True Corporation Public Company Limited

True Corporation has released True Data Insight findings from usage on the TRUE 5G and True Online networks during the severe flooding in the final week of September 2026, showing a clear shift in the communication behaviour of Thais, with voice calls coming back into heavy use the moment a crisis hit. Data from 26 September 2026 compared with the previous week showed voice traffic rising in Bangkok and its surrounding provinces, with Pathum Thani up 60%, Bangkok up 58%, Samut Prakan up 58%, Nonthaburi up 51% and Chonburi up 29%. In the flood-hit areas, voice traffic at Keha Rom Klao rose 222% and at Keha Khlong Chan rose 169%. During the peak usage period between 09:00 and 10:00 on 26 September, voice traffic at Keha Rom Klao surged 632%, while Keha Khlong Chan rose 311% compared with the same period the previous week. On mobile data, uploads rose clearly faster than downloads: averaged over 25-26 September 2026, Keha Rom Klao saw uploads up 61% against a download increase of 4%, while Keha Khlong Chan saw uploads up 44% against a download increase of 6%. For mobile app traffic, LINE posted the largest gain at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. On home internet from True Online in the main affected areas, the eastern region recorded an average usage increase of 8%, the highest of any region overall, with Trat province up as much as 21%, while Bangkok and its surrounding provinces rose an average of 5% and the central and western regions rose an average of 3%, with Ratchaburi posting the largest gain at 6%. True said it will use this dataset on communication behaviour during emergencies to help plan and manage its network in line with the public's communication needs in unforeseen situations going forward.

Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.

Natwarin Triphopsakul, Senior Director of the Equity Strategy Team at InnovestX Securities, or InnovestX, assesses that the Thai stock market will remain volatile in the short term due to a lack of new catalysts, amid an investment climate pressured by factors on all sides. These include the Fed's hawkish stance, which is keeping bond yields elevated at multi-year highs, causing fund flows to continue flowing out. This is compounded by energy prices that remain high due to prolonged geopolitical problems, and concerns over domestic flooding, which, although the impact on the economy is expected to be limited, remains an overhang factor creating negative sentiment toward the market. InnovestX therefore recommends a Selective Buy strategy, focusing on Buy on Dip through 3 trading themes with their own specific positive factors. These are: the Domestic Play theme, based on domestic consumption, comprising the commerce group CPALL, CPN, and CRC, the medical group BCH and PR9, and the communications group TRUE; the Flood Defensive & Recovery Plays theme, which benefits from stockpiling of essential goods during emergencies, comprising the commerce group CPALL, BJC, and CRC, extending to demand for home repairs after the waters recede, namely HMPRO and GLOBAL, and the construction materials group DCC; and the Tourism & Mega-Event Play theme, which is expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by factors ranging from China's Golden Week from October 1 to 7 and world-class events such as the World Bank-IMF meetings from October 12 to 18, comprising the tourism group ERW, CENTEL, and AOT, and the retail group CPALL, CPN, and CRC. On external factors, the United States reported August PCE and Core PCE at 3.4% and 3.0% year on year, respectively, unchanged from the previous month and below market expectations, while real consumption expanded 0.6% from the previous month and ADP employment for September rose by 90,000 positions from 36,000 positions, reflecting that the economy remains strong but price pressures have not yet broadened, opening the door for the Fed to wait and assess more data. The market has reduced the odds of an October rate hike to about 35% from 70% last Monday. InnovestX still expects the Fed to raise rates in December and once more in early next year, but September NFP, CPI, and PPI must be monitored to assess the risk that the Fed may accelerate the pace of rate hikes. In China, the PBOC cut the PSL rate used to lend to state policy banks by 25 basis points to 1.50%, while increasing funding support for targeted economic sectors, and the government is subsidizing interest on first-home loans by 1% per year for no more than 5 years. However, the measures still focus on supporting the economy, while falling home prices continue to pressure purchasing power. InnovestX therefore maintains its forecast for China's 2026 GDP at 4.6% and views that the property sector may take at least another year to reach its bottom. Next week, attention will be on Thailand's September inflation, which InnovestX expects to accelerate from 2.53% year on year in the previous month, tracking higher oil and fresh food prices, as well as the final September services PMI for the United States, the eurozone, and Japan. Preliminary PMI readings reflect that the United States and the eurozone are accelerating, while Japan is slowing but still expanding. Also awaited is the report of the September FOMC meeting after the Fed raised rates by 25 basis points to 3.75–4.00%, with a focus on details of discussions about inflation risks, the strength of the economy, and the conditions that would lead to the next rate hike.

