SET:TRUE

Stock Analysis Report

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Executive Summary

True Corporation Public Company Limited, together with its subsidiaries, engages in the telecommunications and diversified communications industries in Thailand. More Details


Snowflake Analysis

Proven track record and slightly overvalued.


Similar Companies

Share Price & News

How has True Corporation's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TRUE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-6.7%

TRUE

-5.8%

TH Telecom

-1.6%

TH Market


1 Year Return

-44.2%

TRUE

-45.5%

TH Telecom

-23.3%

TH Market

Return vs Industry: TRUE exceeded the TH Telecom industry which returned -45.5% over the past year.

Return vs Market: TRUE underperformed the TH Market which returned -23.4% over the past year.


Shareholder returns

TRUEIndustryMarket
7 Day-6.7%-5.8%-1.6%
30 Day-12.6%-11.7%-2.5%
90 Day-18.2%-17.8%-9.2%
1 Year-42.3%-44.2%-39.0%-45.5%-20.7%-23.3%
3 Year-52.5%-55.2%-51.0%-58.0%-24.2%-31.2%
5 Year-70.2%-72.1%-66.3%-70.7%-1.9%-16.6%

Price Volatility Vs. Market

How volatile is True Corporation's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is True Corporation undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TRUE (฿2.78) is trading below our estimate of fair value (฿5.75)

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


Price To Earnings Ratio

PE vs Industry: TRUE's PE Ratio (23.8x) is in line with the TH Telecom industry average.

PE vs Market: TRUE is poor value based on its PE Ratio (23.8x) compared to the TH market (15.5x).


Price to Earnings Growth Ratio

PEG Ratio: TRUE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: TRUE is overvalued based on its PB Ratio (1.1x) compared to the TH Telecom industry average (1x).


Next Steps

Future Growth

How is True Corporation forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

-24.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRUE's earnings are forecast to decline over the next 3 years (-24.8% per year).

Earnings vs Market: TRUE's earnings are forecast to decline over the next 3 years (-24.8% per year).

High Growth Earnings: TRUE's earnings are forecast to decline over the next 3 years.

Revenue vs Market: TRUE's revenue (3.6% per year) is forecast to grow slower than the TH market (9.9% per year).

High Growth Revenue: TRUE's revenue (3.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TRUE is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has True Corporation performed over the past 5 years?

18.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TRUE has a large one-off gain of ฿6.4B impacting its June 30 2020 financial results.

Growing Profit Margin: TRUE's current net profit margins (2.9%) are higher than last year (0.4%).


Past Earnings Growth Analysis

Earnings Trend: TRUE's earnings have grown by 18.2% per year over the past 5 years.

Accelerating Growth: TRUE's earnings growth over the past year (651.5%) exceeds its 5-year average (18.2% per year).

Earnings vs Industry: TRUE earnings growth over the past year (651.5%) exceeded the Telecom industry 25.1%.


Return on Equity

High ROE: TRUE's Return on Equity (4.8%) is considered low.


Next Steps

Financial Health

How is True Corporation's financial position?


Financial Position Analysis

Short Term Liabilities: TRUE's short term assets (฿103.7B) do not cover its short term liabilities (฿154.3B).

Long Term Liabilities: TRUE's short term assets (฿103.7B) do not cover its long term liabilities (฿369.9B).


Debt to Equity History and Analysis

Debt Level: TRUE's debt to equity ratio (249.3%) is considered high.

Reducing Debt: TRUE's debt to equity ratio has increased from 61.8% to 249.3% over the past 5 years.

Debt Coverage: TRUE's debt is not well covered by operating cash flow (14.4%).

Interest Coverage: TRUE's interest payments on its debt are not well covered by EBIT (0.9x coverage).


Balance Sheet


Next Steps

Dividend

What is True Corporation current dividend yield, its reliability and sustainability?

3.24%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TRUE's dividend (3.24%) is higher than the bottom 25% of dividend payers in the TH market (2.61%).

High Dividend: TRUE's dividend (3.24%) is low compared to the top 25% of dividend payers in the TH market (7.09%).


