TRUE's IC revenue-sharing case is not over yet, as the court dismisses the petition; the 7.02-billion-baht arbitration ruling stands

Thunhoon··TH·Read original
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Summary · why it matters

The Central Administrative Court has issued an order dismissing the petition filed by True Corporation Public Company Limited, or TRUE, and National Telecom, or NT, seeking to revoke the arbitral award. As a result, the award announced on 30 October 2023, which requires TRUE to pay an additional 7.02 billion baht in revenue sharing for interconnection service charges, or IC, plus a penalty at a rate of 15% per year, remains in effect. In this dispute, NT, formerly CAT, has been demanding since 2019 that TRUE, formerly DTAC, pay additional IC revenue sharing, covering multiple years of the concession contract, and the claims were filed as separate cases, including concession years 16, 18, 19, 20 and 21-27. However, the case is not yet final, as either party can appeal to the Supreme Administrative Court within 30 days from the date of receiving notification of the judgment. Therefore, TRUE currently has no obligation to pay NT. The research team at Tisco Securities expects the dispute to remain prolonged, since the arbitration process alone took as long as four years and the court proceedings took an additional three years or so. It therefore remains a pressure factor on TRUE and is unlikely to be resolved in the short term. However, it views that this risk has already been largely reflected in the share price, and maintains a Buy recommendation for TRUE with a fair value of 16.00 baht.

Impact on assets 2

Cloud & Digital Infrastructure▼ · 1 stocks
True Corporation Public Company Limited
TRUE
▼ NegativeRegulationrelevance

Court dismissed TRUE's petition to revoke the arbitral award, leaving the 7.02-billion-baht IC revenue-sharing ruling plus 15% annual penalty in effect.

Financials▲ · 1 stocks

Off-coverage companies 1

National Telecom Public Company LimitedPrivate▲ Positive
Regulationrelevance

Court upheld the arbitration award requiring TRUE to pay NT an additional 7.02 billion baht in IC revenue sharing.

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