CGSI, or CGS International Securities (Thailand), estimates that the SET Index is likely to weaken today within a range of 1,550-1,570 points, with the market still pressured by continuously rising oil prices, which are adding to concerns over the global inflation outlook. Meanwhile, US government bond yields that continue to climb are a factor weighing on capital flows and demand for investment in risk assets. Although US PCE inflation figures came in below expectations, the market has not significantly eased its concerns over the interest rate path. In the US stock market on Wednesday, September 30, the Dow Jones closed at 50,906.05 points, down 443.87 points, or 0.86%. The S&P 500 closed at 7,651.54 points, down 19.30 points, or 0.25%, and the Nasdaq closed at 26,861.06 points, up 63.52 points, or 0.24%. European stock markets closed lower for the first month in six, with the STOXX 600 closing at 634.89 points, down 3.19 points, or 0.50%. Meanwhile, November-delivery WTI crude oil futures rose 1.04 dollars, or 1.16%, to close at 90.42 dollars per barrel, and November-delivery Brent crude futures rose 0.94 dollars, or 0.92%, to close at 103.53 dollars per barrel. For recommended stocks, CGSI stated that TRUE is expected to post net profit of 6.34 billion baht in the third quarter of 2026, up 303% year-on-year but down slightly by 3.2% quarter-on-quarter, with a profit target of 13.10 baht and a stop-loss point of 12.40 baht. GULF is expected to see renewable energy projects, data centers, and the MTP3 LNG Terminal drive long-term profit growth after 2030, with a profit target of 59.75 baht and a stop-loss point of 58.50 baht.

Analysts at two securities firms expect True Corporation, or TRUE, to post strong net profit growth in the third quarter of 2026. Krungsri Securities forecasts net profit of about 6.996 billion baht, up 334% from a year earlier and 7% from the previous quarter, a record high, driven by higher revenue from mobile phone and broadband businesses, cost control after the merger, and lower interest burdens. Maybank Securities Thailand expects core profit in the third quarter of 2026 of about 6.9 billion baht, up 55% from a year earlier and 4% from the previous quarter. Krungsri Securities expects core profit in 2026 to grow about 40% and maintains a buy rating with a target price of 19 baht. Maybank has raised its dividend payout assumption for 2026 to 2028 to 75% to 80% from 70% to 72%, and expects dividend yields of about 4.6%, 5.0%, and 5.3% respectively, while maintaining a buy rating with a target price of 16.60 baht.

Securities analysts at Asia Plus Securities, or ASPS, said Thailand's capital market in the third quarter faced pressure from slowing foreign capital flows, with foreign investors selling Thai bonds worth as much as 37 billion baht, flipping the cumulative net position since the start of the year back to a negative 7.952 billion baht. The Thai stock market saw net selling of nearly 20 billion baht in just six trading days. However, foreign investors continued to rotate into large-cap stocks whose prices have risen slowly, led by SCB with net buying of 2.974 billion baht, PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht and BBL at 517 million baht. Another domestic positive factor is that the National Semiconductor Committee approved the Thai chip strategy, or Chip Made in Thailand, to attract investment of 2.5 trillion baht, with a short-term target of 500 billion baht within five years, focusing on three technology groups where Thailand has potential: photonics, power system chips and sensors. These are expected to generate revenue for the industry exceeding 5 trillion baht per year and create more than 230,000 jobs. The research department recommends an investment strategy in stocks with specific positive factors, highlighting five standouts: DR: BE03 on demand for electricity for data centers in the United States; DR: LITE80, a leader in high-performance laser business, a key component in the tightening photonic supply chain; TRUE, whose third-quarter 2026 profit outlook is growing strongly with an expected dividend yield of about 1.2%; GULF, which benefits from the downward trend in crude oil prices and support from the PDP plan as well as data center growth; and PLANB, which is likely to see upward revisions to its 2027 profit forecast from its investment stake in iCare and is entering the high season for the outdoor advertising business in the second half.

Securities analysts at Kasikorn Securities, or KS, said that although nationwide reservoir water levels are as high as 78% of capacity, the tourism sector is still operating normally, so they estimate that third-quarter 2026 earnings for the tourism group will be affected only slightly. Airports of Thailand, or AOT, has reported no flight cancellations, and major airlines AAV, BA and THAI continue to operate as normal. Meanwhile, hotel operators led by AWC, CENTEL, DUSIT, ERW, MINT, SHR and VRANDA have suffered no property damage, though room booking cancellations in the provinces run about 2% to 15%, partly offset by guests extending their stays. KS therefore maintains its investment weighting on the hotel group, sees the drop in share prices driven by the flood factor as a buying opportunity, and recommends buying AWC with a target price of 3.74 baht, CENTEL with a target price of 48.11 baht, and THAI with a target price of 6.78 baht. Separately, SBI Thai Online, or SBITO, assesses that this crisis will be a medium-term boost for four main business groups in the recovery: the home repair and construction materials group, led by HMPRO, GLOBAL, DOHOME and MR.DIY; the retail and consumer goods group, led by CPALL and CPAXT; the communications group, led by ADVANC and TRUE; and the tourism group, where economic activity will gradually recover after the situation eases.

