Advanced Info Service Public (SET:ADVANC) Q2 2026 Earnings Call

0:00 Good evening, everyone. Welcome to our second quarter of two thousand twenty six result conference call. First, let me introduce our management, our CEO, Kun Pratana. Pratika. We also have our CFO, Our chief enterprise officer, Our chief retail business, And this quarter, we have two new chief to be pre present for you guys. You guys may have not met them yet. We have our chief of mobile office officer, and chief broadband officer, And, and myself are sitting behind the camera, and I will be briefing you the result and running this session.

0:49 At the same time, you may also reserve to ask the question through the chat box. Please type your name and your corporate name. So before we begin today's session, let me quickly introduce our virtual bank click, which was launched in July with deposit products and now has just launched the lending service. The platform is powered with alternative data, enabling a faster and smarter loan approval process and connecting with AIS point and privilege program. So if you are paying with clicks, you'll get 10 times the points. So if anyone of you haven't test our lending mechanism, please go ahead and do so.

1:38 Now let me begin our serious short brief call. So in second quarter, despite the fragile economy, we sustained a revenue growth momentum from resilient demand for connectivity. In our mobile business, the growth was driven by 16% year on year growth in data usage. Continue five g adoption, which reached 19,700,000. This is growing 41% year on year on five g subscriber and digital content offerings. On fixed broadband, the subscriber growth remained healthy despite seasonal spot softness from the rainy season and integration activities. The ARPU trend continued to improve supported by our focus on high quality customer and value enhancing offerings including premium broadband package and contents.

2:35 In enterprise, the revenue growth recover q on q. This is in line with improving economic clarity led by continued demand for cloud solutions. Sales and retail benefited from strong demand for premium smartphone and our ongoing strategy to expand digital lifestyle products across both online and offline channels. Overall, we delivered together with prudent cost management and enable us to remain strong profitability despite the uncertain economic environment. As a result, our result exceeded our guidance across all key financial metrics. And at the same time, we continue to improve both EBITDA margin and ROIC, which now reported at 19%, driving by strong operating performance and disciplined capital investment.

3:32 The balance sheet also remains solid with net debt to EBITDA around two times, while our average interest cost stay low at around 2.6%, providing us with continued financial flexibility. Despite our strong performance, which exceeded guidance in first half, we remain cautious about the future economic outlook. The geopolitical risks and economic environment remain fragile, while consumer sentiment, although improving in June, is still relatively soft. In addition, we faced a higher base in second half of last year as well as the possibility of recognizing initial loss from virtual bank in the second half of the year.

4:21 Therefore, we maintain our guidance for both revenue growth and EBITDA, while we are confident that our result are likely to come nearer towards the upper end of our guidance. For CapEx, we continue invest in strengthening our network infrastructure to support the growing demand for connectivity and digital services. And lastly, I would like to advertise this package, which is a play all package. If you are feeling a little stressed during earning season, we would like you to help us subscribing to this play all package. We have brought flagship sports content into one package at a very, very affordable price.

5:09 This is available starting from now on. And if you are AIS customer, you you can subscribe for just Thai baht 199 per month. And we hope you enjoy this. And at the end of the short brief, we'll start the q a session now. Please be reminded that you may reserve to ask the question through the chat box. Please type your name and corporate name. Have the first one from. Yeah. Hi. Good evening. Congratulations, management for a great results. If I may, like, three questions. Firstly, what are the investments, in second half which are weighing down on your, EBITDA growth outlook?

5:59 Specifically, how much of initial investments you are looking into virtual rank? Secondly, prepaid ARPU, strong improvement sequentially also. Could you talk about the levers, which helped, prepaid ARPU this quarter and and the outlook for the same, for the second half? And and lastly, CapEx is much behind the full year target. Where are you, like, planning to spend in second half? Would it be material reacceleration in second half, or could could could you spend less than what you have guided for the full year? Thank you. Yeah. I think on on your first question, if I catch correctly, the you worry about the second half EBITDA.

