True Corporation Public Company Limited

SET:TRUE Stock Report

Market Cap: ฿380.1b

True Corporation Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • 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 (THB11) is trading below our estimate of fair value (THB32.15)

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?

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

The above table shows the Price to Sales ratio for TRUE. This is calculated by dividing TRUE's market cap by their current revenue.
What is TRUE's PS Ratio?
PS Ratio1.6x
Sales฿239.44b
Market Cap฿380.07b

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 Average5.4x
JTS Jasmine Technology Solution
16xn/a฿44.3b
JAS Jasmine International
0.6xn/a฿18.7b
SAMTEL Samart Telcoms
1xn/a฿3.9b
ADVANC Advanced Info Service
4x3.0%฿838.7b
TRUE True Corporation
1.6x-3.5%฿380.1b

Price-To-Sales vs Peers: TRUE is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (5.4x).

Price to Sales Ratio vs Industry

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

14 CompaniesPrice / SalesEstimated GrowthMarket Cap
TRUE 1.6xIndustry Avg. 1.8xNo. of Companies18PS01.63.24.86.48+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TRUE is good value based on its Price-To-Sales Ratio (1.6x) compared to the Asian Telecom industry average (1.8x).

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 Ratio1.6x
Fair PS Ratio2x

Price-To-Sales vs Fair Ratio: TRUE is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (2x).

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฿11.00
฿13.88
+26.2%
12.2%฿18.00฿10.10n/a18
Dec ’25฿11.10
฿13.86
+24.8%
12.5%฿18.00฿10.10n/a17
Nov ’25฿12.20
฿13.36
+9.5%
14.8%฿18.00฿8.90n/a17
Oct ’25฿11.20
฿11.95
+6.7%
14.9%฿15.00฿8.70n/a16
Sep ’25฿10.30
฿11.45
+11.2%
13.8%฿15.00฿8.70n/a16
Aug ’25฿9.15
฿10.19
+11.4%
17.5%฿15.00฿7.40n/a16
Jul ’25฿8.80
฿10.13
+15.1%
17.6%฿15.00฿7.40n/a16
Jun ’25฿8.60
฿9.99
+16.2%
17.6%฿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฿6.40฿11.1013
Nov ’24฿6.05
฿8.48
+40.2%
12.5%฿10.00฿6.50฿12.2013
Oct ’24฿7.10
฿8.46
+19.2%
13.1%฿10.00฿6.50฿11.2013
Sep ’24฿6.85
฿8.11
+18.4%
11.1%฿9.40฿6.50฿10.3011
Aug ’24฿7.25
฿8.20
+13.0%
11.5%฿9.40฿6.50฿9.1511
Jul ’24฿6.55
฿7.92
+20.9%
21.4%฿10.40฿3.90฿8.8012
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

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 20:31
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

True Corporation Public Company Limited is covered by 39 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wei Shi WuBNP Paribas Securities (Asia)
Thitithep NophaketBofA Global Research
Prasit SujiravorakulBualuang Securities PCL