Yuanta Securities (Thailand) has projected that the 2Q25 core profit of True Corporation Public Company Limited (SET: TRUE) will reach THB 4.8 billion. This would represent a 12% increase quarter-on-quarter and a substantial 123% surge year-on-year. The positive outlook is underpinned by continued cost reductions and rising ARPU (average revenue per user).
If TRUE’s profit meets expectations, its 1H25 core profit would account for 48% of Yuanta’s full-year core profit forecast of THB 18.8 billion. Furthermore, the second half of 2025 is expected to see accelerated profit growth compared to the same period last year.
Yuanta maintains its “Buy” recommendation on TRUE, raising the 2025 year-end target price to THB 15.60 per share based on a sum of the parts (SOTP) valuation. The securities firm assumed that TRUE will only participate in the 2300MHz spectrum auction and not the 850MHz.
Strategically, Yuanta notes that if the upcoming spectrum auction at the end of June experiences muted competition, TRUE shares are likely to continue their upward trend.
