On Thursday, the share price of True Corporation Public Company Limited (SET: TRUE) at the time of 3.38 p.m. was at THB 11.10, a THB 0.06 or 5.71% increase with a total trading value of THB 1,653.15 million.
Krungsri Securities (KSS) noted that Telenor celebrated its 25th anniversary of partnership with Thailand last night, attended by notable guests from both Telenor and TRUE, including Benedicte Schilbred Fasmer, Chair and CEO of Telenor Group, Sigve Brekke, CEO of TRUE, and Suphachai Chearavanont, CEO of CP Group.
A key highlight from Fasmer’s remarks was Telenor’s commitment to remain invested in TRUE for many years to come. She stated that Telenor Group is impressed with the ongoing merger between DTAC and TRUE, noting that the relationship between the two major shareholders, Telenor and CP, remains smooth and highly cooperative.
Fasmer also observed TRUE’s stronger-than-expected recovery, with TRUE returning from losses to profit within the two years since the merger, triggering a significant share price surge. TRUE’s current market capitalization stands at about THB 366 billion (NOK 113.5 billion), which would rank it eighth on the Norwegian stock exchange by market cap.
The brokerage firm has a positive sentiment toward Telenor’s clear statement that it plans to maintain its collaboration with TRUE for decades, alleviating market concerns that Telenor might use the 25th anniversary event to announce shifts in TRUE’s shareholding structure.
Currently, Telenor owns a 28% stake in TRUE, while CP Group holds about 21%. In addition to management’s verbal commitments, KSS sought to further confirm Telenor’s intentions and found that TRUE’s new head of network has been appointed by Telenor Group. Moreover, of TRUE’s roughly ten C-level executives, over half are appointees from Telenor, further signaling the group’s commitment.
The securities firm also noted that if Telenor were to exit, no other market offers a comparable competitive environment or market capitalization as Thailand.
KSS therefore maintains its profit growth forecasts at 71% year-on-year for 2025 and 35% for 2026, driven by higher ARPU (Average Revenue Per User) and cost reductions, as well as reiterating its “Buy” recommendation for TRUE with an unchanged target price of THB 18.
TRUE is considered a top pick in the sector, boasting EPS (Earnings Per Share) growth of over 71% in 2025 and 35% in 2026, amounting to a 51% EPS CAGR from 2025-2026. The stock trades at 25x PE for 2025 and 19x PE for 2026, with this robust EPS growth making TRUE an attractive “Buy.”
