This report provides analyses of revenue and market forecasts as well as statistics of the Thailand telecoms industry including market sizing, 5-year forecasts, market insights, key telecom trends, 5G, digital infrastructure and also features the following:
- Overall Telecommunications Market by Major Operators
- Telco Operators Profile, Revenue and EBITDA Mix
- Mobile Subscribers & Revenue Market Overview and Forecasts
- Spectrum Holdings
- IoT Market Overview
- Broadband Subscribers & Revenue Market Overview and Forecasts
- Digital Infrastructure (Fibre, Telecom Towers, Data Centres, Submarine Cables)
- Telecom Tower Market Analysis and Forecast
- Thematics / Opportunities relating to 5G, M&A and e-Commerce
- Telco M&A Transaction Database
WHY YOU SHOULD BUY THE THAILAND TELECOMS INDUSTRY REPORT:
- Benefit from the latest market opportunities
- Understand the threats to your operations and investments and protect your company against future risks
- Gain insights on emerging trends supporting, enhancing or disrupting your activities in the market
- Get a full view of the competitive landscape to assess your market position.
- Forecasts as a key input for successful budgeting and strategic business planning in the telecoms market
- Target business opportunities and risks in the telecoms sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments
- Assess the activities, strategy and market position of your competitors, partners and clients via our Operators Profiles
1.2 Thailand’s Economy
1.3 Thailand’s GDP
3.2 Historical Telecommunications Market Revenue, 2014-2020
3.3 Overall Telecommunications Market Forecast, 2019-2026
3.4 Telecommunications Market Capital Expenditure, 2014-2026
3.4.1 Historical Telecommunications Capex Spend, 2014-2020
3.4.2 Capex to Revenue Benchmark
3.4.3 Capex to GDP Benchmark
3.4.4 Telecommunications Capex Spend Forecast, 2019-2026
4.1.1 AIS Revenue and EBITDA Mix
4.2 DTAC Profile
4.2.1 DTAC Revenue and EBITDA Mix
4.1 True Corporation Profile
4.1.1 True Corporation Revenue and EBITDA Mix
4.2 National Telecom (NT) Profile
4.2.2 TOT Profile
4.2.3 CAT Telecom Corporation Profile
4.3 Jasmine Profile
4.3.1 Jasmine Corp Revenue and Profit Mix
4.4 Symphony Communications Profile
5.1.1 Mobile Subscribers Historical, 2014-2020
5.1.2 Mobile Subscribers Market Share, 2014-2020
5.1.3 Thailand Smartphone Share, 2020
5.1.4 Thailand Mobile Subscribers Forecast, 2019-2026
5.1.5 Thailand Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2018-2026
5.2 Mobile Revenue Historical and Forecast, 2014-2026
5.2.1 Historical Thailand Mobile Service Revenue, 2014-2020
5.2.2 Mobile Service Revenue Forecast, 2019-2026
5.2.3 Mobile Subscribers ARPU, 2014-2020
5.3 Spectrum Holdings
5.3.1 Existing Spectrum Holdings
5.3.2 5G Trials and 5G Auctions Results
5.3.3 Mobile Frequencies Portfolios Analysis
5.3.1 Spectrum Depth Benchmark by Country
5.4 Mobile Download Data and Pricing Trends
5.5 Mobile Speed Tests
5.5.1 Ookla Mobile Speed Tests
5.6 Internet of Things (IoT)
6.2 Fixed Broadband Subscribers Forecast, 2019-2026
7.1.1 Government Plans
7.1.2 Submarine Cables
8.1.1 Thailand Telecom Towers Market Overview
8.1.2 Thailand Telecom Towers Background
8.2 Thailand Telecom Towers Market Competitive Landscape Comparison
8.3 Thailand Telecom Towers & Rooftops Market Forecast