Krungsri Securities Public Company Limited has issued an analysis forecasting that the net profit of True Corporation Public Company Limited, or TRUE, for the third quarter of 2026 will come in at approximately 6.99 billion baht, an increase of 334% from the same period last year and 7% from the previous quarter, which would mark a new record high for quarterly profit. The result is driven by revenue growth in both the mobile phone and broadband businesses, along with efficient cost control, particularly SG&A expenses, which are expected to fall 4.2% from the previous quarter. Core revenue excluding network interconnection is expected to grow 1.2% from a year earlier and 0.9% from the previous quarter. Interest expenses are expected to decline 11% from a year earlier as debt is gradually repaid. If profit comes in as expected, first-nine-month profit for 2026 would represent roughly 77% of the full-year profit estimate. Krungsri Securities maintains its 2026 profit forecast of about 40% growth from a year earlier and sees roughly 4% further upside to that estimate. It reiterates a Buy recommendation with a target price of 19 baht and selects TRUE as a Top Pick under the theme of profit growth combined with a dividend yield of approximately 4.3%.

Yuanta Securities said a depression caused rainfall to accelerate, triggering flooding in Bangkok and surrounding areas over the past weekend, sparking panic and demand to stockpile essential goods. However, because this round lacked the additional pressure of northern runoff and high sea tides seen in 2011, conditions in many areas eased quickly, especially in inner Bangkok. The research team assesses the impact on investment sentiment as relatively limited, similar to the cases of Japan or South Korea, where situations eased quickly and barely affected investment sentiment. Meanwhile, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates the economic impact at a maximum of about 10 billion baht, or 0.05% of GDP, which is considered not large. The research team therefore maintains its EPS forecast for this year at 103 baht per share. The sector directly affected is insurance, from claims during the fourth quarter of 2026 to the first quarter of 2027, while sectors expected to be slightly affected are finance and commercial banks, from measures to help debtors. Sectors that may gain positive sentiment from stockpiling goods and home repairs are home improvement, construction materials, and retail and wholesale of essential goods, such as GLOBAL, DOHOME, HMPRO, CPALL, BJC, and CPAXT, as well as telecom operators ADVANC and TRUE, from data usage and work-from-home measures.

Dao Securities has initiated coverage of TRUE stock with a Buy rating and a target price of 17.00 baht, based on a DCF method using a WACC of 6.6% and terminal growth of 1.5%. It expects the Mobile business to remain the main growth driver, with subscribers continuing to recover to 49 million in 2026E and 49.5 million in 2027E, while mobile blended ARPU holds steady at a high level of 222 baht and 228 baht respectively. On the Online side, subscribers are expected to reach 3.35 million and 3.45 million, with Online ARPU steady at around 510 baht per user per month, helping offset the Pay TV business, which remains a constraint on short-term revenue. TRUE forecasts normal profit of 26 billion baht in 2026E, up 182% year on year, and 28 billion baht in 2027E, up 9% year on year, supported by cost efficiency that expands margins after service costs fell sharply. It also expects profit in the second half of 2026E to grow year on year, accelerating in the fourth quarter of 2026E on seasonal strength and a recovery in tourist arrivals. Over the past three months, the share price underperformed the SET by 1.5%, and it currently trades at a 2026E PER of 16.7x, which is seen as an attractive valuation relative to the continued profit recovery in 2026E-27E.

True Corporation Public Company Limited, or TRUE, disclosed that on September 18, 2026, the company deployed a drone working with the True SkyBridge platform to carry out a delivery mission of the iPhone 18 Pro to its first group of customers at 5 destinations across Bangkok, using the mission to test how an aerial transport system previously used in public health work could be adapted to goods delivery in urban areas. Ekarach Panjaveenin, head of TRUE's research and innovation line, said True SkyBridge is an automated aerial logistics platform developed by True's research and innovation center to support drones of multiple brands, using flight data, artificial intelligence, and the company's communications network to plan, track, and manage missions. Previously, the company trialed the platform to transport medicine and medical supplies in remote or hard-to-reach areas, and took part in emergency missions in disaster-hit areas of Nan province last August. This phone delivery therefore marks a trial of the system for goods transport in urban areas, which differ from earlier test areas due to constraints from tall buildings, crowd density, and safety. Ekarach said that before the mission, the team surveyed routes and drone takeoff and landing points, checked obstacles, communications systems, and relevant regulations, and also handled flight permits and rehearsed operations. On delivery day, the company assigned 5 teams, one for each area, starting from 5:00 a.m. to coordinate work among personnel, drones, the network, and the control center, along with backup plans for changing weather or technical problems. As for how True SkyBridge works, the company said the system can help plan missions, set routes, track flights, and manage multiple drones, while the 5G network transmits location data, flight status, and images from the drones back to the control center in real time. The artificial intelligence system helps analyze data and support decision-making during operations, including safety management. Ekarach said the company views the development of True SkyBridge as an extension of its communications network, data, cloud systems, and artificial intelligence to support the operation of automated systems in the future, and sees opportunities to apply it in public health, goods transport, retail, and emergency response.

