InnovestX Securities summarized key takeaways from the recent analyst meeting with True Corporation Public Company Limited (SET: TRUE), focusing on China Mobile’s planned share sale. TRUE’s CEO clarified that, following discussions, China Mobile will divest no more than 1% of its stake, equivalent to approximately 345 million shares, and intends to retain its remaining holding for now.
Market concerns persisted that, after this initial 1% divestment, China Mobile might continue to sell its remaining 6.8% stake, creating further downward pressure on TRUE’s share price. However, the CEO’s assurance is seen as mitigating some of these worries.
Regarding CP Group, TRUE confirmed that after reducing its holding by a total of 10%, no further share sales are planned.
The company also revised its guidance for service revenue ex-interconnection, lowering growth expectations from 2–3% to 1–2% due to increasing economic uncertainty. However, EBITDA growth guidance remains unchanged at 7–9%, supported by ongoing cost control. InnovestX’s own forecast anticipates 2% revenue growth, meaning there’s no negative impact on their projections.
InnovestX maintains its OUTPERFORM rating for TRUE with a target price of THB 18.5 per share. The broker views the recent share price decline, driven by concerns over the China Mobile stake sale, as a buying opportunity and advises investors to accumulate shares during the pullback.
