True Corporation Public Company Limited (SET: TRUE) delivered third-quarter financial results for 2026 that generally matched consensus forecasts, prompting major international brokerage houses to reaffirm their positive investment ratings on the Thai telecom operator. Stronger mobile and fixed broadband (FBB) average revenue per user (ARPU), persistent cost synergies, and steady margin expansion continue to underpin the company’s profit growth trajectory.
Analysts at CLSA, DBS Bank, Morgan Stanley, and HSBC highlighted that TRUE’s third-quarter performance reflected sustained operational momentum. CLSA reaffirmed its “Outperform” recommendation with a target price of Bt17.10, noting that core net profit rose 52% year-on-year and 3% quarter-on-quarter to Bt6.96 billion. The performance was anchored by expansion across mobile, broadband, and merchandise sales, alongside reduced operating expenses.
DBS Bank maintained a “Buy” rating with a target price of THB 17.50, reporting net profit of THB 6.67 billion—up 324% year-on-year and 1.8% quarter-on-quarter. DBS noted the headline figure fell roughly 3% below consensus estimates due to THB 294 million in non-cash, one-off expenses. However, EBITDA margin expanded to 68.4%, up 3.1 percentage points from the prior year, bolstered by spectrum cost savings and heightened operational efficiencies.
Morgan Stanley reiterated its “Overweight” stance with a market-high target price of Bt21.30, emphasizing that TRUE achieved four consecutive quarters of quarter-on-quarter topline growth and five straight quarters of quarter-on-quarter EBITDA expansion. Nine-month revenue, EBITDA, and net profit reached 74%, 74%, and 76% of full-year consensus estimates, respectively. Analysts pointed to declining financial leverage and an attractive projected dividend yield exceeding 4% for 2026.
Concurrently, HSBC retained its “Buy” rating with a target price of THB 18.00, seeing a 2.8% year-on-year growth in third-quarter mobile service revenue. Brokerages broadly anticipate a stronger fourth quarter for TRUE, driven by seasonal holiday demand, ongoing subscriber monetisation, reduced borrowing costs, and steady capital expenditure rationalisation.