7:11 Right? I think when when when when we started the year, we we also mentioned that this year, we'll we'll try to fix a few fundamentals. One of those things will be the IT spending. Right? So IT spending in in this era is a lot of that is is gonna be OpEx. Right? So cloud based and everything. And we are consolidating set a lot of operating apps within the organization. So I think that that that will be one that that gonna weigh down part of the EBITDA for the second half when we go through all the implementations. I think there are other spending that we also try to increase a bit to make sure we still maintain competitiveness.

8:04 The integration of the broadband side is also another another expense that may incur in a certain half of the year. And lastly, I think with Deutsche Bank coming online, that would be just some contribution from from there as well. Let let me answer on the second question about the prepaid ARPU increase. Fitting further, prepaid ARPU is in case it's coming from the consumption. It better average q on q with better about 5% more on the PPL report on this one along the way. Since we also try to approach the the right pipeline that customer will be able to affordable on that one along the way with we prepare some more network that better better to let them consume more continue at the app.

9:08 Regarding the network investment, especially CapEx, we have a very clear plan on the second half of which is matching the rising of the the capacity needs, the increase in consumption. So we do plan to invest as we guided. Thank you, management. Can can I just ask on prepaid ARPU? What's the outlook? Like, are there any initiatives that you have taken in second quarter or or or, you know, recently, which would further help in ARPU improvement in prepaid side? Actually, the prepaid ARPU, we we've been focused on quality, not just to read on the existing.

9:57 Even on the new acquisition, we also pay attention on the new quality with new acquisition at VIRACAP. Okay. Thank you. Thank you, We have Ranjan from JPMorgan. Hi. Good evening, and thank you for the presentation. Again, my first question is on the guidance. I think I've been asking the same question for the last ten quarters, I think. The if you take the higher end of your EBITDA guidance, We come to a quarterly run rate for EBITDA, which is implied in the guidance of around 3.1 31,500,000,000 baht.

10:47 It is going to be, like, 4% down quarter on quarter. So it's seems pretty steep if you're growing the business. We understand there are going to be some investments, but, like, what if you can just help us understand, like, what are the level of spending to bring down EBITDA by 44% as per the implied guidance. But that's understanding the higher end. Or can we assume that there is a bit of conservatism that you are embedding into the guidance? The second question is on the fixed broadband business. You have a slowdown in customer growth, but the ARPU has also softened a bit. Can you help us understand what's happened there?

11:34 Thank you. I think I think on the guidance, overall, like like, we we mentioned since, I think, last quarter, what we most unsure of is the overall GDP and purchasing purchasing power of the people. And I think that's that's why you also see the other side, they're lowering the the revenue guidance. For us, we we right now, we don't wanna change anything because we want to make sure that at least if you're gonna miss, we're gonna miss on on, you know, the the correct side of things.

12:32 And if we correct, then we gonna overachieve. Right? So I think that that that is more our our style. It's not doesn't really mean that we're gonna spend a lot more than usual for others more of a conservative guy to make sure that we, in the end, we we we can deliver what we what we say want to deliver. The the the real fear for us is, you know, we we we we still not sure how the, you know, impact from the war, the the price increase, and all that. And second half, you're gonna start to see some of the the price increase or cost increase on the device, the handset, and some of the equipment that we use in the operation. So that's also part of the the more conservative side that that that we want to make sure we can deliver.

13:50 Okay. For what now, we focus on customer value and now I think not impact more. And the resource may have a problem on the rainy season, and customer economy can cannot stay on on this time. I I think for the quarter three, I I may focus on the customer value for the next our strategy. I think I think in the end, don't want to say that it's no impact, but but I think we we know what we are going through. I think partly we are going through the hardest part of the integration.

14:41 This year, as mentioned, we'll we'll really migrate IT systems. We're really gonna merge the operation. It's gonna continue through the second half of this year as well. But along the way, I think there are a few a few factors that that may impact the operation or the result. One is the weather. I think this year, we have really hard rainstorm in many areas in Thailand. Second, economy. When the economy is bad, I think right now, broadband will feel the effect first. And lastly, the operation does make the whole things a little bit more complicated for for our staff and and, you know, our partners as well. So I think for those three reasons, then you see some quarter good, some quarter maybe less good. But overall, I think we still command the majority of the net add in the in the country and market share of the and the subscriber and revenue growth still still continue.

