Good afternoon everyone, and welcome to our Investor Day for 2026, the next growth chapter. Today, let me remind you that participants on Zoom, if you want to listen in English, you may choose English room, and if you want to listen in Thai, we also have a translator available for you. The presentation is ready, and you can use this QR to download.
Today we have the honor of our CEO, Khun Pratthana . [Foreign language] . We have—we have CFO, Khun Tee . Also we have Chief Enterprise Business Officer, Khun Phupa . And also with us today, Chief Retail Officer, Khun Praphat . We also have Khun Nattaya in this room . And myself—somewhere in this room, and myself, Somruetai, will be running this session . So the agenda for today will go through four key items, which are: AS28, the next growth chapter; B2C, integrated consumer home solution; B2B, infrastructure solution; and AI adoption; and we'll follow closing the session with investment for future growth, kha. So let us give an applause to our CEO kha.
Good afternoon to everyone here at AIS on the conference we are Zooming. Good afternoon to everyone. I hope that you are not feeling sleepy that much after lunch here. You look a bit sleepy, I can say that. So I'd like to start addressing about what we like to call our continuations of growth or our next growth chapters. AIS, as all you know, we have been for the past 36 years as telecommunication connectivity leaders. At this point, we are also proud to say that we provide the best telecommunication network in Thailand. At this point, we always want to address that we are doing it with high efficiencies. And at this point, as a continuation on, we have strong cash flow and balance sheets so that who we are and what we provide for customers continues on for the last many years.
From this year onwards, we would like to call it the next growth chapter with intelligent infrastructure. The intelligent infrastructure for us will enable our next growth chapter, of which it would very much include three important components. The first one is customer centricity. Later on, during this afternoon, you'll hear a lot about this. Secondly, and probably the most important, is the national digital infrastructure. On this second one, we are now having mobile fiber broadband and soon-to-be expanded global hyperconnectivities, connecting the expansion of data centers as well as the sovereign cloud. So those are what I call national digital infrastructure. And on top of that, the last piece is the intelligent platform. So those are three important pieces, what I like to call intelligent infrastructure for our next chapters of growth.
Putting things into the pictures, so we lay out the digital infrastructure I'm talking about, plus the platform, of which includes the smart living platform, entertainment platform, and soon-to-be launched mid-year digital finance platform on top of cloud and AI, which we'll be in. So with that, we will be able to deliver multiple services to many groups of customers. And in the customer view, as I mentioned, customer centricity is with all of these services, we will tailor it, personalize, deliver for consumers. We will tailor it and personalize to fit home. We will craft solutions to enable digital enterprise. So those are three big customer groups that I call customer centricity, that we want to make sure that we grow our services with intelligent infrastructure. I'd like to address the first one, which is the infrastructure as a core.
In here, the 5G network will be advanced 5G or 5G Advanced. So that's number one. Number two, fiber will continue on expanding to more homes beyond 20 million. Thirdly, we will connect not only in the country, but to the world as hyperconnectivity, connecting the world digital infrastructure back to Thailand and go out from Thailand. So we can enable expanding AI data centers beyond 200 MW and expanding in the country, connecting to outside and connecting back in. And lastly, this is the digital infrastructure we truly believe is a must, and we will be building it too, so-called sovereign cloud, sovereign data, sovereign cloud, and later on, sovereign AI will be a core infrastructure for us to serve the country. So these are five keys digital infrastructure for the nation I'm talking about.
Secondly, on the platforms, we are expanding the platform, as you saw from the very first stack pictures of smart living, entertainment, as well as digital finance on top of the cloud and AI, on top of many applications to deliver for both customers and enterprises. Those ones will get enabled with AI. In AI, we like to address it in three important pillars. The first one is the digital infrastructure with intelligence, which is specifically enhanced for customer experience. It would mean that customers will get better experience through this intelligent network, which later on I'll show you how we put it illustrated. So we should be able to deliver more capacity to customers, get better quality for customers at the same time beyond traditional networks. The second piece is intelligence, artificial intelligence, so we can be very energy efficient.