8.3.1 Thailand Telecom Towers Forecast, 2020-2025
8.4 Telco Infrastructure Comparative
9.2 Diversification Opportunities
9.2.2 Digital Payments
9.3 New Telecoms Operating Model
9.3.1 The Attraction of Infrastructure Multiples
9.4 5G Developments
9.4.1 5G Overview
9.4.2 5G - Relative Capex Investments and Frequency Range
9.4.3 5G OpenRAN
9.4.4 Beyond 5G and Towards 6G
Figure 2 - Revenue Profile Historical Mix (MYR m), 2014 - 2020
Figure 3 - EBITDA Profile Historical Mix (THB m), 2014 - 2020
Figure 4 - Telecommunications Market Revenue, 2020
Figure 5 - Telecommunications Market EBITDA, 2020
Figure 6 - Telecommunications Revenue & EBITDA Share Estimates, 2020
Figure 7 - Total Telecoms Market Revenue and Growth Rate (THB bn), 2019-2026
Figure 8 - Capex to Revenue Benchmark, 2014-2020
Figure 9 - Capex to GDP Ratio Benchmark, 2014-2020
Figure 10 - Telecommunications Capital Expenditure Spend, 2000-2026
Figure 11 - AIS Service Revenue Mix, 2014-2020
Figure 12 - AIS Historical Revenue Mix, 2014 - 2020 (THB m)
Figure 13 - DTAC Service Revenue Mix, 2014-2020
Figure 14 - DTAC Historical Revenue Mix, 2014 - 2020
Figure 15 - True Corp Service Revenue Mix, 2014-2020
Figure 16 - True Corp Historical Revenue Mix, 2014 - 2020
Figure 17 - TOT Service Revenue Mix, 2014-2020
Figure 18 - TOT Historical Revenue Mix, 2014 - 2020
Figure 19 - CAT Telecom Service Revenue Mix, 2014-2019
Figure 20 - CAT Telecom Historical Revenue Mix, 2014 - 2019
Figure 21 - Jasmine Revenue and EBITDA Margin (THB m), 2014-2020
Figure 22 - Symphony Revenue and EBITDA Margin (THB m), 2014-2020
Figure 23 - Mobile Subscribers Share Comparison, 2014-2020
Figure 24 - Mobile Subscriber Share Comparison, 2014-2020
Figure 25 - Mobile Prepaid Net Adds (000’s) Comparison, 2015-2020
Figure 26 - Mobile Postpaid Net Adds (000’s) Comparison, 2015-2020
Figure 27 - Mobile Subscribers Forecast, 2014-2026
Figure 28 - Thailand Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2019-2026
Figure 29 - Mobile Service Revenue Forecast, 2019-2026
Figure 30 - Mobile Subscribers ARPU (THB), 2019-2026
Figure 31 - Subscriptions per MHz of Spectrum, Emerging Asia-Pacific Countries, 2020
Figure 32 -Mobile Handsets Monthly Download Data, 2017-2020
Figure 33 - Data Pricing Trends in Asia-Pacific (US$ per GB per month), 2017-2020
Figure 34 - Spectrum available for IoT in Thailand
Figure 35 - Broadband Subscribers Share Comparison, 2014-2020
Figure 36 - Thailand Net-Adds (000’s) by Operators, 2015-2020
Figure 37 - Thailand Broadband Services by Technology
Figure 38 - Thailand Broadband Subscribers Forecast, 2019-2026
Figure 39 - Thailand Telecom Towers Market Share, 2020
Figure 40 - Thailand Telecom Towers Forecast, 2020-2025
Figure 41 - Telecoms Providers EV/EBITDA Ranges
Figure 42 - 5G Network Slices Structure
Figure 43 - Effect of Frequency on Range
Figure 44 - 5G Capacity and Coverage Layers
Figure 45 - Relative Capex Required for 5G Network Infrastructure Investment
Figure 46 - Telecom Infra Project - OpenRAN Vision
Table 2 -Telecommunications Market Revenue by Operators, 2014-2020
Table 3 - Total Telecommunications Market Revenue, 2019-2025
Table 4 - Historical Telecommunications Capex Spend, 2014-2020
Table 5 - Total Telecommunications Capex Investments Forecast, 2019-2026
Table 6 - Historical AIS Revenue, EBITDA and Capex, 2014-2020
Table 7 - Historical DTAC Revenue and EBITDA Mix, 2014-2020