15:51 Got it. Thank you. Thank you, We have from. So, thanks for the call. I have three questions. The first one is about the fixed broadband business. Follow-up with questions. I think this is the first time in many quarters that your broadband revenues growth was lower than your competitors. Not sure you noticed or not. I just want to know what happening in the market. The competitive dynamic has changed, and how do you how how do you plan to improve the growth and gain the market share again in the broadband side?

16:43 Secondly, I have one question about the EPL, English PMLE program. It seems you are no longer, you know, the exclusive partner of the EPL, like before. How many EPL subscriber did you have at the end of the last season? Looking back, what are the key lessons, from your partnership last season as well, and what's your strategy going forward? I think you are trying to accumulate a lot of spot programs internationally. And my last question is about the lending business at QuickBank. How much have you lent out so far? And since if I understand correctly, the loan amount is kept at 20,000 baht.

17:35 What happen if the customer does not repay the loan? What is your collection strategy, and can you list it or suspend the customer mobile or broadband services if they default? This might that's my first question third question, sir. I think we we do notice on the queue on queue that you mentioned. But but as I talked earlier, I think we overall trend and trajectory still doesn't change. If you look year on year, we're still growing at that at a decent rate compared to our competitor. Yeah. On q on q, sometimes it's too short to say anything, but our focus still trying to grow the sub base and also grow the the quality subscribers.

18:32 This year, it's doubly tough for us because we we are going through, as mentioned, the operation the integration on the frontline and and the system that we use in the operation. So it it it complicate things a little bit more, and that's why I think the second quarter was a bit softer than than usual. But we still feel that we are very competitive in the market. And once when we finish the integration, the resources that we have on hand and the products that we have, I think we can really, you know, win the the the market and the major share as as we plan. On the second question regarding EPL, I maybe, Sudhakap, I may not be able to release exact numbers of the last seasons.

19:29 Yeah. We all have heard a lot from Jazz, so you can probably work it out from there. But the last season, we have achieved what we aim to achieve in term of collaborating with Jazz to launch exclusive package for our customer. And for the past few quarter, I have addressed this as collaboration avenue revenue sharing collaboration program to come up with the special packages for customer. And it has been a great take up. I would like to address it that way. Our key focus since then, even from now on, is to make sure that we bring in the best content and the best experience for customer.

20:19 We accumulating many of the premium content, especially the sport contents. And recently, as some kind of upsell cross sell at the beginning of the meeting, we have launched the special plan so called play all that customers subscribe and get multiple content at once at very affordable price available for everyone, inclusive of even non AIS telecom customer. So that's what we aim for. The strategy is is to bring in the best content for the customer. At this point in time, customer also be able to access to EPL directly by purchasing direct to to MONOMAX or to Jazz in order to enjoy that particular content through any connectivity, especially from our connectivity with best quality as possible.

21:18 The if you ask about, well, could we review of key learnings? I would say number one is the we believe at the right price point, customer will will take up at the larger size of the addressable markets. Number two is the quality is a very key. In order to deliver the content without great quality, the content fulfillment and enjoyment may not be able to go as anyone want. So number two would be the quality. Those are two important pieces I like to really address. I think on on quick, we may not or we should not comment on the operation.

22:16 But what I can tell you is is everything is is going as as planned in terms of both the the deposit account and and the lending account. We we did see some of the the trend in the social world. I think that that part, we have to deal with it. It's some of the the bad trend in the society that I think all the lenders have have felt before. So it's nothing nothing new. I think all the BNPL players have faced that. So we we will go through this. I think there are already a lot of since the beginning in in the clear scoring in the the risk framework, they they they have they have designed to to to deal with this.

23:14 In the end, what I can only tell is it's going as planned, and we we will follow-up with them. But when you ask about if they don't pay right now, I think it's a separate entity. We will we will have to deal with the the bad borrower based on the the legal duty of each of the business. Maybe I have to leave it at that. Next, we have. Three question, please.

