	+2.6%	18.4x
2027	7,252	+4.0%	5.2x	3,932	+4.5%	9.5x	0.57	+6.6%	17.3x
2028	7,499	+3.4%	5.0x	4,079	+3.7%	9.2x	0.59	+4.8%	16.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,975	0.0%	−0.3%	−0.4%	0.53	0.0%	+2.0%	+2.9%
2027	7,252	−0.2%	−0.8%	−0.8%	0.57	−0.5%	+0.7%	+1.3%
2028	7,499	−0.4%	−1.3%	−1.2%	0.59	−1.0%	−0.6%	+0.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	53,293	51,332	52,209	56,736	56,311	56,044	54,362	59,547	58,197	56,497
Sales mean (mil)	52,426	50,380	52,166	54,667	54,707	55,130	54,356	57,670	51,522	50,914
Surprise	+1.7%	+1.9%	+0.1%	+3.8%	+2.9%	+1.7%	0.0%	+3.3%	+13.0%	+11.0%
EPS reported	2.84	2.89	2.95	3.11	3.56	3.69	4.05	4.80	4.54	4.61
EPS mean	2.50	2.79	2.81	2.93	3.19	3.63	3.81	4.41	4.26	4.48
Surprise	+13.4%	+3.8%	+4.9%	+6.1%	+11.8%	+1.5%	+6.2%	+8.8%	+6.6%	+2.8%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AVIFY Advanced Info Service Public Company Limited	29.7B	2.02x	21.2%	10.55x	18.4x	17.3x	10.0x	9.5x
BRTI Bharti Airtel Ltd	130.9B	1.30x	12.7%	7.67x	31.5x	23.9x	10.0x	8.8x
600941 China Mobile Ltd	226.7B	−0.68x	13.1%	1.60x	17.5x	17.1x	4.0x	3.9x
SFTBY Softbank Group Corp	159.9B	–	–	–	–	–	–	–
TMUS T-Mobile US Inc	169.6B	2.47x	12.4%	3.02x	14.3x	11.3x	6.8x	6.3x
T AT&T Inc.	144.4B	3.60x	17.4%	1.36x	8.9x	8.3x	6.5x	6.3x
Mean		1.74x	15.3%	4.84x	18.1x	15.6x	7.4x	7.0x
Median		2.02x	13.1%	3.02x	17.5x	17.1x	6.8x	6.3x

Technical analysis

1M−3.8%
3M−11.0%
1Y+24.4%
3Y+100.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Advanced Info Service Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,188	6,234	5,498	5,359	5,457	5,755
Cost of revenue	4,335	3,952	3,650	3,646	3,655	3,690
Gross profit	2,853	2,282	1,848	1,714	1,802	2,065
Selling, general & administrative expenses	828	811	665	646	653	810
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	2,025	1,471	1,183	1,068	1,149	1,255
Net interest income (expense)	−209	−223	−151	−150	−186	−189
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	12.2	9.8	16.0	11.5	27.4	16.0
Net income before taxes	1,828	1,257	1,048	930	990	1,083
Provision for taxes	307	233	201	178	180	169
Minority interest	−0.1	−0.1	−0.1	−0.1	−0.1	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,521	1,024	847	752	810	913
Extraordinary items	–	–	–	–	–	–
Net income	1,521	1,024	847	752	810	913
EBIT, normalized	2,025	1,471	1,183	1,068	1,149	1,255
EBITDA, normalized	3,859	3,258	2,723	2,596	2,625	2,981
Basic EPS, normalized	0.52	0.35	0.28	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Advanced Info Service Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	825	660	429	260	390	613
Receivables	636	601	612	542	520	606
Total inventory	130	148	121	111	63.3	79.0
Prepaid expenses	62.7	29.7	33.7	36.9	32.9	34.2
Other current assets	19.9	21.5	34.8	41.4	64.2	71.0
Total current assets	1,674	1,460	1,231	992	1,070	1,403
Property, plant & equipment	6,306	6,355	7,000	4,511	5,068	6,033
Goodwill	373	343	342	83.3	86.7	95.9
Intangibles	4,331	3,879	4,135	3,947	4,292	3,906
Long-term investments	415	367	368	35.3	32.9	31.3
Note receivable	4.0	19.6	5.4	2.9	3.0	–
Other long-term assets	246	170	149	168	166	187
Total assets	13,350	12,593	13,230	9,738	10,720	11,657
Liabilities
Accounts payable	437	415	467	700	805	745
Payable/accrued	0	0	0	0	0	0
Accrued expenses	975	782	655	587	617	748
Short-term debt	0	350	1,222	144	0	163
Current portion of long-term debt	1,335	1,151	1,254	1,084	1,070	1,152
Other current liabilities	498	325	293	268	272	315
Total current liabilities	3,246	3,022	3,891	2,784	2,765	3,123
Long-term debt	6,207	6,280	6,449	4,301	3,439	4,243
Minority interest	3.3	3.0	2.9	3.7	3.8	4.2
Other liabilities	490	449	250	174	2,053	1,772
Total liabilities	9,946	9,755	10,593	7,262	8,261	9,141
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	94.5	86.8	86.6	85.9	89.5	99.0
Additional paid-in capital	716	658	657	652	677	747
Retained earnings (accumulated deficit)	2,591	2,089	1,889	1,735	1,701	1,693
Treasury stock	–	–	–	–	–	–
Other equity	2.7	3.5	4.5	3.1	−9.3	−23.8
Total equity	3,405	2,838	2,637	2,476	2,459	2,515
Total liabilities & shareholders' equity	13,350	12,593	13,230	9,738	10,720	11,657

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Advanced Info Service Public Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,521	1,024	847	752	810	913
Depreciation, depletion & amortization	1,835	1,787	1,539	1,529	1,606	1,726
Deferred taxes	–	–	–	–	–	–
Non-cash items	605	593	447	453	449	497
Changes in working capital	−123	0.5	−282	−381	−259	−285
Cash from operations	3,838	3,404	2,551	2,352	2,607	2,851
Investing activities
Capital expenditures	−1,497	−1,110	−1,484	−1,253	−1,363	−1,827
Other investing cash flows	−3.2	31.7	−786	10.5	−1.6	6.6
Cash from investing	−1,500	−1,078	−2,270	−1,242	−1,365	−1,821
Financing activities
Financing cash flow items	−220	−224	−126	−97.6	−111	−141
Cash dividends paid	−1,193	−823	−713	−661	−638	−673
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−837	−1,050	726	−459	−664	−256
Cash from financing	−2,250	−2,097	−114	−1,218	−1,413	−1,069
Foreign exchange effects	0	0	0.1	0.1	0	−0.9
Net change in cash	87.3	230	167	−108	−171	−40.5
Free cash flow	2,340	2,294	1,067	1,099	1,244	1,023

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.