TRUE CORPORATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7.65 THB | -1.29% |
|
-1.92% | +51.49% |
| Feb. 23 | True Corporation Public Company Limited Provides Earnings Guidance for the Full Year 2024 | CI |
| Feb. 23 | Transcript : True Corporation Public Company Limited, 2023 Earnings Call, Feb 23, 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 | 264,324 | - | - |
| Enterprise Value (EV) 1 | 316,817 | 439,861 | 509,212 | 536,271 | 618,417 | 700,408 | 687,331 | 662,569 |
| P/E ratio | 27.1 x | 115 x | -119 x | -8.8 x | -12 x | 1,277 x | 45.7 x | 27.8 x |
| Yield | 1.96% | 2.03% | 1.46% | 1.45% | - | 0.03% | 0.97% | 2.44% |
| Capitalization / Revenue | 1.09 x | 0.83 x | 1.11 x | 1.2 x | 1.03 x | 1.27 x | 1.26 x | 1.27 x |
| EV / Revenue | 2.25 x | 3.18 x | 3.54 x | 3.97 x | 3.66 x | 3.37 x | 3.28 x | 3.17 x |
| EV / EBITDA | 9.14 x | 7.8 x | 8.4 x | 9.64 x | 8.17 x | 7.56 x | 6.92 x | 6.31 x |
| EV / FCF | -13.7 x | 158 x | -94.9 x | -135 x | 21.9 x | 18.5 x | 14.8 x | 12 x |
| FCF Yield | -7.3% | 0.63% | -1.05% | -0.74% | 4.57% | 5.4% | 6.76% | 8.35% |
| Price to Book | 1.22 x | 1.35 x | 1.96 x | 2.65 x | 2.03 x | 3.04 x | 2.91 x | 2.85 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 | 7.650 | 7.650 | 7.650 |
| 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 | 207,533 | 209,775 | 208,943 |
| EBITDA 1 | 34,645 | 56,400 | 60,612 | 55,623 | 75,718 | 92,664 | 99,377 | 104,989 |
| EBIT 1 | 5,301 | 10,646 | 12,413 | 2,216 | 14,101 | 22,306 | 29,222 | 33,671 |
| Operating Margin | 3.76% | 7.7% | 8.64% | 1.64% | 8.34% | 10.75% | 13.93% | 16.12% |
| Earnings before Tax (EBT) 1 | 7,745 | 944.3 | -1,367 | -17,979 | -12,728 | -1,199 | 8,087 | 7,878 |
| Net income 1 | 5,637 | 1,048 | -1,428 | -18,285 | -14,581 | 269.1 | 6,453 | 8,539 |
| Net margin | 4% | 0.76% | -0.99% | -13.54% | -8.62% | 0.13% | 3.08% | 4.09% |
| EPS 2 | 0.2832 | 0.0500 | -0.0666 | -0.9164 | -0.4200 | 0.005990 | 0.1673 | 0.2747 |
| Free Cash Flow 1 | -23,141 | 2,792 | -5,365 | -3,971 | 28,234 | 37,819 | 46,496 | 55,324 |
| FCF margin | -16.42% | 2.02% | -3.73% | -2.94% | 16.7% | 18.22% | 22.16% | 26.48% |
| FCF Conversion (EBITDA) | - | 4.95% | - | - | 37.29% | 40.81% | 46.79% | 52.69% |
| FCF Conversion (Net income) | - | 266.33% | - | - | - | 14,052.65% | 720.52% | 647.88% |
| Dividend per Share 2 | 0.1500 | 0.1166 | 0.1166 | 0.1166 | - | 0.002500 | 0.0739 | 0.1863 |
| 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 Q3 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 32,966 | 41,467 | 35,138 | 34,055 | 32,608 | 33,274 | - | 49,113 | 49,932 | 52,348 | 51,856 | - | - | - | - |
| EBITDA 1 | 14,848 | 15,626 | 14,866 | 14,662 | 14,952 | 11,143 | - | 23,064 | 21,782 | 23,369 | 23,010 | - | - | - | - |
| EBIT 1 | 2,939 | 2,566 | 1,957 | - | 1,513 | -2,678 | - | 4,483 | 3,584 | 4,520 | 5,239 | - | - | - | - |
| Operating Margin | 8.91% | 6.19% | 5.57% | - | 4.64% | -8.05% | - | 9.13% | 7.18% | 8.63% | 10.1% | - | - | - | - |
| Earnings before Tax (EBT) | -584.2 | 92.6 | -1,422 | -727.9 | -2,707 | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | -602.8 | 54.35 | -1,617 | -761.3 | -2,757 | -13,150 | 615.5 | -2,320 | -1,598 | -11,279 | -1,883 | -1,100 | - | - | - |
| Net margin | -1.83% | 0.13% | -4.6% | -2.24% | -8.46% | -39.52% | - | -4.72% | -3.2% | -21.55% | -3.63% | - | - | - | - |
| EPS 2 | -0.0333 | 0.0167 | -0.0833 | -0.0333 | -0.1333 | -0.6665 | 0.0200 | -0.0700 | -0.0500 | -0.3200 | -0.003050 | 0.002220 | 0.0128 | 0.0162 | 0.0400 |
| Dividend per Share 2 | - | 0.1166 | - | - | - | 0.1166 | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/15/21 | 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 | - | - | - | - | - |
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 | 436,085 | 423,007 | 398,246 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.714 x | 5.764 x | 5.77 x | 6.738 x | 5.863 x | 4.706 x | 4.257 x | 3.793 x |
| Free Cash Flow 1 | -23,141 | 2,792 | -5,365 | -3,971 | 28,234 | 37,819 | 46,496 | 55,324 |
| ROE (net income / shareholders' equity) | 4.36% | 1% | -1.72% | -25.7% | -19.9% | 0.85% | 8.54% | 12.4% |
| ROA (Net income/ Total Assets) | 1.11% | 0.18% | -0.23% | -2.94% | -2.14% | 0.07% | 0.98% | 1.43% |
| Assets 1 | 509,779 | 570,712 | 621,236 | 621,502 | 681,417 | 406,711 | 656,019 | 595,652 |
| Book Value Per Share 2 | 6.290 | 4.250 | 4.060 | 3.050 | 2.480 | 2.520 | 2.630 | 2.680 |
| 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 | 30,702 | 29,972 | 27,849 |
| Capex / Sales | 26.65% | 29.9% | 28.42% | 29.02% | 14.15% | 14.79% | 14.29% | 13.33% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
7.65
THB
Average target price
9.362
THB
Spread / Average Target
+22.38%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +51.49% | 7.14B | |
| +2.26% | 192B | |
| -0.18% | 120B | |
| +23.66% | 72.46B | |
| -2.36% | 57.97B | |
| +24.90% | 23.92B | |
| +9.95% | 16.07B | |
| -10.14% | 15.66B | |
| +4.97% | 9.6B | |
| -15.58% | 9.2B |
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