under other service revenues and device sales. As the acquisition value was higher than CSL’s net identifiable assets, AIS recognized the value difference as goodwill amounting to Bt2.8bn. With the

or –1.1%QoQ. Despite intense competition, AIS fibre gained 112k net adds in 2Q20, resulted in total subscribers of 1.2mn. Underpinned by work-from-home trend, AIS fibre had robust acquisition with the

mainly to controlled network OPEX and marketing expenses. As a result, AIS reported EBITDA and net profit of Bt18,998mn and Bt8,005mn, respectively, both growing +11% YoY and flat QoQ. Revised revenue and

) SIM & Device sale Decline and make near-zero margin Consolidated EBITDA margin (excluding equipment rental) 45-47% Cash CAPEX Approximately Bt25bn Dividend policy Minimum 70% of net profit Core service

(excluding equipment rental) of 45.2% , up from 44.7% in FY17. With continued network investment, net profit was reported at Bt29,682mn, slightly declining 1.3% YoY. For FY19, AIS expects to grow mid- single

months (Jul-Aug) due to COVID restriction measures, total subscribers expanded to 43.7mn, an increase of +424k net additions. This was attributable to online channels, tele sales and temporary shops which

to mid-single digit decline. EBITDA (pre- TFRS16) stood at Bt76,619mn, decreased –2. 7% YoY with focusing on cost control and in- line with low single digit decline EBITDA guidance. Net profit ( pre

% Blended 17.0 18.2 19.7 16% 8.2% Device Penetration 4G-handset penetration 75% 79% 80% - - Fixed Broadband Business FBB subscribers 1,202,600 1,431,900 1,535,900 28% 7.3% FBB net addition 112,200 95,000

48.4% in FY22 from a lower proportion of device sales revenue. The reported net profit was at Bt29,086mn, increasing 12% YoY, a noteworthy increase in core service revenue, surpassing growth in both OPEX

network expansion led to increasing cost of service 3.9%YoY and 3.4%QoQ; however, SG&A was well-managed and dropped -12%YoY and -8.8%QoQ, resulted in stabilized EBITDA with -0.9%YoY and +1.6%QoQ. Net profit