With the GULF offer for INTUCH, some investors we spoke with have drawn parallels to Reliance Industries (RIL) and Reliance Jio (RJio) and raised questions whether ADVANC/GULF could evolve in a similar way to them (such a strategy has not been confirmed by either ADVANC or GULF). Due to the difference in ecosystems in India and Thailand, we believe that it will be difficult for ADVANC/GULF to evolve like RJio/RIL in the medium term. Moreover, it will be expensive for ADVANC/GULF to build and scale offline and online businesses. If these businesses are built using ADVANC, there will likely be risks to ADVANC’s dividends and ROICs. GULF’s B/S position also limit its investment though it could partner with existing businesses to build a digital ecosystem.