Table 8 - Historical True Corporation Revenue and Profit Mix, 2014-2020
Table 9 - Historical Proforma NT Revenue, EBITDA & Capex, 2014-2020
Table 10 - Historical TOT Revenue, EBITDA & Capex, 2014-2020
Table 11 - Historical CAT Telecom Revenue, EBITDA and Capex, 2014-2019
Table 12 - Historical Jasmine Revenue, EBITDA and Capex, 2014-2020
Table 13 - Historical Symphony Revenue, 2014-2020
Table 14 - Historical Mobile Subscribers, 2014-2020
Table 15 - Thailand Mobile Subscribers Forecast, 2019-2026
Table 16 - Thailand Mobile Subscribers by Generation (3G, 4G & 5G) Forecast, 2019-2026
Table 17 - Historical Mobile Service Revenue, 2014-20
Table 18 - Historical Mobile Market Blended Mobile ARPU, 2014-2020
Table 19 - Mobile Frequencies by Operators and by Band (MHz)
Table 20 - Historical Broadband Subscribers, 2014-2019
Table 21 - Historical Broadband Monthly ARPU, 2014-2020
Table 22 - Thailand Broadband Subscribers Forecast, 2019-2026
Table 23 - International Submarine Cable Systems with Landing Stations in Thailand
Table 24 - Thailand Telecom Towers Market Analysis, 2020
Table 25 - Thailand Tenant Indicative Tower Leasing Annual Fees
Table 26 - Thailand Tower Market Competitive Landscape Comparison
Table 27 - Thailand Telecom Towers, Revenue, Mobile Penetration & ARPU Forecast, 2020-2025
Table 28 - AIS, DTAC, CAT, TOT, True Corp, Symphony and Jasmine Telco Digital Infrastructure Landscape
Table 29 - Technology Specifications (ADSL, FTTN, Fibre, 4G/LTE, 4G/LTE-A and 5G)
Table 30 - Telco Transaction Database, 2001-2019
Thailand Telecoms Industry Report at a Glance
The author expects the Thailand telecommunications industry to grow strongly thanks to the defensiveness nature of the industry, despite the political uncertainties, amid an uncertain economic outlook due to the Covid-19 pandemic. With already strong mobile phone penetration and robust fixed broadband take-up among households, future growth is likely to remain solid despite subdued growth in the young working population and an ageing population over the long term.
Forecasts show that mobile subscriptions will continue to grow in the 2019-25 period and fixed broadband subscribers will also continue to grow and increase its household penetration over the same period. The ratio of the telecommunications sector revenue to GDP is declining from a peak in 2015, sliding down every year since then.
Following the telecoms market expansion over the last 5 years, the publisher forecasts sustained revenue growth to 2025, despite the Covid-19 pandemic, fuelled by data monetisation as long as data pricing stays rational amid the diminishing impact of declining legacy voice and SMS revenue.
Mobile revenue is growing faster than mobile subscription numbers leading to ARPU growth as the market transitions from 2G & 3G to 4G mobile data services.
The author expects the overall telecoms market to grow through to 2025 after a marked slow down in 2016 due to legacy 2G voice & SMS revenue pressure partially offset by mobile data growth.
The Capex to GDP ratio peaked in 2016 and has been sliding since, to its lowest in 2019. Capex investments will increase again through to 2025, as mobile operators invest in 5G, bolster their 4G coverage and increase capacity to fulfil strong data demand, maintaining a strong Capex to Sales Ratio.