Beyond that, we can also increase our ability to protect on the cybers. That's the second piece. The last piece that I'd like to address is to get intelligence to turn into services for customers, which I will illustrate a little bit later. For the first one, this is the illustration of how an intelligent network would look like, one dimension of it. Currently, there are multiple base stations, more than 40,000 base stations around the country, and there are going to be more. With that traffic we serve of almost 50 million customers, they're moving all the time, things could happen, accidents, and all of those. An intelligent network will be self-adjusted for both coverage and how we serve the customers, whether they want more bandwidth or we need to adjust to make it suitable for multiple occasions.
So with this, it's actually increased or served 30% more in traffic, have a better experience for at least 10% more. And this is what I mentioned, increase the download traffic by 17%. That's one example of cell reselection, tower reselections. So these are part of intelligent infrastructure I'm talking about. So that's the first piece, to increase and enhance customer experience. For sustainabilities, intelligent infrastructure will help save energies for the delivery. It has shown already for us, from the initial starts, that we are able to save 5% already on the cost of energy, and it continues to be more. Of course, as a result, there are fewer emissions to the environment. Also, on the sustainability point for the users and the country, we enhance the network safety net into the next level with intelligence. I'll give you some examples.
We are now expanding the protection of viruses and malware for every customer on the network using centralized network protections. We enable that. We now uplift the capability to detect the scammers. I just talked over lunch. It's just my first job as CEO, the first few weeks, and I got scammers attacked. So that's one thing. We need to always continue on. So we use artificial intelligence to uplift that. And many of the fraud has been detected to prevent it, and we continue to be more with the intelligent infrastructure I'm talking about. So that will help to serve customers in a safer environment. And lastly, on AI, is to turn AI into services customers can benefit directly with the digital ecosystem. On the 10th of this month, soon to be, we will be launching some of the services together with partners.
Maybe one close to our heart is all AI, which customers can enjoy at one pack. You can subscribe to get used for every AI. That's one example that we'll be able to use the network as well as partnerships to do so, and many more for both consumers as well as for the enterprise. On the enterprises, something important there with Microsoft, with Google Gemini coming on board, with Sovereign Cloud, there will be much more which turns into customer services. So these are three important parts from AI on the intelligent infrastructure. So with that, I hope you see some of the pictures we are building towards on the digital infra platform services, of which it will be delivered to individual customers personally and also help us capture more demand or answer them, the demand that's about to come for both consumers, homes, and the business.
With all of this, we embark on the new chapter of growth. On the next chapter of growth, we will continue on to deliver the growth for both revenue as well as the profits. So that's for the starting of today. This is what I'd like to address for everyone here. You'll hear a lot more from Khun Tee, Khun Phupha on in-depth how we approach it. Khun Tee smiles. I'll talk about one hour more on that. But please, thank you very much. That's for the start.
Thank you.
Next we have Khun Tee up for talking about our B2C business.
Good afternoon everyone Shall we go straight to Q&A just to save you some headache okay on I think we call now B2C and B2B try to combine the mobile and broadband business together because we mentioned that we basically want to embark on another growth chapter because I I know that with the share price performance lately a lot of maybe houses trying to see whether we can sustain the growth we'll try to show you is at least on the demand side right we are on the the right segment the right platform so you see mobile data usage still growing same thing with broadband connectivity we we do believe that you know the trend is still going up from what I look at now I have a very young baby daughter she's starting to play with the mobile phone right now so at two years old so that's a bit scary but I think it's very easy to use and a lot of people using it more than just entertainment so the trend for sure everyone knows still going up broadband is to believe that with urbanization of the whole country then we can actually penetrate more into the households quick one e-commerce value still growing a lot of people selling stuff and buying stuff more online same thing with I think social media I think we are as you know one of the heavy users or heavy usage countries of social media we do believe that with the good practice that we try to promote so people can use social media safely and also try to create more career opportunities or more economic value from that and we want to be a part of that so we know that we have a full responsibility to make sure that you know we we service the right group of customers I think as Khun Khun Hui mentioned lately we also try to crack down on scammers and the wrong usage of our internet so at least on the demand side we believe the growth is still there right so the the key question is how can we really turn the demand into overgrowth on revenue I think first of all before I think many many years ago what we are looking at mainly is the subscriber level right we're looking at how many SIMs we sell how many mobile numbers we have penetration and all that but with broadband coming in and also with the the start of digital finance mobile banking so the mobile usage mobile identity actually becomes a lot more critical to the growth of the country so before that then we we