New Street Research - True Corp. Public Co. Ltd. (TRUE) TRUE Corp (Buy, TP: THB 18 from THB 15, +60%) Update following NDR; synergies being delivered; PT to THB 18

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New Street Research

Chris Hoare

EUR 9240.00 For Business Accounts Only

TRUE Corp (Buy, TP: THB 18 from THB 15, +60%) Update following NDR; synergies being delivered; PT to THB 18

We adjust our model following an encouraging management NDR in NY, Boston and London, the main change being cutting our capex forecasts. We lift our price target to THB 18 (from THB 15). TRUE’s shares have been very strong YTD, but we still think the stock is not fully reflecting the medium-term expansion in FCF likely as synergies are delivered in a benign 2-player market. TRUE remains one of our top picks in Global EM Telco.

03/10/2024 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

Provider

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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TRUE Corp (Buy, TP: THB 18 from THB 15, +60%) Update following NDR; synergies being delivered; PT to THB 18

EM Telcos Q2 24: Enterprise softer but remains a secular trend

True Corporation (TRUE TB) - Expect robust core profit in 3Q24.

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