True Corporation is preparing its 5G, 4G and WiFi networks along both banks of the Chao Phraya River, from Krung Thon Bridge to Wat Arun Ratchawararam Ratchaworamahawihan, to support the public coming to watch the Royal Barge Procession of 2026 during the royal journey to perform the royal merit-making ceremony of presenting the Kathin robes at Wat Arun Ratchawararam Ratchaworamahawihan on Friday, November 6, 2026, on the occasion of the royal ceremony celebrating the fourth-cycle birthday of Her Majesty the Queen. This event includes a total of 10 minor rehearsals and 2 full-dress rehearsals on October 21 and 28, 2026. The network engineering team has surveyed the area and checked signal quality, focusing on viewing points, key traffic routes, piers, temples, public parks, activity grounds and transport connection points, while building on experience from network management in 2024 and combining real usage data with data from each rehearsal to determine capacity enhancement points and tune the network to handle large numbers of simultaneous users, especially the sending of images, video and live streams via social media and communication through various applications. Network enhancement measures include boosting 5G and 4G network capacity, preparing COW rapid-deployment mobile base station vehicles for high-density areas, preparing temporary sites in key areas and areas with installation constraints, enhancing WiFi at key points, tuning network parameters for activity areas based on real usage data, using AI to analyze and manage the network, and monitoring through the BNIC intelligent network operations center around the clock together with on-site engineering teams. Kuram Ashfaq, Head of Network Business at True Corporation Public Company Limited, said that managing the network along the entire Chao Phraya River is more challenging than events in general areas, due to constraints on equipment installation, signal propagation direction and usage that may surge simultaneously at multiple points. The engineering team has therefore designed network enhancements suited to the conditions of each area, while monitoring signal quality and managing capacity in real time, using data from the rehearsals to continuously adjust the plan before the full-dress rehearsals and the day of the royal ceremony, so that the public can communicate and share images of the memorable occasion without interruption.

All three mobile operators, ADVANC, TRUE and NT, have launched special packages to support the TH-AI Passport project. ADVANC was the first to launch the AiPASS package on 16 September 2026, while TRUE and NT plan to follow from 1 October 2026 at 29 baht per month, usable only on the AiPASS application with unlimited data. This creates upside risk to mobile ARPU forecasts over the next 3-5 years. Kasikorn Securities assesses the development as slightly positive for ADVANC and TRUE shares; in the best case both could see revenue rise by 870 million baht, equal to 0.46% of ADVANC's core service revenue and 0.5% of TRUE's. It also sees TRUE as the sector's top pick, recommending TRUE over ADVANC given normalised profit growth trends over the next 4-6 quarters, the chance of a higher dividend payout ratio from the current 79%, and trading at a 23.9% discount to its EV/EBITDA multiple, even though TRUE carries higher debt and a higher beta than ADVANC, as well as uncertainty over China Mobile's sale of TRUE shares.

TTB Wealth, the securities arm of TTB Bank, said the Ministry of Finance has confirmed a two-month extension of the Thai Chuay Thai Plus scheme, covering October through November, to help ease the cost of living amid persistently high energy prices. The extension will use the remaining budget, and the subsidy conditions remain unchanged at the 60/40 split. The proposal is set to go before the Cabinet meeting on September 22. TTB Wealth views this positively for the food retail sector, namely CRC, which operates the GO Wholesale cash-and-carry business, and CPN, which benefits from higher shopper traffic at its malls, as well as CBG. It also sees gains for the telecommunications sector from higher top-up revenue, namely ADVANC and TRUE.

True Corporation has teamed up with the Tourism Authority of Thailand to give away 10,000 True dtac Tourist SIMs to Chinese tourists arriving in Thailand, with instant connectivity from their very first step at four major airports: Suvarnabhumi, Don Mueang, Phuket and Chiang Mai, throughout NiHao Month 2026. The partnership also joins hands with TAKABB, or Five Centipedes, to pass on Thai charm through gifts from Thai brands familiar to Chinese tourists. Ms. Rasika Sathiranawin, head of the tourist and immigration customer group at True Corporation, said Golden Week is a key period when Chinese tourists travel to Thailand, so True wants to create a good experience from the very first step. Mr. Oramon Kaensaksiri, sales and marketing director at Five Centipedes (Sim Tien Hoe) Co., Ltd., said the Five Centipedes brand products are a popular souvenir that Chinese tourists have trusted for a long time. To claim the offer, tourists holding Chinese passports who sign up for the Tourist INFINITE add-on package worth 450 baht or more will receive free Five Centipedes products, either Five Centipedes brand inhalers worth 25 baht or Five Centipedes brand cough spray worth 90 baht, from now until 31 October 2026, or while stocks last, only at True and dtac shops at the four airports.

