Shares of True Corporation Public Company Limited (SET: TRUE) saw significant movement on August 4, 2025, surging to close at THB 10.80, up THB 0.50 or 4.85%, with a total trading value of THB 1,267 million. The spike comes ahead of the highly anticipated announcement of the company’s Q2 2025 financial results scheduled for today (August 5, 2025).
Analyst Outlooks
Krungsri Securities maintains its “BUY” recommendation on TRUE, with a target price of THB 18 per share. Analysts expect the stock to consolidate after the Q2 earnings release due to what is forecasted to be a rather uninspiring profit. The lackluster performance is attributed to a major network outage on May 22, 2025. Q2 2025 core profit is expected to increase by only 1% quarter-on-quarter. In comparison, Advanced Info Service (SET: ADVANC) is anticipated to report a 5% QoQ profit increase, driven by robust growth in mobile and broadband (FBB) revenue and further cost reductions.
Asia Plus Securities expects TRUE to record a net profit of THB 2.3 billion in Q2 2025, a sharp 38% rise from the previous quarter, and a remarkable turnaround from a net loss of THB 1.9 billion in Q2 2024. The profit boost is mainly due to extraordinary gains of THB 2 billion from the write-off of redundant network assets overlapping with DTAC—a key driver of profitability both sequentially and YoY.
Looking ahead, Q3 2025 earnings are projected to improve both sequentially and on a YoY basis, supported by a seasonal uptick in mobile device sales, possibly from the launch of the “iPhone 17,” and a reduction in expenses related to the write-off of redundant DTAC assets. For Q4 2025, the seasonal positive effect is expected to further boost revenue, with no more extraordinary write-off expenses.
Asia Plus also estimates that H1 2025 normalized profit will account for around 51% of their full-year forecast of THB 16 billion, suggesting some upside revision potential. They maintain their 2025 profit estimate at THB 16 billion, a 69% increase YoY, and reiterate their “Outperform” recommendation with a target price of THB 15.20, citing positive Q2 earnings momentum and a likely upward trend in H2.
Kasikorn Securities notes that TRUE is scheduled to report its Q2 2025 results today, projecting a net profit of THB 2.8 billion. When excluding integration costs and deferred tax, normalized profit should reach THB 3.2 billion, up 49% YoY, largely driven by cost reductions—such as lower 850MHz spectrum roaming fees, SG&A expenses, and interest paid. However, profit is expected to drop by 10.80% QoQ due to revenue impacts from the network outage. H1 normalized profit is estimated to represent 35.6% of the 2025 outlook. Despite substantial savings achieved in the past five months, KBank maintains a “Hold” rating with a target price of THB 13.16.
On the corporate front, TrueMove H Universal Communication, a subsidiary of TRUE, announced a landmark achievement. The company officially received licenses for two new spectrum blocks—70 MHz on the 2300 MHz band and 20 MHz on the 1500 MHz band—from the National Broadcasting and Telecommunications Commission (NBTC), effective August 4, 2025, for 15 years. This makes TRUE the telecom operator with the most comprehensive spectrum holdings in Thailand, covering all frequency ranges—low, medium, and high—namely: 700 MHz, 900 MHz, 1500 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2600 MHz, and 26 GHz.
These strategic investments underscore TRUE’s sustained commitment to digital infrastructure development, meeting the rising needs of Thai users and preparing for future technological growth in areas such as AI, IoT, and other digital innovations. The official license presentation took place at the NBTC office, with TRUE pledging to maximize the utility of its full spectrum portfolio. This is set to power the nation’s digital transformation and enhance Thailand’s competitiveness through resilient and sustainable infrastructure development.
