True Corporation Public Company Limited

SET:TRUE Stock Report

Market Cap: ฿285.1b

True Corporation Valuation

Is TRUE 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 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRUE (THB8.45) is trading below our estimate of fair value (THB30.63)

Significantly Below Fair Value: TRUE 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?

Other financial metrics that can be useful for relative valuation.

TRUE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.1x
Enterprise Value/EBITDA9.3x
PEG Ration/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for TRUE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.4x
JAS Jasmine International
1xn/a฿28.4b
SAMTEL Samart Telcoms
0.5xn/a฿2.1b
ADVANC Advanced Info Service
3.2x3.9%฿627.6b
O2D Telefónica Deutschland Holding
0.8x-1.1%€7.2b
TRUE True Corporation
1.2x-2.9%฿285.1b

Price-To-Sales vs Peers: TRUE is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1.4x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a10.2%
n/an/an/a
No. of CompaniesPS048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a10.2%
n/an/an/a
No more companies

Price-To-Sales vs Industry: TRUE is good value based on its Price-To-Sales Ratio (1.2x) compared to the Asian Telecom industry average (1.7x).


Price to Sales Ratio vs Fair Ratio

What is TRUE'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 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: TRUE is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).


Analyst Price Targets

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

The above table shows the analyst TRUE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿8.45
฿9.97
+18.0%
18.6%฿15.00฿7.40n/a16
Jun ’25฿8.60
฿9.86
+14.6%
18.4%฿15.00฿7.40n/a16
May ’25฿7.70
฿9.41
+22.2%
12.8%฿12.50฿7.40n/a15
Apr ’25฿7.80
฿9.04
+15.9%
14.9%฿12.50฿6.90n/a14
Mar ’25฿6.95
฿8.37
+20.5%
17.5%฿12.50฿6.40n/a13
Feb ’25฿6.10
฿7.79
+27.7%
20.8%฿12.50฿5.85n/a13
Jan ’25฿5.05
฿8.21
+62.5%
19.6%฿12.50฿6.40n/a13
Dec ’24฿5.55
฿8.36
+50.6%
20.0%฿12.50฿6.40n/a13
Nov ’24฿6.05
฿8.48
+40.2%
12.5%฿10.00฿6.50n/a13
Oct ’24฿7.10
฿8.46
+19.2%
13.1%฿10.00฿6.50n/a13
Sep ’24฿6.85
฿8.11
+18.4%
11.1%฿9.40฿6.50n/a11
Aug ’24฿7.25
฿8.20
+13.0%
11.5%฿9.40฿6.50n/a11
Jul ’24฿6.55
฿7.92
+20.9%
21.4%฿10.40฿3.90n/a12
Jun ’24฿6.60
฿8.00
+21.2%
22.1%฿10.40฿3.90฿8.6012
May ’24฿7.95
฿8.68
+9.2%
16.9%฿10.40฿6.50฿7.7011
Apr ’24฿8.40
฿8.52
+1.4%
20.0%฿10.40฿5.80฿7.8010
Mar ’24n/a
฿8.76
0%
14.5%฿10.66฿6.41฿6.9512
Feb ’24฿8.16
฿8.73
+6.9%
14.4%฿10.66฿6.41฿6.1012
Jan ’24฿8.06
฿8.89
+10.3%
10.9%฿10.66฿6.83฿5.0513
Dec ’23฿7.73
฿8.94
+15.6%
11.1%฿10.66฿6.83฿5.5512
Nov ’23฿8.26
฿8.99
+8.8%
10.9%฿10.66฿6.83฿6.0512
Oct ’23฿8.41
฿8.98
+6.7%
11.5%฿10.66฿6.83฿7.1012
Sep ’23฿7.50
฿9.02
+20.3%
11.8%฿10.66฿6.83฿6.8512
Aug ’23฿7.96
฿9.22
+15.8%
12.5%฿11.25฿6.83฿7.2512
Jul ’23฿7.73
฿9.24
+19.5%
12.4%฿11.25฿6.83฿6.5512
Jun ’23฿7.60
฿9.20
+21.1%
12.4%฿11.25฿7.00฿6.6012

Analyst Forecast: Target price is less than 20% higher than the current share price.


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