True Corporation, through True Business, has joined with Srinakharinwirot University, or SWU, to launch an EdTech learning platform that brings knowledge and quality courses from the SWU Demonstration School online for the first time, allowing students nationwide to study free of charge with no course fees, via web browsers on computers, tablets and smartphones without downloading an application. This set of online courses consists of courses exclusive to the SWU Demonstration School that are actually taught in the school, covering more than 70 courses such as science for medicine, science for engineering, language arts and performing arts. The platform is expected to open for use in the 2027 academic year, and courses will later be expanded to the university level and specialised subjects. The collaboration also covers upgrading AI and AI Transformation skills for SWU personnel, including lecturers, staff and personnel across all eight regional networks, along with the True AI Hub toolset, which brings together more than 100 AI models from over 10 leading providers. Dr. Teeradej Damrongplasit, head of the corporate business group at True Corporation, said learning opportunities should not be limited by distance or by constraints on access to devices, while Professor Dr. Cholwit Jiarajit, president of Srinakharinwirot University, said the collaboration is an important step in transforming Thai education in the AI era.

True Corporation Public Company Limited, or TRUE, has announced it is elevating its cooperation with partners from transactional relationships to strategic partnerships at the True Partner Forum 2026, under the theme Smarter Together: AI for Sustainable Partnerships. The company is bringing artificial intelligence, or AI, to help improve procurement efficiency, supporting a greenhouse gas management platform, and preparing partners to access green financing. Sigve Brekke, Chief Executive Officer of the TRUE Group, said that customer expectations, energy use, and the impacts of climate change are all challenges that require cooperation from every party in the ecosystem. Dr. Netchanok Wipatasilpin, Chief Sustainability Officer of TRUE, said partners play a vital role in the Net Zero goal, because cutting carbon emissions must cover the entire supply chain. TRUE aims to cut greenhouse gas emissions from its own operations in Scopes 1 and 2 by 42% by 2030 and to reach Net Zero by 2050. Currently, all of its key partners have completed ESG self-assessments, and in 2025 all key partners submitted their Scope 1 and 2 greenhouse gas emissions data through the platform. TRUE also received a full score of 100 from S&P Global for both supply chain management and partner assessment and development, and has been ranked in the top 1% of the world's most sustainable companies in the telecommunications industry for the eighth consecutive year.

TrueID has launched a new entertainment brand called DOODi by TrueID under the slogan "Like to watch? You gotta watch!" It brings a lineup of original variety content from leading creators, building on the vertical series brand "Tatang by TrueID," which has been well received. DOODi by TrueID will roll out new content throughout the year, including TRUE HAUNT, Pa Cheer Hia Lao, The Celebrities, The Little Mission, Tuesday Under the Covers THE MU CURSE, Wednesday Talk Wednesday Call SHARED LOVE, MU TO GO, The Exclusive, and TechBiz Update. Winradit Kolasastraseni, Managing Director of TrueID, said the launch advances the company's push to become a Digital Ecosystem Hub through the CO CREATE THE SERIES concept, with TrueID Advertising Solutions operating under the idea "Don't Just Run an Ad. Be Part of the Story." This opens the door for partner brands to co-develop content and campaigns with creators. He also stressed the principles of "created by Thais, understanding Thais, for Thailand" and personal data protection in line with PDPA requirements. There will also be watch-and-earn activities and ecosystem benefits for viewers.

Sigve Brekke, Chairman of the Executive Committee of True Corporation Public Company Limited, or TRUE, disclosed that the organisation is developing an end-to-end AI business operating model and establishing an AI Center of Excellence to connect business, technology, and execution, as well as appointing a Chief Data and AI Officer to set leadership and serve as the primary owner driving the organisation. All of True's AI projects operate under a centralised Value Realization framework to select, prioritise, and track outcomes against measurable business value, alongside building a Single Data Foundation. True has also begun an end-to-end domain transformation, aiming to redesign how entire systems work rather than improving work piece by piece, while integrating a Responsible AI Practical Framework. On operating model reform, True has divided the market into approximately 6,000 nano clusters and is developing personnel in Mini-CEO roles so they can better manage and take responsibility for their own market areas, citing the Boston Consulting Group's Consumer for the Future 2026 report, which states that 70% of consumers are likely to decide to buy products or services based on AI recommendations.

