Citi has reaffirmed its positive outlook for True Corporation Public Company Limited (SET: TRUE) following the company’s first-quarter 2026 investor call, maintaining a ‘Buy’ rating and a target price of THB 18.10.
Analysts highlighted three key takeaways from the briefing that led to the firm’s positive outlook. Firstly, True has upheld its guidance and financial targets despite macroeconomic headwinds, signaling resilience in its operations and strategic roadmap. Secondly, the company has enhanced alignment between management and shareholders through the introduction of employee stock ownership plans, which are expected to strengthen internal motivation and stakeholder interests.
Lastly, Citi pointed to improvements in the frequency and magnitude of dividend payouts, setting a constructive tone for future capital returns to shareholders. Citi continues to see value in TRUE, with stable guidance and shareholder-focused initiatives supporting its recommendation.
Other than Citi, JPMorgan has raised its target price for TRUE to THB 16.80 per share from previously THB 16.70. Additionally, HSBC also raised the target to THB 18.00 from THB 17.50, while Macquarie upgraded its target to THB 14.30 from THB 12.30 per share.