24:03 First one, people have you you seem to meet your double digit growth guidance for three quarters. Should should we expect a stronger second half from you? Second one on product sales. I see product sales and also gross profit from product sales has been increasing a lot. Can can we expect, like, AIS to have, like, more quota of iPhone or Samsung to be distributed that that we can grow, more into our product sales? Lastly, on, maybe add a broad view of in in AIS point of view, I think prepaid kinda, like, driven by consumption, as you mentioned. But can can can you give us some color between, like, war period, post war, and we see oil price, and then Thai Shuai Thai came in at positive.

24:55 How how how has that been driving in term of, your usage? And in term of the, that that postpaid and also fixed broadband output drop, would would the content of losing EPL hit on that, but other contents does not help or something? And and may I add whether I think you invested something to broadcast EPL. Would would that be reusable into your new content? Finally, may I welcome your two new shifts, but I think yeah. Please don't you forgot to introduce yourself as new shift marketing hub. Thank you. So talking about the number. Right? Even though that we see the recovery from the customer from the war and uncertainty to a chance, we see some recovery back into the after the q two and actually start of the q three.

25:54 We still see the the the challenging on the price of the hardware and some delay of the projects. If I answer you directly, I mean, I I would aim for the high single digit, not the double digit as of now until the situation get better on the pricing of the hardware and ramp. That would be my answer. Okay. For for product sales, yes, the first half of the year, we grew about 5.9%, and I see the good momentum to the second half of the year by having a two new product launch of the Samsung and the iPhone. So those are the the the two product that I think the people are waiting for, including we're going to introduce two new activity, which is the omnichannel that we call for AIS. So that that's going to be the the the activity that going to stimulate the market of the product, the sales. Let me address the last question regarding an overall view of for prepaid as well as postpaid, the ARPU has been driven by the growth in consumption and the growth in demand in using data.

27:18 You you see very clearly on prepaid discontinue on as Kulichai have addressed. On postpaid as well, in fact, on mobile consumptions, the on on mobile postpaid, the consumption grow as well as ARPU. But what appear from from the report is also inclusive of different mix of ARPU and consumptions. In postpaid, they also have m to m machine to machines, the car, and related of which is totally different profile coming to a little bit more mix into the base of Postpaid. So you see flattish in in ARPU because of those mix. But if you segregate it down into the consumption in mobile postpaid, they continue on growing as well as ARPU.

28:08 Thai Chuay Thai and post war, pre war does affect a bit in term of the sentiment. We do have seen we did see somewhat spike up during the government program early of the month. When customer or people have a bit more money in their wallets, they tend to purchase package a bit more. So definitely, if economy are not going to be good, then it's it's a cautions that the growth may not be super high, but it continue on as mentioned. It's all about the demand to consume. And now today, mobile data become essential part of everyone live, and we wanna make sure that we continue to serve them at best.

29:01 Quick follow-up question, please, Kavi, if I may, about the the the product sales I have. I'm I'm talking about whether we can have, let's say, first lot quota. Maybe you have 1,000,000 last year. Can we have, like, 2,000,000 volume? Kinda Kinda like something like this to to boost sales since since your sale has been increasing in in in that sense. For some product, we have a proper planning for the for Samsung and Oppo. I think that have I have been deeply quest more sales. But, unfortunately, it's very difficult to have a a extra supply from the Apple. Yeah. Thank you, Next, we have from from.

29:56 So, and thank you for the call. I have around four questions. So the first one is that when do you plan to finish the fixed broadband business integration? And also once the integration is completed, should we expect the pace of the fixed broadband revenue growth to pick up? So that's the first one. The second one is about the admin expense. So in the previous conference call, I think the management mentioned that the IT modernizing modernization cost will keep the admin cost at high levels. However, if you look at this quarter, the admin cost dropped by 13% q on q. Why was there a big drop in the admin expand in this quarter, and how should we look at the quarterly trend of the admin expand going forward? So that's the second one.

30:49 The third one is about the pay all bundle at $1.99. Prior to this launch of the cheaper plan, I think NBA package cost, like, $2.49 baht per month and golf package costs $4.99 per month. Are you concerned that the cheaper bundle would have negative impact on revenue and profit as customers could downgrade to $1.99? So that's the third one. And the final one is about the EPL packages. Since AIS stopped offering EPL after May of this year, was there any negative impact on the mobile and fixed broadband ARPU in the second quarter? Thank you.

