JPMorgan has upgraded its rating on True Corporation Public Company Limited (SET: TRUE) to Overweight, citing reduced execution risk following management and shareholding changes, highlighted by the sale of Telenor’s stake. The investment bank believes these developments significantly lower the risk premium associated with the stock.
According to JPMorgan, TRUE’s strong performance is evident from its robust track record between FY2023 and FY2025, where EBITDA increased by 22%, Return on Invested Capital (ROIC) improved by 4 percentage points, and leverage saw a notable decrease to 4.4x from 5.2x. Additionally, the company has resumed its dividend payments, further boosting investor confidence.
Looking ahead, JPMorgan projects an operating profit compound annual growth rate (CAGR) of around 14% from fiscal year 2025 to 2028. The bank also sees more than 10% upside potential to TRUE’s FY2026–27 earnings forecasts and about 25% upside to dividends compared to market consensus.
Reflecting these positive developments, JPMorgan has increased its target price for TRUE to Bt16.70 per share, implying approximately 25% upside. The upgrade is underpinned by anticipated earnings growth and a more attractive capital return profile.
