Finansia Syrus Securities has recommended TRUE Corporation Public Company Limited (SET: TRUE) as a speculative buy, setting an average target price of THB 15.33 per share based on the latest IAA Consensus. TRUE reported an impressive operating profit of THB 6.1 billion for the fourth quarter of 2025, marking a 32% increase quarter-on-quarter and surging 71% year-on-year. This result exceeded market expectations by 23%, driven by ongoing network modernization, lower spectrum costs, and reduced interest expenses, despite largely stable revenues.
Finansia Syrus also noted that TRUE’s 2025 annual profit jumped an outstanding 95% year-on-year, underlining clear signs of recovery. According to consensus estimates, TRUE’s profit in 2026 could reach THB 22.6 billion. If the company continues to achieve quarterly profit of around THB 6 billion, there is a potential upside of 6-10% to current profit forecasts.
From a valuation perspective, TRUE is trading at a forecast 2026 P/E ratio of around 20-21 times, still cheaper than ADVANC at 22.4 times, despite offering higher earnings growth.
Technical support is noted at THB 13.30 and 12.90, with resistance levels at THB 14.20 and 15.00.