31:39 I think integration will actually finish by this year. I think there are still some portion that's gonna continue for a year or so around the network and all that, but majority part will will be finished this year. And after that, yeah, we really want to push for for more growth on the on the revenue side and also the subs. But we'll see. I think there there will be more products coming out. If you notice, then we haven't really launched any new products since the start of this year and partly because we need to spend more time on the migration. After that, then hopefully, can pick up more more speed. On admin, maybe quickly, there was some of the reversal on some of the restructuring cost that we accrue before.

32:35 Some involve people, some, you know, other restructure cost that we that we plan. But in the end, we we didn't execute, So we reverse that and that's why it's lower the admin for non IT for this quarter. For the pay play all packages, when we compare with the previous vertical package of a particular sport you mentioned about the golf, the NBA, maybe NFL, which slightly higher price comparing to pay all. We like to address this as I answered earlier. The the package work to a certain extent for the customer group.

33:21 We truly believe with the right price point, we can expand the markets as big as possible for the addressable market. The whole attempt from us is to come up with the best price packages and bring to the mass much massive markets as big as possible to answers the customer needs instead of customer go out for the piracies. So with this particular very attractive pricing of $29,919.09, definitely, the ARPU per one who used pay $49.09 will be lower. But we do not worry at all because we believe that the number of subscriber who will hop onto a value package will be many fold more.

34:12 So that's what we aim for, and we are pacing through that. Lastly, on EPL packages and ARPU, there will be slightly small impact for a particular persons who pay through us before with the past seasons, but not a very big because some of those package are net revenue, some of those package are gross revenue. So at the end of the day, there is just slightly small impact. Okay. May I have one follow-up question for Kunti regarding the admin cost? Since there was a reversal of expansion in the second quarter, that means this is a low base. Right? And the the third q and fourth q should be higher than this when it comes to the admin expense trend.

35:02 Yep. Yeah. It should be the normal rate. Yeah. Okay. Thank you. Adha, please. Hi. Thanks for the opportunity. Three questions from me, please. Firstly, can I clarify the trends on enterprise? We've seen a big jump Q on Q. Should we see this as the baseline level or should this be volatile depending on contract completions? Second question I had is with regard to the cost increases in the second half, which I understand is quite understandable given the cost pressures. I'm just wondering what your thoughts are on mobile and broadband industry pricing. Is there room for you to start raising prices to offset the cost pressures? Or is this unlikely?

35:50 And third question I had is with regard to these new content packages on sports. It seems like it's very aggressive in pricing. Would it be profitable on a stand alone basis or is this a loss leader strategy wherein the content is meant to drive subscribers? Thank you. For for for the enterprise, right, I I I believe that as we see the buying signal more from customer, actually, is this delay from the first queue and second queue. Within that, it will get better is however, is depend on the situations on the hardware and IT equipment as well. So that's one is quite worry on the on that quite worry from the customer point of view because they turn off the delay for the purchasing.

36:38 If the situation get better, I think is is things will recover. That's the thing. So sorry. I didn't quite understand that. So so it is lumpy in nature. It depends on the availability of the equipment. Is that how I should view this? Yeah. Is the equipment is about equipment is I I I I would say that the equipment or IT hardware is a shortage in the market. And the price is swing, and the vendor cannot stand for I mean, stand for the price as it was, for example, you know, the the vendor or the hardware seller can put the price for two weeks, and then they reduce to just only one weeks or a few days.

37:29 So the price is quite swing. So it's make the the the budget of the customer or impact for the purchasing decisions, I think. So let me address your question regarding the higher cost in energy and some electronic hardware or related. At our scale, we try very hard to make sure that with our scale and optimization, we want to continue on maintain the the cost per unit or if not, having a lower cost per unit so we can continue on provide the best price for the customer.