True Internet Corporation, under True Corporation, or TRUE, is one of the winners of the auction for the project to provide universal basic telecommunications services and social services, Phase 3, or USO 3, which the NBTC announced on 11 September 2026. TRUE won 2 of 5 groups: the northern group, worth 1.25 billion baht, together with Infraset, or INSET, and the central group, worth 762 million baht, together with Wire and Wireless. As a result, the two projects have a combined contract value of approximately 2.01 billion baht. For the remaining 3 regions, the winners include groups whose members are Thaicom, or THCOM, Interlink Telecom, or ITEL, and Turnkey Communication Services, or TKC. The proportion held by TRUE in each joint venture group has not yet been disclosed. The financial benefit figures estimated from the full contract value therefore represent the upper bound, and the revenue actually recognised by TRUE may be lower than the estimate in line with its participation proportion in the project. Payment terms are divided into 2 phases. In the first phase, network planning and installation, payment is received in 3 installments within the first year after signing, accounting for 47% of the contract value. The other phase, 53%, is gradually recognised over 5 years. Tisco Securities expects the contract signing to take place in late 2026, leading TRUE to begin recognising revenue from the first-phase work in 2027 of approximately 945 million baht, or only 0.5% of its total revenue estimate of 192 billion baht, while revenue from the operating phase will begin to be gradually recognised from 2028. Although the auction result is a positive factor, the impact on estimates remains limited because government work carries relatively low margins. Assuming a net margin of 5%, the additional net profit would account for only 0.2% of the net profit estimate of 27.5 billion baht. Tisco Securities maintains its buy recommendation on TRUE with a fair value based on discounted cash flow of 16 baht per share, based on a weighted average cost of capital of 8.3%, equivalent to a 2026 price-to-earnings ratio of 23 times, below the 5-year historical average of 27 times.

The National Broadcasting and Telecommunications Commission, or NBTC, has announced the winners of the USO 3 auction, a procurement of high-speed internet services under the project to provide universal and social basic telecommunications services in areas that lack or still have inadequate coverage, for public health, public benefit, and security purposes. The project has a total value of 5.42 billion baht, divided into 5 contracts. A subsidiary of True Corporation Public Company Limited, or TRUE, was among the winners and secured 2 contracts worth a combined 2.01 billion baht. These comprise the northern region contract, valued at 1.25 billion baht, won in partnership with Infraset Public Company Limited, or INSET, under the joint venture name TI, and the central region contract, valued at 761.50 million baht, won in partnership with Wire and Wireless Company Limited under the joint venture name TW. Meanwhile, Interlink Telecom Public Company Limited, or ITEL, and Thaicom Public Company Limited, or THCOM, joined forces under the joint venture name TCI to win 2 contracts worth 2.45 billion baht: the northeastern region contract, valued at 1.88 billion baht, and the eastern and western regions contract, valued at 564 million baht. ITEL, together with Turnkey Communication Services Public Company Limited, or TKC, under the joint venture name Interlink TKC, won the southern region contract, valued at 965.70 million baht. Krungsri Securities noted that initially no USO 3 project has been factored into its calculations. Revenue recognition from USO 3 would amount to 950 million baht; applying a net profit margin of 15% would boost profit in 2027 by 71 million baht, and by 14 million baht from 2028 onward, which is considered very small compared with TRUE's profit level of 31 billion baht in 2027.

True Corporation Public Company Limited, or TRUE, has announced a dividend from its second-quarter results of 0.15 baht per share, up about 7% from the previous quarter. The company is also switching to a quarterly dividend payment schedule and revising its dividend policy to no less than 70% of net profit, up from the previous minimum of 60% of net profit. On an annualized basis, assuming the same 0.15 baht per share is paid in all four quarters, total dividends would come to about 0.60 baht per share per year, and based on a share price of 13 baht, that would give a dividend yield of about 4.6% per year. Krungsri Securities Public Company Limited expects TRUE's net profit trend to keep growing now that the company has passed its period of heavy investment to upgrade and develop its network, and it forecasts a dividend yield of about 4.8% in 2026 before rising to about 6% in 2027. As for China Mobile's sale of TRUE shares, Krungsri Securities sees limited impact, since the number of shares sold represents no more than 1% of the total, and therefore does not significantly affect the shareholder structure or long-term fundamentals.

