True Corporation Public Company Limited

SET:TRUE Stock Report

Market Cap: ฿411.2b

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 (THB11.9) is trading below our estimate of fair value (THB32.69)

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 Ratio1.7x
Sales฿239.44b
Market Cap฿411.17b

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 Average5.7x
JTS Jasmine Technology Solution
17.1xn/a฿47.5b
JAS Jasmine International
0.7xn/a฿19.4b
SAMTEL Samart Telcoms
1xn/a฿4.2b
ADVANC Advanced Info Service
4.1x3.0%฿850.6b
TRUE True Corporation
1.7x-2.7%฿411.2b

Price-To-Sales vs Peers: TRUE 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's PS Ratio compare vs other companies in the Asian Telecom Industry?

18 CompaniesPrice / SalesEstimated GrowthMarket Cap
TRUE 1.7xIndustry Avg. 1.8xNo. of Companies18PS01.63.24.86.48+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TRUE is good value based on its Price-To-Sales Ratio (1.7x) 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 Ratio1.7x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: TRUE 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?

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฿11.90
฿13.83
+16.2%
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฿6.40n/a13
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
Nov ’23฿8.26
฿8.99
+8.8%
10.9%฿10.66฿6.83฿6.0512

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

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