Stock TRUE TRUE CORPORATION
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Financials True Corporation

Equities

TRUE

THB231010000

Wireless Telecommunications Services

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-05-30 pm EDT 		5-day change 1st Jan Change
8.6 THB -1.15% Intraday chart for True Corporation +7.50% +70.30%
May. 03 True Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
May. 03 Transcript : True Corporation Public Company Limited, Q1 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 153,494 114,787 159,500 161,502 174,488 297,148 - -
Enterprise Value (EV) 1 316,817 439,861 509,212 536,271 618,417 714,128 708,423 688,340
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% - 0.11% 0.93% 2.2%
Capitalization / Revenue 1.09 x 0.83 x 1.11 x 1.2 x 1.03 x 1.42 x 1.41 x 1.42 x
EV / Revenue 2.25 x 3.18 x 3.54 x 3.97 x 3.66 x 3.42 x 3.36 x 3.28 x
EV / EBITDA 9.14 x 7.8 x 8.4 x 9.64 x 8.17 x 7.46 x 7.04 x 6.54 x
EV / FCF -13.7 x 158 x -94.9 x -135 x 21.9 x 16.7 x 15.2 x 12.1 x
FCF Yield -7.3% 0.63% -1.05% -0.74% 4.57% 5.98% 6.59% 8.28%
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) 20,026,923 20,026,923 20,026,923 20,026,923 34,552,101 34,552,101 - -
Reference price 2 7.664 5.732 7.964 8.064 5.050 8.600 8.600 8.600
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 140,943 138,212 143,655 135,076 169,074 208,546 210,750 209,713
EBITDA 1 34,645 56,400 60,612 55,623 75,718 95,722 100,642 105,217
EBIT 1 5,301 10,646 12,413 2,216 14,101 24,111 30,788 35,117
Operating Margin 3.76% 7.7% 8.64% 1.64% 8.34% 11.56% 14.61% 16.75%
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 7,407 8,122
Net margin 4% 0.76% -0.99% -13.54% -8.62% 1.71% 3.51% 3.87%
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 42,699 46,709 56,991
FCF margin -16.42% 2.02% -3.73% -2.94% 16.7% 20.47% 22.16% 27.18%
FCF Conversion (EBITDA) - 4.95% - - 37.29% 44.61% 46.41% 54.17%
FCF Conversion (Net income) - 266.33% - - - 1,194.21% 630.59% 701.66%
Dividend per Share 2 0.1500 0.1166 0.1166 0.1166 - 0.009760 0.0797 0.1890
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
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 1 54.35 -1,617 -761.3 -2,757 -13,150 615.5 -2,320 -1,598 -11,279 -769.3 -848 - - - -
Net margin 0.13% -4.6% -2.24% -8.46% -39.52% - -4.72% -3.2% -21.55% -1.5% - - - - -
EPS 2 0.0167 -0.0833 -0.0333 -0.1333 -0.6665 0.0200 -0.0700 -0.0500 -0.3200 -0.0200 0.006080 0.0120 0.009420 0.0300 0.0700
Dividend per Share 2 0.1166 - - - 0.1166 - - - - - - - - - 0.0355
Announcement Date 2/18/22 5/17/22 8/15/22 11/14/22 2/20/23 5/10/23 7/27/23 11/9/23 2/22/24 5/3/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 163,323 325,074 349,712 374,769 443,929 416,980 411,275 391,192
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.714 x 5.764 x 5.77 x 6.738 x 5.863 x 4.356 x 4.087 x 3.718 x
Free Cash Flow 1 -23,141 2,792 -5,365 -3,971 28,234 42,699 46,709 56,991
ROE (net income / shareholders' equity) 4.36% 1% -1.72% -25.7% -19.9% 1.76% 7.57% 11.2%
ROA (Net income/ Total Assets) 1.11% 0.18% -0.23% -2.94% -2.14% 0.27% 1.47% 1.89%
Assets 1 509,779 570,712 621,236 621,502 681,417 1,325,079 502,724 430,282
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 35,593 33,294 31,513
Capex / Sales 26.65% 29.9% 28.42% 29.02% 14.15% 17.07% 15.8% 15.03%
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
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
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
8.6 THB
Average target price
9.814 THB
Spread / Average Target
+14.12%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

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Other Wireless Telecommunications Services
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