will look at customer level now we look at individual one individual may have more than one SIM two SIM three SIMs right and now with the correct identity we can do a lot more with them or with each person and with broadband that we have we can look at everyone at the household level so we're going to look to service people more as an individual and also look to service them more as a family right I think with this scope there are a lot more things that we can do a lot more services we can bring to them right that as I mentioned we can never you know keep increasing prices and people will be happy it's more if we can do more things for for you as a customer right you actually have a lot more money to spend on other things you don't have to spend with us right now but in the future you may prefer to spend those money with us so that's something that we will bring to the level of or the varieties of services that we're going to offer I think as you saw from last year we're starting to break the the previous I would say additional service into a BU so that we have more focus on first product development we can't keep selling the same old stuff right because there are other providers out there that they keep reinventing the product and services so once we set that up we have a lot more focus a lot more resources a lot more concentration to develop each of the the product that we're going to service the customer that also includes I think the the points and privileges right the loyalty system the content you saw already how many contents that we add on we are focusing more on the device portion as well so that's why we have Khun Patrick here he's going to be maybe selling you a lot more devices and gadgets and accessories I'm not sure whether he brings any any free samples today no not today okay and I think as I mentioned fiber it's just the start of what we can service at home right so once when we have right now the the biggest market share in the whole country more than 5.2-5.3 million households there are a lot more that we can do with our current existing customers not bearing that we are not growing we are actually trying to grow the port even larger right and how do we do that in the past I think the bundling is mainly promotion discount right in the future hopefully you're going to see we bundle in a bit different way we're going to tie into services customer experience and sometimes the even the product itself the service itself could be very different if you use two or three of those products from the same operator there's a way that we can actually give you better latency right better privileges in each of the product group itself before you lump it to the class of the the customer level right so I think that's one of the ways that we try to do and we add more services smart home cloud or even AI that's something that can create more value in the future I think nowadays everyone maybe from the research that we saw use ChatGPT a lot actually I think I talk to ChatGPT more than I talk to my wife and vice versa for her as well she also complained you know you always come home late exhausted don't talk to me so ChatGPT is my best hobby right now so anyway that aside opportunity to do cross-selling it's actually a lot more right we try to tell you that we know we need to do cross-selling but in the past we haven't been very successful at that but from now on I think the focus is there we're also changing a bit of the KPI restructure organization so that we can actually do a lot more cross-selling and we're also looking at different ways to package the services together that's something that we're about to come from this year onwards I can't review too much because otherwise you know it won't be a surprise but hopefully you'll see a simpler package arrangement that you see basic and then you see standard and premium and that's going to go across different BUs and once when you try to combine those be easier right now when we visit shops in many many regions we go and look at the pamphlets that we try to explain to customers what products packages that we have it's actually a quite confusing in a way right so we'll try to change that the way to communicate the way to structure it and for people to really see the value that they can get if they subscribe to more services with us right so that's something that hopefully will will change the mindset of consumers and also in the past our connectivity is a bit generic we only sell on speed either speed or quota of some sort so in the future hopefully there are some other features and functions that we can actually offer to different segments of the consumers right this is basic marketing 101 know your customer but because somehow our product is so generic in the past we cannot make the customer feel the different or the differentiation so from now on we're going to try to package in different layers connectivity is one layer if you link to other services you link to device and in the end different customer experience right so that that really changed the core how we do the business so I think in the conference call that we had earlier a lot of people asked if we spend more on IT how do we justify or project the revenue increase to me it's it's a bit deeper than that we're actually changing the way we look at how we do business with the consumers right so I can't do a one to one that oh I do this system so that I can sell more of this it's more like we we try to reinvent ourselves our IT system has to first go across different BUs right the way we're going to interact with consumers have to be very different from before right in order to scale quickly the more they can do self-service is the better otherwise we need to bother you to come to our shop or we need to ask you to call into the call center and once when you don't get to talk to the real person you complain right so in the end we'll try to change the way we interact with consumer as well that's why this one is also the touchpoint also need to be revamped right with AI technology right now a lot of things can be automated but in the end we need to make sure that it works