Shares in the beneficiaries of the USO 3 universal and social telecommunications service project rose in unison after the National Broadcasting and Telecommunications Commission announced the winners of all five packages, with a combined budget of 5.42 billion baht. Leading the gainers was Interlink Telecom, or ITEL, whose shares stood at 1.66 baht, up 0.18 baht, or 12.16%. Thaicom, or THCOM, was at 10.40 baht, up 0.40 baht, or 4.00%. Infraset, or INSET, and Turnkey Communication Services, or TKC, were both at 4.54 baht, up 0.14 baht, or 3.18%. On September 11, 2026, Trairat Viriyasirikul, deputy secretary-general of the NBTC and acting secretary-general, signed the announcement of the winners of the electronic bidding for high-speed internet services under the USO 3 project across five packages. Package 1, the northern region, went to the TI consortium, comprising True Internet Corporation under True Corporation, or TRUE, and INSET, at a price of 1.25 billion baht. Package 2, the northeastern region, went to the TCI consortium, comprising THCOM and ITEL, at a price of 1.88 billion baht. Package 3, the central region, went to the TW consortium, comprising True Internet Corporation and Wire and Wireless, at a price of 761.50 million baht. Package 4, the eastern and western regions, went to the TCI consortium, comprising THCOM and ITEL, at a price of 564.00 million baht. Package 5, the southern region, went to the Interlink TKC consortium, comprising ITEL and TKC, at a price of 965.70 million baht. Asia Plus Securities said in a research note that THCOM received a boost from teaming up with ITEL to win two of the five contracts in the Phase 3 border internet project, with a combined value of about 2.45 billion baht, and assessed that the bidding outcome would generate revenue with certainty throughout the five-year contract term, with revenue recognition expected to begin in early 2027. It raised its 2027 profit forecast from 381 million baht to 729 million baht and lifted its 2027 target price from 11.30 baht to 11.80 baht using the DCF method, while upgrading its recommendation from Trading to Buy.

Several companies announced business progress among today's stocks to watch. Gulf Energy Development, or GULF, signed power purchase agreements, or PPAs, for four wind power projects with a combined generating capacity of 346.5 megawatts with the Electricity Generating Authority of Thailand, or EGAT, pushing the company's Thai wind energy portfolio past 1,058.5 megawatts. All 14 projects are expected to reach commercial operation, or COD, by 2030, which will generate annual profit of 2 billion baht, while the latest four projects are set to add roughly 500 million baht per year in profit. KCE Electronics, or KCE, drew speculative interest on the chance of winning printed circuit board, or PCB, work to supply Tesla's Optimus robots. Management acknowledged the matter is under way but no conclusion has been reached, while brokers see a successful deal potentially lifting its P/E to 40 times and have raised their target price to 70 baht. Meanwhile, the National Broadcasting and Telecommunications Commission, or NBTC, announced the winners of the USO 3 auction with a combined value of 5,423.70 million baht, with THCOM and ITEL sweeping the two large areas worth a combined more than 2,448 million baht, while TRUE and INSET won the northern work worth 1,248.50 million baht, and ITEL and TKC took the southern work worth 965.70 million baht. Sky ICT, or SKY, was pleased that AOTGA awarded it two large projects spanning 25 years with a combined value of 67,300 million baht. The apron and ground support equipment service projects are expected to begin operating in the middle of next year, supporting earnings in 2027 with significant profit growth.

TATANG by TrueID has announced a partnership with COL Group, a global leader in the vertical series industry, to elevate Thai creators onto the international stage through the development of a comprehensive vertical series creation curriculum. The program covers everything from idea development and scriptwriting to storytelling techniques for vertical screens, as well as developing works into actual production, applying knowledge and AI technology from content production in global markets and adapting it to the context of Thai creators. Under this partnership, TATANG by TrueID will bring more than 260 vertical series from FlareFlow, a platform under COL Group, spanning both live-action and AI content, to Thai audiences with Thai dubbing through FlareFlow Mini on TATANG, expanding its audience base through the True and CP Ecosystem. Timothy Oh, General Manager of COL Group and Chief Marketing Officer of FlareFlow, said Thailand has outstanding creative talent and strong storytelling potential. Meanwhile, Ms. Pansakorn Laoharenu, Head of Content and Media Business Development at Charoen Pokphand Group, noted that CP Group plays a role in connecting Thailand's content ecosystem with partners in China and global markets. Mr. Winradit Kolasartsanee, Managing Director of TrueID, said TrueID aims to become a Digital Ecosystem Hub that connects content, creators, partners, and consumers together through its Mini App Strategy. Those interested can watch vertical series on TATANG for 69 baht per week or 159 baht per month, down from the regular price of 199 baht, and True and dtac customers can subscribe to the monthly package for 39 baht.

Krungsri Securities said Apple unveiled its new products, headlined by the iPhone Duo, its first foldable-screen iPhone, priced in Thailand from 79,900 baht up to 127,900 baht, with pre-orders opening October 16 and sales on October 23. Meanwhile, the iPhone 18 Pro and iPhone 18 Pro Max carry higher launch prices in Thailand, starting at 48,900 baht, compared with 43,900 baht for the iPhone 17 Pro, with pre-orders opening September 12 and sales starting September 18. Apple also discontinued sales of the iPhone 17 Pro, 17 Pro Max and 16 Plus through the Apple Store in line with its normal product cycle. Authorized resellers can still sell existing stock, but this round differs from last year because Apple did not cut prices on older models and instead raised them by 4,000 to 12,000 baht. The iPhone 16 rose 4,000 baht, the iPhone 17 rose 5,000 baht, the iPhone 17e rose 4,000 baht, and the iPhone Air rose 4,000 to 12,000 baht. As a result, Apple shares rose 1% in after-hours trading this morning following the launch. In the KSS Strategist View, the sentiment is positive for the Apple ecosystem on the chance of an upgrade cycle driven by the new form factor of the iPhone Duo, as well as higher margins from selling older models at higher prices. The Thai stocks that stand to benefit are COM7, SPVI and CPW, as well as ADVANC and TRUE on the opportunity to sell both device and 5G packages. Still, real demand after pre-orders open must be watched more than launch-day buzz, especially the effect of the higher prices.

