New Street Research - True Corp. Public Co. Ltd. (TRUE) TRUE (Buy, TP: THB12.5, +108%) Duopoly and merger synergies create strong tailwinds?

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New Street Research

Chris Hoare

EUR 9256.00 For Business Accounts Only

TRUE (Buy, TP: THB12.5, +108%) Duopoly and merger synergies create strong tailwinds?

We diligence TRUE’s synergy guidance, finding it is reasonable/conservative. The best EM Telcos stocks recently have been those directly involved in in-market mergers in markets repairing (think Bharti, IOH, CelcomDigi, TIM Brasil).

17/11/2023 1 EN

Underlying

True Corp. Public Co. Ltd.

True Corporation Public Company Limited is a Thailand-based integrated communication solution provider. The Company and its subsidiaries categorize the business into three segments: online segment, which is the provision and installation of fixed line services including public telephones and related value-added services, data services, multimedia services, broadband services and Internet services; wireless segment, which is the provision of cellular telephone services, resale of 3G services using high-speed packet access (HSPA) technologies, network equipment rental, mobile services and sales of handsets and accessories, and pay television (Pay-TV) segment, which is the provision of pay television services both via cables and satellite platforms, rental and trading of related equipment and other related services to the pay television business, advertising sale and agency.

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TH0375010Z06 Stock Exchange of Thailand Thailand

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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TRUE (Buy, TP: THB12.5, +108%) Duopoly and merger synergies create strong tailwinds?

Thai Telcos - Q1 24 review: Market repair, synergies and Covid tailwinds make a heady mix; upgrade price targets

5G FWA in EM Rapidly falling CPE prices likely to accelerate adoption in EM

Thai Telcos Q4 23 review: Turning the corner as ARPU grew after more than three years

WISE (Neutral, TP: £8.30, +10%) WISE FY 24 - Weak guide on Volume, Price & Cost

1Q24 Broadband Trends

Orange (Buy, TP: €14, +47%) Altice France (SFR) - Most preferred Iliad - Equal Weight French mobile pricing changes: over-reaction, Orange looks over sold

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