otherwise it's also a double-edged sword and that's if you think of that the backbone need to change the front system also have to change right it has to be faster smarter at shop people still visit our shops a lot but in order to be able to serve them the right way show them the right product and close a transaction quickly before they get bored and walk out of the shop so that's something we have to change right Khun Patrick has a big target to hit not only the value of the device sales but also the satisfaction of the customer and also the reason why we want people to come to our shop right so that's one of his tasks digital channel is something that to me is really important in today's world right a lot of people I think a lot of people in this room stay up late still maybe want to buy something then scroll went to certain websites certain apps it's almost 24 hours selling right so that's something we also need to really be good at right our competitors are good at that already because they have other businesses that require such capability but I think for us we will fix this right telco channel is still important right now we still acquire majority of our customers from the current telco channel but it doesn't mean that the current version is already best for the future so we are putting in AI behind it we are putting in the the new marketing message or the new product and services behind so that our telco channel can sell more to customers right the last two things hopefully it can help convince customers to spend with us more or we offer the right thing to them so AI will help with this hyper-personalization because in the past it's more rule-based and we segregate people or consumer into different groups with AI there's a dynamic adjustment that we can do along the way and we can optimize the offering for a much smaller size people right so that's something that we're going to be be working on a lot and also the point system in the past that's one of the the strong aspects of our ecosystem but when you compare to other retailers or other groups that may have big spending among their group companies we may be smaller than them so we need to fix that part as well the team just want to show that after we fix what we call my AIS 1.0 to 2.0 3.0 there are already some positive signal so we can use this to do some of the service like I said if people can do self-service then it's the cheapest lowest cost and probably the fastest way for people to get what they want so the call number of calls that come into the call center drop quite a fair bit we do also sell a lot more products or packages to some of the target customers and also the engagement level is higher right this is to show that the trend is there that we are on the right path and this is what we mentioned earlier from just normal personalization that we try to do with you know a few segments of people now we can do a much wider a much deeper analysis to each group of people right and then because of the loyalty scheme that we hopefully can improve on that then we can capitalize on the vast network that we have we already built a lot of network that people can redeem those points and then when they use more then everything should be within the group even more and I think everyone knows this if consumer or customer use one product then it's one level ARPU when they use more it's higher whether this is going to continue to be 2x and almost 3x that depends we shall see the hard part for this is you see a lot of people doing one product because mainly it's still on a subscriber level true product sometimes it's still mixing between subscriber versus individual versus household right so that's why it's a little bit hard to group and I think later on you may ask what is the proportion target that we want to have it's a bit tough that way but we want to move people from one product to two and to three right because I think in your home maybe five people but you only need one broadband account so it won't be that everyone can do two but the rest probably they can do if you have a teenage son maybe you want to play games or maybe you yourself want to subscribe the AIS Play to watch football right so that's something that each person can have different product holdings but as a household also so that's something we're going to be looking at and find ways to service them more okay that's a quick stop I think next we'll ask Khun Phu pa to help walk you through the B2B thinking that we try to make happen
[Foreign language] Good afternoon. Everyone. I hope that this my session will be the easiest question sessions when talking about the cloud and digital adoption in Thailand so basically I have been instructed by Khun Som that spend a lot of time to give the example to ensure that we can communicate the directions and the way that we think about growing the digital and IT infra business to all of you then then don't hesitate to stop me to ask the questions. Then g ive me an opportunity to answer and clarify all the questions that you have . I I I would like to take very, l et's say a few slides [Foreign language]. A few slides to explain to you you know what is the plan and strategy that we think about growing the digital and AI infrastructure . First of all the the the this slide I need to let you know to understand the background how we see the business if you look at the way that you use as a consumer of the cloud or digital business you take the picture every day right and that picture will be uploading to let's say iCloud or some storage on the cloud but when was the last time that you deleted picture that you upload to basically what I'm saying is that the people tend to use more and more digital content use a lot more IT content or storage infrastructure than they think because of that behavior is not just only s tick with you as a consumer but when you go to the company or your enterprise right you ask yourself when was the last time that you delete file on your file server is almost never right so that means basically people tend when they use the digital infrastructure they tend to use more and more and tend not to delete all