True Corporation Public Company Limited

SET:TRUE-R Stock Report

Market Cap: ฿397.3b

True Corporation Valuation

Is TRUE-R undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRUE-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRUE-R (THB11.5) is trading below our estimate of fair value (THB32.69)

Significantly Below Fair Value: TRUE-R is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRUE-R?

Key metric: As TRUE-R is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TRUE-R. This is calculated by dividing TRUE-R's market cap by their current revenue.
What is TRUE-R's PS Ratio?
PS Ratio1.7x
Sales฿239.44b
Market Cap฿397.35b

Price to Sales Ratio vs Peers

How does TRUE-R's PS Ratio compare to its peers?

The above table shows the PS ratio for TRUE-R vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.7x
JTS Jasmine Technology Solution
16.8xn/a฿46.6b
JAS Jasmine International
0.7xn/a฿19.6b
SAMTEL Samart Telcoms
1.1xn/a฿4.1b
ADVANC Advanced Info Service
4.1x3.0%฿859.5b
TRUE-R True Corporation
1.7x-2.7%฿397.3b

Price-To-Sales vs Peers: TRUE-R is good value based on its Price-To-Sales Ratio (1.7x) compared to the peer average (5.7x).

Price to Sales Ratio vs Industry

How does TRUE-R's PS Ratio compare vs other companies in the Asian Telecom Industry?

16 CompaniesPrice / SalesEstimated GrowthMarket Cap
TRUE-R 1.7xIndustry Avg. 1.9xNo. of Companies19PS01.63.24.86.48+
16 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TRUE-R is good value based on its Price-To-Sales Ratio (1.7x) compared to the Asian Telecom industry average (1.9x).

Price to Sales Ratio vs Fair Ratio

What is TRUE-R's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRUE-R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.7x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: TRUE-R is good value based on its Price-To-Sales Ratio (1.7x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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