Call with AIS CFO, Montri Khongkruephan

The Thai telco market is a prime example of how improved market structure can lead to better outcomes for investors. Consolidation to 2 in Mobile, and three in Broadband is leading to improved monetisation and returns. As a result, both quoted Telcos are performing much better than in the past and this is starting to be reflected in share prices. The pair announced their 2025 guidance which signal ongoing market repair in Thailand, with continued growth from Broadband and Enterprise. As a result, this as an opportune time to revisit both. Specific to TRUE, we believe there is still upside from synergy delivery. Beyond mobile, non-connectivity B2B trends have also been improving and the company targets a doubling here by 2026. The company recently upgraded its medium term guidance, ahead of expectations. AIS is a well-managed high return telco, also driving growth across its portfolio. We are hosting the call ahead of a forthcoming spectrum auction, likely in May 2025, which is also key to understanding how the mobile dynamic will pan out ahead. We welcome interested investors to join us on the call to hear it for themselves.