the data that they have this kind of behavior we observe and we see the growth of the infrastructure especially when when the country or we have the crisis just if I took the example of the COVID-19 everyone invest more even though the business is not good but everyone invest more in the technology to allow all the people able to video conference to do the business right and even though you know when we talk about the the the the l abor issue talent shortage you can see that the most of the the budget of the company spend is spent to the digital technology is spent to the cloud data center and all the IT stuff right and if when I look at the trend or or my research to the customer they will have the list of the projects that they will do this year or maybe next year already and all of those projects none of them not relate to the IT so that's I want to give you the background how the IT and digital infrastructure relating to our plan today so this is a trend that we see the second one the we see the the new establishment of the data center if you look at the trend most of number I will cover this in the detail in the next slide you will see that the BOI approved the numbers of the data center in the pipeline that means data center or the demand is come to Thailand is maybe is this because of we have power we have enough of the water to cooling system when using the data center they need water to chill it to cool it down we have land we have the support regulations to build that kind of thing then we have been watching on the Cloud First Policy I think all of you know that if you ask the ChatGPT it will say Cloud First Policy blah blah blah right but the way that I see is that i n government they when when compare government sector with the commercial sector government cloud adoption is not as fast as the the commercial sector and that's why e veryone put a lot of hope in the Cloud First Policy so believe that you know everyone and and all of the government will adopt cloud faster right then if you look on the over the top like a hyperscaler or the big tech technology from the news you will see that they starting to interest in Thai in Thailand in our country they start you see the news about the collaborations agreement partnership everything right then then that means we see the trend of data flowing around the globe for example if you coming from India or Europe the data normally is go not past Thailand but it go down to Singapore and then come back to Philippines, Malaysia, or go to Japan and connect to the America right and we see the trend that is this better and faster to go to the southern part of Thailand and cost
it's not like you [Foreign language]
[Foreign language] Then then you you will see that you know the we see the trend that they they find the the shortcut instead of go via Singapore they just go to the stone and on the on the left hand side of of of Thailand right and cross that like [Foreign language] or or some some part of south and go to the [Foreign language] and go to you know Philippines and Japan I think and not mention about the AI adoption I think everyone now use AI not as a consumer but even in the company or the board of director ask the management to adopt AI right so that's that's how I see . On the market growth on the EDS connectivity I think the chart is explain themself right the the CAGR 5.7 and the cloud and DC growth around 20% so this is how we look at the business or look at the the market and growth assumptions then when we connect all the story together . We still strongly believe that being the the digital and cloud AI infrastructure company is the right approach and the right direction for the company because everyone every company need to use at least one of service that we have right you in order for the company to use the the software or develop the software they need connectivity network they need data center they need cloud they need software that we sell they need implementation service and installation service that we provide so that's how we see the our business and how we we understand the market Then when look at the data center I zoom in from the first slide . As of now at the end of the FY 2025 last year we see the number of data center is almost 60 right but the BOI has approved in the sea in in the pipeline of the upcoming data center is will be more 30-40 in a few years from now so that means the demand is coming for sure right the data center business will grow. If the data center business will grow that means the connectivity will grow as well because each data center need the the connections communication between the data center and outside data center to the consumer as well right We also have the business that we call the IPLC is this like a s if you remember last time we focus to be a hub of our neighbor right so we invest a lot and focus to make the Thailand to I mean our company to be a hub of of neighbor right then that is a nother strategy that we want to grow the business in this way then we expect that the traffic will grow 20%-30% this is a traffic not the revenue this is traffic right then the next one I think about the 5G you know 5G here is different from 5G that you are using today the 5G in my angle is the 5G that use in the in the enterprise in the in the manufacturing I will have the video for you right t o explain how our customer adopt 5G which which we call the private network 5G private network as I I I ever mention about the robotic arms that needs very fast network to control the robotic arms . Some of the drone that Autonomous drone that can fly without the human control that kind of thing you know require very fast network to operate it otherwise it won't functions or it will will will crash with something. So w ithout any further explanations let me play the video one of our customer and this one is going to the second phase already how they adopt the 5G private network
[Foreign language]
If you notice that in my presentation last year I also mentioned about SCG right The reason why I bring this back again is this because of this is a second phase What does it mean for the second phase?