38:21 As the consumption grow, so we aim to gain continue on slightly higher ARPU as the consumption per sub grow as well. So I once again, we are not going to directly trying to increase the price just to cover the cost. We try at best to use our scale to bring the best product and and price position for customer. For last question regarding the content, we aim to achieve profitability by itself, not as subsidies.

39:07 So the price point and the combination of offering is a lot to do with bringing in the best package, for the larger markets rather than subsidize. Understood. Thank you very much. Thank you, We have Thanks for the second line. I have three follow-up questions. My first question is about your Can can you speak louder, please, Ka? Yes. Is it this is better? Yes, Ka. Okay. My first question is about your investments cycle. Your CapEx order for years, they're about 14 to 15% of revenue, whereas for competitor, it's about 10%.

39:55 What should we expect this investment to contribute to your financial metrics in the near and medium term? Also, does this high investment limit your chance to of increasing the dividend payout? Yes. Okay. Okay. Speak a bit louder. Okay. It's about your investment cycle. The CapEx is about 14 to 15% of sales. Your competitor is around 10%. What should we expect the investment to contribute to your financial metrics in the near term and medium term? And also, does this high investment limit your chance of increasing the dividend payout to 100% of net profit?

40:45 My second question is about your JV investment. Your share of profit was around 300,000,000 part the quarter, mainly from the VBIF. With your new investment, how much loss initially could this JV generate before offsetting the profit from PBIF? When do you expect that to happen? And my last question is about your guidance. Sorry for obsessing these questions. Your EBITDA grew 8% in the first quarter first half, but you kept your full year EBITDA growth guidance at only two to 4%. Does this mean you expect EBITDA to decline in the second half?

41:33 What are the main assumptions behind the guy this guidance? Thank you, Harp. Let me address the first one. The the major aim for AI is to make sure that we have the best infrastructure network as well as the fundamental technology to support the services for the network as well as to grow the business. The CapEx to revenue would be running around in average, should be not beyond 15%.

42:22 That's roughly the thing. Depending on the cycle, for the past few years, some years, we are ten, eleven, some doing the early rollout or the coverage, maybe slightly more. And I think the competition, when you look at some point in time, it depends on where their cycles are or what decision they're gonna make. For us, it would be running in average around 15, not beyond. So I think that's the first one. I don't think an unlimited dividend payout. My second question is about the share of profit that you have.

43:15 With this sufficient to buffer the loss initial losses from, you know, the virtual bank and also the data centers? Yeah. The the the 300,000,000 may may not be enough, but the the contribution, whatever positive or negative for the next two years will will be insignificant compared to the the profit we're making right now. And and the last question is about the guidance that EBITDA contractions for the second half.

44:07 This is what you are trying to to say? Yeah. Okay. I I know that the first half, the performance is really, really good. And we we do hope it's gonna continue. Okay? It's just that when we factor some of the uncertainties, we're looking at some of the worst case. And if that worst case happen, you know, we we want to make sure we still deliver. Plus the second half, as mentioned, that we try to ramp up some of the spending. We did not think it you know, we're gonna spend on something that's not productive long term. Right? So everything that we spend, we do feel that it's gonna create more competitiveness for us longer term.

44:58 So that that's why I think we we we keep the guidance around there. I know that it's everyone will feel it's really low. It flattest compared to last year so that, you know, we hit that top range. It seemed, yeah, too low. We we do acknowledge that. But as you know us, we always wanna be right. Right meaning, if we are wrong, then it should be a good wrong, not a bad wrong. So yeah. Okay. How about my card? We have the second round from. Thank you, Kai. I have only one question left.

45:46 So the the the question is about the interest bearing debt. So in the second quarter, the interest bearing debt rose Q on Q due to the special dividend in April. With the special dividend payment already behind us, should we expect the interest bearing debt to drop in Q3 and Q4 going forward? Yeah. That that that could be some small decline, but I think overall, we the the the major chunk, it's on the long term with with, I think, the return repayment schedule.

46:37 So that that's something we'll we'll we'll have to to work around that. We try to if we do come out with extra performance and all that, we we if we can, we reduce the the debt load, but because we still have some short term that we use. Apart from that, then the major long term part will will will be as per the repayment schedule. Thank you. Yes. We have a last one from, please. Yeah. Hi. I have one question on your data center JVs. Could you tell how is the progress?