AIS and TRUE have announced they will open advance pre-orders for the iPhone 18 Pro and iPhone 18 Pro Max from 12 September 2026, ahead of the official on-sale date of 18 September 2026. The iPhone Duo will open for pre-orders on 16 October 2026 and go on sale on 23 October 2026. Advanced Info Service Public Company Limited, or ADVANC, said AIS 5G will carry the latest Apple products, namely the iPhone Duo, iPhone 18 Pro, iPhone 18 Pro Max, Apple Watch Series 12, Apple Watch Ultra 4 and AirPods 5. True Corporation Public Company Limited, or TRUE, said True dtac 5G will carry the same set of products, with True and dtac customers able to pre-order the iPhone 18 Pro and iPhone 18 Pro Max from 12 September 2026 at 7:00 p.m., with sales starting on 18 September 2026. The iPhone Duo opens for pre-orders on 16 October 2026 and goes on sale on 23 October 2026. Those interested can follow further details on pricing and availability on True's website.

TRUE is preparing to issue senior unsecured bonds with tenors of 5, 7, and 10 years, offering annual interest rates of 2.30-3.35%. The subscription period will be open on October 22 and 26-27, 2026, through Bangkok Bank, Kasikornbank, CIMB Thai, Siam Commercial Bank, and Krungsri (Bank of Ayudhya). The bonds have been assigned a credit rating of A+ by Tris Rating on September 3, 2026. Proceeds from the issuance will be used for debt repayment and as working capital.

True Corporation, together with the Office of the National Broadcasting and Telecommunications Commission (NBTC), conducted on-site inspections of service centers and authorized dealers in Samut Sakhon, Samut Songkhram, and Phetchaburi provinces to enhance measures against technology-related crimes. The focus was on ensuring that mobile service registration processes strictly comply with NBTC regulations. The inspection team was led by Police General Dr. Natthorn Phraesunthorn, Chairman of the Subcommittee and NBTC Commissioner for Legal Affairs, along with Mr. Torpong Selanon, NBTC Commissioner. True presented its service procedures at True Shop Central Mahachai and other locations, covering identity verification, number registration, and data storage. Mr. Narupon Rattanasamahar, Head of Government Relations, stated that True is ready to support government measures and elevate industry standards, while also recommending the True CyberSafe service, which blocks risky links at no additional cost.

Mr. Narongsak Plodmeechai, Chief Executive Officer of SCB Asset Management Company Limited (SCBAM), revealed that for this quarter's investment strategy, SCBAM holds a positive view on technology stocks, supported by the continuous growth in demand for artificial intelligence (AI), as well as strong earnings and profitability. However, investors should be cautious of short-term profit-taking after the significant rise in stock prices. Additionally, he recommends increasing the allocation to global quality stocks with strong fundamentals, consistent earnings growth, and the ability to withstand market volatility, using a strategy of gradual accumulation during price dips to diversify risk and balance long-term portfolios. Recently, the Investment Committee for Real Estate and Infrastructure approved the distribution of returns to unitholders for the second quarter of 2026 (April 1–June 30, 2026) for three funds: The Digital Telecommunications Infrastructure Fund (DIF) will pay a dividend of 0.2222 baht per unit, with payment scheduled for September 9, 2026. The Prime Office Real Estate Investment Trust (POPF) will pay a dividend of 0.2316 baht per unit, and the CPN Commercial Growth Leasehold Real Estate Investment Trust (CPNCG) will pay a capital return of 0.2260 baht per unit. Both funds will pay dividends and capital returns to unitholders on September 4, 2026. DIF derives its main income from leasing telecommunication towers and networks to True Corporation Public Company Limited (TRUE), with strengths in stable and low-volatility income under long-term lease agreements. It will pay a dividend for the second quarter of 2026 at 0.2222 baht per unit, marking the 48th dividend payment since the fund's inception. POPF invests in leasehold rights to two high-quality office buildings: Samachavanish 2 and Bangna Tower. The dividend payment this time is 0.2316 baht per unit, an increase from the same period last year, and marks the 59th dividend payment since the fund's inception. CPNCG generates income from investing in leasehold rights to the Grade A office building CentralWorld Offices Tower, managed by Central Pattana Public Company Limited (CPN). It will pay a capital return of 0.2260 baht per unit, totaling 96.42 million baht, due to a decrease in the appraised value of the property, which is a non-cash accounting item. This marks the 14th capital return payment since the fund's inception.