That means they see the value of adopting 5G private network. It returns something to them. Then they expand to the second phase. So in terms of the 5G spectrum utilizations, I think we answer the investor that okay this is how we really use or utilize monetize the 5G. And this is, I mean, the outcome from our customer. And if you see the picture in the previous not this one right. Can I go back to the previous slide? Not only the SCG we have numbers of the customer who adopt the 5G private network in their enterprise in their factory as well. So let's continue. OK. I think this is almost the last slide. We also have the cloud business as well. Not just only 5G and data center. We also have the cloud and we partner with various many different technology partner including Microsoft, Google, AWS, Huawei. And also have planned that has been implemented since last year to build the Sovereign Cloud. What does it mean when we talk about the Sovereign Cloud?
It means the cloud that under Thai laws is controlled by Thai and 100% comply with all the Requirement or regulatory aspect in Thailand. The way that we see when we use the cloud or public cloud in another countries. If you look at the agreement, most of the agreement when we have the issue with the law they will refer to the Singapore law. But when we talk about the Sovereign Cloud that means everything you know under Thai law controlled by Thai law in Thai Baht. That's that is a key differentiation or different when we talk about the Sovereign Cloud. The brand that we use for the Sovereign Cloud is the AIS Cloud that we launched mid of last year I think on the GSA pipeline Megawatt. I think the chart explain itself and you see the news about The movement of the GSA 0102 and 03. What I can share is that the way that we do the business. You look at the data center as a condominium. Normally we don't build the condominium in this case right without secure the customer. So that means we secure our customer first to ensure that The number of the customer or revenue is up to the certain level before we decide to build the things. We not build the plain data center and hope that the demand will come and someone will rent out the data center. That is not the way that we do the business. We do the business with very careful step in the invest. So that's why we need to secure the customer first. I think that's the last slide. Thank you very much.
Yes. So now we have the last session from Khun Tee. Investment for future growth.
Hello again. For someone who just woke up this is not a déjà vu. We move to the last section now. Recording in progress. Can we pause a bit. So maybe it's a déjà vu. Last section. So basically I think with some of the Announcement on special dividend and also the dividend payout that we Keep raising I think the last few years I think a lot of people Try to ask us about what's the principle that we gonna. Why is it might be on mute. What's the principle that we try to add here to for the next few years. So we just try to reiterate that. We believe that with the growth profile or the growth opportunity that we are looking at. So hopefully we can still grow both the revenue and also earnings right. I think the last two, three years the owning the earning growth is quite high and partly because there's a change in the cost structure. A change in the industry itself. But going forward it's going to be more organic growth on the earnings. First thing we try to give you a bit of a commitment is we'll have a discipline in the investment. That coming on two sides. One it's also we gonna invest in whatever required for us to be competitive in the market right. So I think we are committed to that. We're going to be delivering you the best network the best service right. And also second we'll be disciplined. Meaning we're not gonna invest crazy without any specific return in mind right. So that's what we can give to you. Earning conversion we still believe that with the growth profile that we're looking at. With the customer as we have. With the new services that we are you know working with the team right now. Earning can still grow right. We can leverage on maybe more optimization more efficiency right. Newer platform. That's something that we believe eventually it will come down to earning as well. And when we focus on growth we focus on certain segment certain Businesses that we believe can deliver higher value customers to us. So that's something that we will continue for the next few years. And a lot of people ask about CapEx target always all the time. It's also hard to give you what number in what year. Always in the past as you see is a cycle of high investment then become low investment. Then but on average I think when we look going forward The next two, three years we do believe that it's going to be plus minus around the 15% of revenue. In the past when we had to ramp up 4G investment because of the late spectrum auction. Then it went up very high because we need to cover the whole country within two years. 