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 LimitedDao Securities initiated coverage of TRUE with a Buy rating and 17 baht target, citing attractive valuation and a 182% profit rebound in 2026E.