47:25 Is is the capacity already presold on on the upcoming data centers? And do you also have any plans to do GPU as a service as as one of your JV partner has been doing? Yeah. Okay. May maybe I'll address this one, Kubayush. The data centers that we has been investing for the past period was about three of them. The first one has been in operation since earlier the year. The second and third one are coming later. I think early of first half of next year and second half of next year, if I'm not mistaken.

48:13 So they are in plan. The I I think it's go according to the plan. And as you know, many of the demand, in fact, more than what the current capacity can serve. I mean, want the capacity fast, especially during this period. We actually on the right trajectories. The second question regarding as a service, AIS has been providing cloud and collaborating with the provider to bring in GPU. Many of those are serving internal customer and also serving external customer as well. So just to clarify, you are not looking to do the capital expenditure to buy GPUs yourself and provide it as a service. You will work on a partnership model over here?

49:08 It would be a mixed model, wouldn't be huge. I mean, to buy we we actually brought some doing using internal and also doing a service for related team members already. So I think the model you asked about may not be in the direction whereby we invest huge amount of GPU just to hold for GPU as a service. I we are not going to that directions. But we wanna make sure on the cloud and cloud plus AI that the capability and the services is there for customer that we have arranged.

49:55 Got it. Thank you. We have from. Just one question for me, Trying to use the engagement strategy for the content that they try to focus on local content and to support local content and bring more engagement to create more value. But it seemed to me like AS do the opposite one. AS try to acquire the support content and do the opposite way. What is your thought on your competitor strategy, and why do you choose to pursue this path? And what is the different outcome that you think you could expect from your strategy and your competitor hub?

50:58 Regarding the engagement strategy of local content, we we do have a very high respect for the decision our competitor are pursuing. In the area of content consumer, there are vast variety of contents that AIS are pursuing to make sure that we answers the customer needs as much as possible or in the other words, captures the demand in consuming content. AIS, we may not be advertising a lot regarding the entertainment. As you may know, we've probably been the most comprehensive entertainment contents aggregating as packages providing for customer ranging from probably well known of international, Disney, HBO, inclusive of Netflix as well. In there is also be one d, which is a whole bunch of local drama and program as a part of it. So a full fresh of entertainment content as many as possible to answers the customer needs.

52:16 At the same time, we are expanding to sports, especially international sport of which is not easy to bring to Thailand. So those piece, we are expanding and put together the the packages and the offering so the mass market can can reach out and adopt it in the very easy manners. So the answer is no. We are not pursuing on a pure one direction content. So we bring in the most for the customer as many as possible top quality content. And once again, we do respect a lot with our competitors to pursue, deeply on local content.

53:07 Hi. We have two more question from Kunwai Thi, KGI from the chat box. So first question is, can we expect an impressive SG and A in second quarter to be a new norm of AIS? What would be the trend for the third and fourth quarter? This one is already addressed by Kunti, Naha. So this is actually one one time one time expense that we are doing restructuring, so there was a recrew reversal of the accrual and the trend in the third and fourth quarter. So as we guided in the EBITDA guidance, we expect higher expense level in the second half of the year. So the SG and A will go back up Naha, in line with the CapEx and expenditure that we plan for the long term.

53:58 The second one is how about a trend of enterprise revenue in the third quarter versus the second half. This one, Kunpupa has already addressed that we actually aim for high single digit for the full year enterprise revenue, but this is subject to the situate geopolitical situation and also the price of the equipments. So we we already addressed con we addressed converted who who wrote to us already, and now we have three minutes left. I'm going to count one to five.

54:44 One. Five. Okay. So this is the end of our conference call, and I would like to inter invite you guys before we close that we remind you about our upcoming AIS Investor Day. The event will be held in the morning of the August 11 at AIS SIAM, not at our office. So this is our flagship lifestyle hub in the heart of SIAM. Those who haven't registered, please do so with our IR team. And those who want to watch online, please kindly write write to us and register, and we look forward to welcome you there.

55:31 So thank you very much, and see you again next quarter on conference call.