AIS and True Corp gained revenue share in the 2014-2019 period at the expense of DTAC which just completed a strategic turnaround, TOT and CAT Telecom increased revenue from spectrum concessions but struggle to compete for fixed or mobile customers.
Mobile Subscribers and Revenue
As the rate of growth of net additions in mobile subscriptions slows, telecommunications providers are channelling their efforts into reducing their cost base and raising ARPU through new value-added services using mobile data and bundling fixed and mobile services. The proportion of prepaid subscriptions shrank between 2014 and 2019 while the postpaid segment is growing in popularity and reducing the number of people holding multiples SIMs.
The publisher forecasts 5G mobile subscribers will represent nearly 45.6% or 45.6m subscribers of all subscriptions by 2026, 4G will represent about 50% of all connections while 3G will be probably be shut down by the end of 2025.
According to our benchmark study of mobile data pricing, India has the lowest rate per GB at just a few cents per GB, while Australia and China had the biggest cost reduction per GB mostly due to increased data allowance in plans while Singapore remains expensive. Thailand has a competitive pricing compared to other countries while the average monthly download is among the highest in the region.
Broadband Subscribers - FTTH Push and Fixed Wireless
The fixed broadband market is experiencing strong growth mostly driven by three players, AIS, Jasmine and TrueOnline all investing in full-fibre networks. Jasmine actively migrated its DSL subscribers to its fibre network while TrueOnline and AIS are growing their subscriber base by capturing a large of broadband subscriber net-adds.
AIS, TrueOnline and Jasmine invested heavily in full-fibre networks opening opportunities for bundling IPTV and e-Commerce services leading the fastest broadband migration to full-fibre networks in the Asia-Pacific region.
Households growth and new FTTH investments by AIS, TrueOnline and Jasmine and others will drive up the fixed-broadband household penetration.
Thematics - Telecoms Infrastructure / 5G / M&A / Infrastructure
Infrastructure funds, pension funds and government funds are assigning high valuation multiples to telecommunications infrastructure assets such as mobile towers, data centres, submarine cable and fibre infrastructure.
Investment funds are assigning high valuation multiples to telecommunications infrastructure assets such as mobile towers, data centres, submarine cable and fibre infrastructure. This report outlines some real market examples of how investors view and value these investments with real industry examples and EV/EBITDA comparatives and benchmarks.
However, in the medium term, the telco sector is likely to experience some corporate activity with the government merging TOT and CAT Telecom, Jasmine, losing its founder/CEO for insider trading and Telenor expanding its presence in the region. The author projects strong earnings growth despite the required 5G and fibre to the home investments by the telecommunications operators and a new wave of M&A, network sharing deals over the next two to three 3 years.
The arrival of 4G moved the Internet off our desktops into our palms and pockets, 5G could transform the network from something we carry around to something taking us around either virtually (augmented reality or virtual reality) or in reality (autonomous vehicles), the 5G outcome and benefits beyond fast connectivity remain largely unknown in terms of business models, investments required and timeline.
- Advanced Info Service (AIS)
- CAT Telecom
- CS Loxinfo
- Triple T
- Telephone Organization of Thailand Corp (TOT)
- True Corporation
The publisher uses primary and secondary research as well as proprietary information sources to generate market analysis and forecasts for fixed and mobile services in terms of both subscribers and revenue. Interviews are conducted with key service providers in the region to determine current and potential market sizing as well as future service offerings. Information gathered through interviews is further cross-checked to validate the total market size.
The primary research is supplemented with a range of secondary source material, including related research, press releases, securities filings, media, Web-based materials, and trade publications.
Industry and population statistics are also leveraged for reference and to ensure consistency in the data collection. Extensive service provider primary and secondary research, together with the publisher's end-user research database, provides a strong basis for sizing and forecasting the market. The multiple reference points allow for validation of information provided by the service providers compared with that gathered from alternative sources.
Note: Forecasts are made in local currency, and no allowance is made for inflation. All numbers in this document may not be exact due to rounding.