Stability and Growth of Payments

Stable Dividend: TRUE has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TRUE's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (77%), TRUE's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TRUE's dividend in 3 years as they are not forecast to pay a notable one for the TH market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Anat Mekpaiboonvatana (59 yo)

0.92

Tenure

Mr. Anat Mekpaiboonvatana has been Co-President of True Corporation Public Company Limited since November 22, 2019 and served as its Senior Group Managing Director since January 1, 2018. He was Group Manag ...


Leadership Team

NamePositionTenureCompensationOwnership
Vichaow Rakphongphairoj
Vice Chairman of the Board0.083yr฿1.20mno data
Anat Mekpaiboonvatana
Co-President0.92yrno datano data
Sarit Jinnasith
Co-President0.92yrno datano data
Yupa Leewongcharoen
Group Chief Financial Officer0.92yrno datano data
Papon Ratanachaikanont
Chief Brand & Communication Officer4.75yrsno datano data
Kantima Kunjara
Group Director of Corporate Communications & CSRno data฿125.91kno data
Sarinra Wongsuppaluk
Group Chief Human Resources Officerno datano datano data
Kachorn Chiaravanont
Group Executive Director of Corporate Affairs8.67yrsno datano data
Songtham Phianpattanawit
Chief Corporate Solutions & Cooperation Officer4.75yrsno datano data
Charoen Limkangwanmongkol
Senior Group Managing Director of Regional Management8yrsno datano data
Daopakay Luksanakulbutr
Head of Group Internal Audit19.83yrsno datano data
Teerapon Tanomsakyut
Deputy Director & Head of Innovation Centerno datano datano data

4.8yrs

Average Tenure

56yo

Average Age

Experienced Management: TRUE's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Vichaow Rakphongphairoj
Vice Chairman of the Board0.083yr฿1.20mno data
Joti Bhokavanij
Independent Director20.83yrs฿3.60mno data
Chatchaval Jiaravanon
Director27.67yrs฿1.20mno data
Suphachai Chearavanont
Chairman of the Boardno data฿2.51mno data
Narong Chearavanont
Director12.5yrs฿1.20mno data
Adhiruth Thothaveesansuk
Directorno data฿800.00kno data
Ajva Taulananda
Vice Chairman of the Board27.67yrs฿1.80mno data
Umroong Sanphasitvong
Director18.92yrs฿1.20mno data
Kosol Petchsuwan
Independent Director27.67yrs฿3.60mno data
Harald Link
Independent Director10.58yrs฿3.60mno data
Rawat Chamchalerm
Independent Director10.58yrs฿1.20mno data
Tongqing Gao
Vice Chairman of the Board0.083yrno datano data

15.7yrs

Average Tenure

63.5yo

Average Age

Experienced Board: TRUE's board of directors are seasoned and experienced ( 15.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

True Corporation Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: True Corporation Public Company Limited
  • Ticker: TRUE
  • Exchange: SET
  • Founded: 1990
  • Industry: Integrated Telecommunication Services
  • Sector: Telecom
  • Market Cap: ฿92.764b
  • Shares outstanding: 33.37b
  • Website: https://www3.truecorp.co.th/new

Number of Employees


Location

  • True Corporation Public Company Limited
  • 18 True Tower
  • Ratchadaphisek Road
  • Bangkok
  • 10310
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TRUESET (The Stock Exchange of Thailand)YesCommon SharesTHTHBDec 1993
TCPF.FOTCPK (Pink Sheets LLC)SHS FGN REGUSUSDDec 1993
TAFGDB (Deutsche Boerse AG)SHS FGN REGDEEURDec 1993
TRUE-FTHAMSE (Bangkok-Alien Market Stock Exchange)SHS FGN REGTHTHBDec 1993
NVANDB (Deutsche Boerse AG)NON VTG DEP RCPT REP 1 ORD THB10DEEURAug 2001
TRUE-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPT REP 1 ORD THB10THTHBAug 2001

Biography

True Corporation Public Company Limited, together with its subsidiaries, engages in the telecommunications and diversified communications industries in Thailand. The company operates through TrueMove H, Tr ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/24 14:42
End of Day Share Price2020/10/22 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.