5G investment because our country is part of the early adopter of 5G. So in the beginning you know we invest a bit but it faces over a few years. The hard part was the return. To get the real return out from that. That's why if you match that with the earning in the past you know competition in the market as well. So after that then we had a very good two year that we can lower investment because we pre-invest earlier. Now I think it's a time that because industry consolidate. Our competitor also had an integration on their network. So they got some of the new equipment as well. And that's why we also want to make sure we have the best network in the country right. And we're also expanding a lot on broadband as well. So that's why we do believe that roughly around 15% going to be something that we manage the next few years. On top of that Like I mentioned because we try to change the way we interact with customers. We change a bit of the business model of the whole company from SBU now we try to join together. So the backbone the IT the digital platform will have to be modernized. So those are the part that we try to invest and also make sure that we get return on. I think lastly on some of the new ventures that we Started with some of the partners. Hopefully I think all the three areas that we invest in will give us meaningful return in you know three years time. As you can see We're going to be spending roughly around THB 8 billion-THB 10 billion. That's our own portion right. You know from below the virtual bank. So starting hopefully later this year. And then within five years it's going to be you know out from to be second phase from BOT timeline. And those are the kind of capital requirement from the regulation. GSA is the next one that we also have invested in. You saw the progress. So but in the beginning because it's a ramp-up period and it's stacker new project on top of the old ones. So we'll see I think the earning will slowly come. In the end because the initial years of the new project we may not get Big return but because it's stacker over time. So I think once when we pass there years then you know it will be meaningful earnings. Same thing with AIS that we set up to really focus on growing the cloud business. And this is more of an illustrative that typically all new investment the first few years it's going to drag a little bit and then it will give you or give us positive earnings after maybe three years. But the first two, three years it's still manageable. It's still not significant in terms of negative contribution that it's going to have on our business our core business. This is also more of a trend rather than don't try to measure the angle and then you know put the dot and all that. And no need to put this to AI and ask what the future value would be. Basically I think ROIC as we believe that we can still grow the earning and we optimize the balance sheet. So it's going to be in the high teens for ROIC EBITDA because we have improved EBITDA margin over the past few years going forward with the new investment that we are doing with the way that we you know kind of reset ourselves for the new business model and all that. We believe that we can maintain a flat margin right. And then net debt we are it's going to jump a bit this year but then over the next two, three years it's going to be on a deleveraging trend again. I think we're getting to the last two slides. So basically want to show the commitment and the thinking. We'll make sure that first and foremost we have sufficient money and resources to fund the growth that we are talking about. So there's no question no issue. Spectrum and everything we think we have enough right. And second we value the strength of our balance sheet right. So rest assured that we will not leverage up to the level that it's going to trade the long-term competitiveness long-term funding options to the point where we risk ourselves too much. And lastly we still believe in giving sufficient return to shareholders. So I can't give you exactly you're going to ask me later on what's the payout ratio for this year and next year. We commit to a high payout ratio for sure but depending on the situation in each year. I think we still have spectrum coming you know. A lot of people are worried with the change of the shareholder structure on the other side. How will that impact the market dynamics. That's still to be seen but we do believe that it's still on a positive trend right. And because it's an important message So the team put it two slides for me to tell you 2 x that we do commit to this and we think a lot about this. So core business fully funded for sure. We have enough money to fund future growth. Like we mentioned roughly we think about 15% As a kind of guideline there. Spectrum we want to maintain leadership in this business and spectrum is something that we will invest in right. You know investment first and foremost we think we pick the right partner in each of the areas. So we have the strong partners for us to work with and the funding for all this we also can cover. So no issue there. Commitment to strong balance sheet as usual. We still commit to investment grade. And even with this special payout it doesn't move us over the criteria of the rating agencies right. And lastly as mentioned we also want to make sure our shareholders are happy. A lot of retail investors also looking at our dividend as part of their Income and that's something that we really want to maintain The yield going forward. And I think that's all we have for you today.