On Wednesday, the share price of True Corporation Public Company Limited (SET: TRUE) at the time of 11:40 a.m. was at THB 13.30, a THB 0.50 or 3.62% decrease with a total trading value of THB 5,167 million. The decline came after reports of a potential share sale from one of its major shareholders, which caused short-term selling despite the company announcing a remarkable performance in 2Q26.
FSS International Investment Advisory Securities (FSSIA), stated that TRUE posted a robust net profit of THB 6.55 billion for the second quarter of 2026, marking a remarkable 222.7% increase year-on-year and a substantial rise quarter-on-quarter.
Excluding non-recurring one-off items, TRUE’s normalized profit for 2Q26 was THB 6.74 billion, reflecting a strong 60.8% YoY and 3.2% QoQ growth, in line with market and the analyst’s expectations. The improved results were mainly supported by continued reductions in expenses and stabilization in its core service revenue.
The main drivers of YoY improvement stemmed from lower costs, which included: 1) cost reductions from new spectrum auctions (since August 2025); 2) lower network operating expenses; and 3) decreased interest expenses. On a QoQ basis, costs continued to decline, albeit at a smaller scale.
Currently, TRUE is trading at 2026 P/E and EV/EBITDA multiples of 18-19x and 7.8x, respectively, which remains at a discount compared to its industry peer, Advanced Info Service Public Company Limited (SET: ADVANC), at 21x and 9.9x.
Nevertheless, the stock price faced short-term pressure due to reports of a potential share disposal by China Mobile—a move that TRUE recently clarified, stating any sales would be capped at no more than 1%. FSSIA sees that the impact on TRUE’s fundamentals remains limited.
