On Monday, the share price of True Corporation Public Company Limited (SET: TRUE) in the morning session closed at THB 11.00, a THB 0.30 or 2.80% increase with a total trading value of THB 2,124.05 million.
Following the selling of Telenor Thailand Investment Pte. Ltd. stakes in TRUE to Arise Digital Technology, Krungsri Securities stated that, while Telenor was seen as instrumental in TRUE’s recovery post-merger, the long-term outlook for TRUE’s fundamentals is positive. The brokerage projects significant profit growth for TRUE in 2025 (97% YoY) and 2026 (19.5% YoY), supported by limited market competition and no anticipated escalation in price wars.
Arise’s acquisition is worth approximately THB 100 billion in cash, and TRUE’s dividends could form a part of the funding source, suggesting continued robust dividend payouts. The current dividend per share (DPS) estimates are THB 0.26 (50% payout ratio) and THB 0.38 (60% payout ratio), with potential for higher payouts.
Krungsri maintains a “BUY” recommendation with a target price of THB 18.20, citing TRUE’s status as a “laggard play” and highlighting strong dividend yield prospects. TRUE’s fundamentals, cost control, debt focus, and oligopoly market structure continue to underpin its investment case.
InnovestX Securities echoed the view of limited earnings impact, maintaining an “Outperform” rating but lowering its 2026 target price to THB 13.50 (from THB 16) to account for increased volatility. Although volatility is expected over the next 3–6 months, the securities firm maintains a 2026 normalized profit forecast of THB 21 billion, up 20.10% YoY. Key risks to monitor include a sluggish economic recovery, post-Telenor management structure, and ESG-related factors.
