Shares of True Corporation Public Company Limited (SET: TRUE) saw a significant recovery today, rising 2.26% to THB 13.60 as investors regained confidence following a volatile week. The rebound comes after a sharp decline triggered by rumors of a major shareholder exit, which was ultimately quelled by a combination of official clarifications and a stellar 2Q26 earnings report.
The stock had previously faced intense selling pressure following a Bloomberg report suggesting that China Mobile International Holdings Limited might weigh a full exit of its 7.81% stake. However, True Corp issued a formal clarification to the Stock Exchange of Thailand, stating that China Mobile is only evaluating a potential sale of no more than 1% of its holdings.
Crucially, China Mobile reaffirmed its status as a committed long-term strategic shareholder with continued confidence in True’s growth. The company noted that this minor adjustment would have no material effect on its corporate strategy or daily operations.
Strong 2Q26 Earnings
Providing a fundamental floor for the stock’s recovery is True’s robust financial performance. For the second quarter of 2026, the company reported a net profit of THB 6.6 billion, marking its sixth consecutive quarter of profitability.
Key highlights from the report include:
- EBITDA Growth: Rose 13.5% year-on-year to THB 28.3 billion.
- Subscriber Momentum: Total mobile subscribers reached 48.6 million, with 5G users climbing to 19.3 million.
- Shareholder Returns: The Board approved an interim dividend of THB 0.15 per share, totaling THB 5.2 billion.
Foreign Brokers Bullish
In addition to the company’s strong fundamentals, several leading foreign brokers have revised their target prices upward, signaling increased optimism in TRUE’s trajectory.
- JP Morgan: Raised target price to 17.50 THB (from THB 16.80).
- Morgan Stanley: Significantly increased target price to 21.30 THB (from THB 19.30).
- CGS International: Adjusted target price to 18.40 THB (from THB 18.30).
Positive Outlook
True Corp’s management remains focused on its AI-powered transformation to scale innovation and productivity. Despite macroeconomic headwinds, the company has maintained its 2026 guidance, expecting a 1-2% increase in service revenue and a 7-9% rise in EBITDA. Analysts from local firms like InnovestX and Finansia also recently highlighted the recent dip as a buying opportunity, citing limited impact from the minor China Mobile share sale.
