Financials True Corporation

Equities

TRUE

THB231010000

Wireless Telecommunications Services

End-of-day quote Thailand S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
8.6 ^THB	0.00%		+5.52%	+70.30%

03/05	True Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
23/02	True Corporation Public Company Limited Provides Earnings Guidance for the Full Year 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,53,494	1,14,787	1,59,500	1,61,502	1,74,488	2,97,148	-	-
Enterprise Value (EV) ¹	3,16,817	4,39,861	5,09,212	5,36,271	6,18,417	7,02,296	7,08,604	6,88,692
P/E ratio	27.1 x	115 x	-119 x	-8.8 x	-12 x	183 x	44.8 x	29.2 x
Yield	1.96%	2.03%	1.46%	1.45%	-	0.05%	0.87%	2.11%
Capitalization / Revenue	1.09 x	0.83 x	1.11 x	1.2 x	1.03 x	1.43 x	1.41 x	1.42 x
EV / Revenue	2.25 x	3.18 x	3.54 x	3.97 x	3.66 x	3.37 x	3.37 x	3.29 x
EV / EBITDA	9.14 x	7.8 x	8.4 x	9.64 x	8.17 x	7.38 x	7.07 x	6.58 x
EV / FCF	-13.7 x	158 x	-94.9 x	-135 x	21.9 x	16.5 x	16.1 x	12.5 x
FCF Yield	-7.3%	0.63%	-1.05%	-0.74%	4.57%	6.07%	6.23%	8%
Price to Book	1.22 x	1.35 x	1.96 x	2.65 x	2.03 x	3.41 x	3.24 x	3.12 x
Nbr of stocks (in thousands)	2,00,26,923	2,00,26,923	2,00,26,923	2,00,26,923	3,45,52,101	3,45,52,101	-	-
Reference price ²	7.664	5.732	7.964	8.064	5.050	8.600	8.600	8.600
Announcement Date	28/02/20	25/02/21	18/02/22	20/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,40,943	1,38,212	1,43,655	1,35,076	1,69,074	2,08,386	2,10,572	2,09,515
EBITDA ¹	34,645	56,400	60,612	55,623	75,718	95,200	1,00,177	1,04,723
EBIT ¹	5,301	10,646	12,413	2,216	14,101	24,213	30,513	34,828
Operating Margin	3.76%	7.7%	8.64%	1.64%	8.34%	11.62%	14.49%	16.62%
Earnings before Tax (EBT) ¹	7,745	944.3	-1,367	-17,979	-12,728	-2,624	3,985	7,298
Net income ¹	5,637	1,048	-1,428	-18,285	-14,581	3,575	7,773	9,524
Net margin	4%	0.76%	-0.99%	-13.54%	-8.62%	1.72%	3.69%	4.55%
EPS ²	0.2832	0.0500	-0.0666	-0.9164	-0.4200	0.0469	0.1918	0.2940
Free Cash Flow ¹	-23,141	2,792	-5,365	-3,971	28,234	42,639	44,144	55,110
FCF margin	-16.42%	2.02%	-3.73%	-2.94%	16.7%	20.46%	20.96%	26.3%
FCF Conversion (EBITDA)	-	4.95%	-	-	37.29%	44.79%	44.07%	52.62%
FCF Conversion (Net income)	-	266.33%	-	-	-	1,192.55%	567.93%	578.66%
Dividend per Share ²	0.1500	0.1166	0.1166	0.1166	-	0.004170	0.0751	0.1818
Announcement Date	28/02/20	25/02/21	18/02/22	20/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	41,467	35,138	34,055	32,608	33,274	-	49,113	49,932	52,348	51,347	-	-	-	-	-
EBITDA	15,626	14,866	14,662	14,952	11,143	-	23,064	21,782	23,369	24,323	-	-	-	-	-
EBIT	2,566	1,957	-	1,513	-2,678	-	4,483	3,584	4,520	5,961	-	-	-	-	-
Operating Margin	6.19%	5.57%	-	4.64%	-8.05%	-	9.13%	7.18%	8.63%	11.61%	-	-	-	-	-
Earnings before Tax (EBT)	92.6	-1,422	-727.9	-2,707	-	-	-	-	-	-	-	-	-	-	-
Net income	54.35	-1,617	-761.3	-2,757	-13,150	615.5	-2,320	-1,598	-11,279	-769.3	-	-	-	-	-
Net margin	0.13%	-4.6%	-2.24%	-8.46%	-39.52%	-	-4.72%	-3.2%	-21.55%	-1.5%	-	-	-	-	-
EPS ¹	0.0167	-0.0833	-0.0333	-0.1333	-0.6665	0.0200	-0.0700	-0.0500	-0.3200	-0.0200	-0.005730	-0.005150	-0.004860	0.0300	0.0700
Dividend per Share ¹	0.1166	-	-	-	0.1166	-	-	-	-	-	-	-	-	-	0.0355
Announcement Date	18/02/22	17/05/22	15/08/22	14/11/22	20/02/23	10/05/23	27/07/23	09/11/23	22/02/24	03/05/24	-	-	-	-	-

¹THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,63,323	3,25,074	3,49,712	3,74,769	4,43,929	4,05,148	4,11,456	3,91,544
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.714 x	5.764 x	5.77 x	6.738 x	5.863 x	4.256 x	4.107 x	3.739 x
Free Cash Flow ¹	-23,141	2,792	-5,365	-3,971	28,234	42,639	44,144	55,110
ROE (net income / shareholders' equity)	4.36%	1%	-1.72%	-25.7%	-19.9%	1.81%	7.85%	11.5%
ROA (Net income/ Total Assets)	1.11%	0.18%	-0.23%	-2.94%	-2.14%	0.27%	1.47%	1.89%
Assets ¹	5,09,779	5,70,712	6,21,236	6,21,502	6,81,417	13,25,079	5,27,538	5,04,521
Book Value Per Share ²	6.290	4.250	4.060	3.050	2.480	2.520	2.660	2.760
Cash Flow per Share ²	0.7200	2.200	1.770	1.760	1.510	1.960	2.040	2.250
Capex ¹	37,565	41,327	40,821	39,193	23,929	35,584	33,289	31,506
Capex / Sales	26.65%	29.9%	28.42%	29.02%	14.15%	17.08%	15.81%	15.04%
Announcement Date	28/02/20	25/02/21	18/02/22	20/02/23	22/02/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for True Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.6 THB

Average target price

9.602 THB

Spread / Average Target

+11.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
TRUE CORPORATION	+70.30%	8.08B
T-MOBILE US	+2.41%	193B
AT&T INC.	+2.32%	123B
SOFTBANK GROUP CORP.	+25.17%	74.07B
KDDI CORPORATION	-3.92%	57.57B
CHINA UNICOM HONG KONG LIMITED	+27.14%	24.4B
VODAFONE GROUP PLC	+1.23%	23.52B
ADVANCED INFO SERVICE	-5.07%	16.66B
TELENOR ASA	+8.32%	16.12B
VODACOM GROUP LIMITED	-12.79%	9.88B

Other Wireless Telecommunications Services