Stock TAF0 TRUE CORPORATION
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Financials True Corporation Deutsche Boerse AG

Equities

TAF0

THB231010R11

Wireless Telecommunications Services

End-of-day quote Deutsche Boerse AG
Other stock markets
 06:00:00 2024-07-11 pm EDT 		5-day change 1st Jan Change
0.218 THB -0.91% Intraday chart for True Corporation +2.83% +71.65%
May. 03 True Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
May. 03 Transcript : True Corporation Public Company Limited, Q1 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 153,494 114,787 159,500 161,502 174,488 312,697 - -
Enterprise Value (EV) 1 316,817 439,861 509,212 536,271 618,417 752,853 738,198 722,098
P/E ratio 27.1 x 115 x -119 x -8.8 x -12 x 211 x 38.4 x 26.7 x
Yield 1.96% 2.03% 1.46% 1.45% - 0.15% 1.09% 2.16%
Capitalization / Revenue 1.09 x 0.83 x 1.11 x 1.2 x 1.03 x 1.5 x 1.49 x 1.5 x
EV / Revenue 2.25 x 3.18 x 3.54 x 3.97 x 3.66 x 3.61 x 3.51 x 3.47 x
EV / EBITDA 9.14 x 7.8 x 8.4 x 9.64 x 8.17 x 7.91 x 7.28 x 6.78 x
EV / FCF -13.7 x 158 x -94.9 x -135 x 21.9 x 19.4 x 16.1 x 15.2 x
FCF Yield -7.3% 0.63% -1.05% -0.74% 4.57% 5.15% 6.21% 6.58%
Price to Book 1.22 x 1.35 x 1.96 x 2.65 x 2.03 x 3.61 x 3.39 x 3.26 x
Nbr of stocks (in thousands) 20,026,923 20,026,923 20,026,923 20,026,923 34,552,101 34,552,101 - -
Reference price 2 7.664 5.732 7.964 8.064 5.050 9.050 9.050 9.050
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 140,943 138,212 143,655 135,076 169,074 208,594 210,091 207,929
EBITDA 1 34,645 56,400 60,612 55,623 75,718 95,151 101,410 106,499
EBIT 1 5,301 10,646 12,413 2,216 14,101 25,139 31,698 36,308
Operating Margin 3.76% 7.7% 8.64% 1.64% 8.34% 12.05% 15.09% 17.46%
Earnings before Tax (EBT) 1 7,745 944.3 -1,367 -17,979 -12,728 2,319 8,630 15,112
Net income 1 5,637 1,048 -1,428 -18,285 -14,581 3,252 7,656 9,075
Net margin 4% 0.76% -0.99% -13.54% -8.62% 1.56% 3.64% 4.36%
EPS 2 0.2832 0.0500 -0.0666 -0.9164 -0.4200 0.0429 0.2355 0.3391
Free Cash Flow 1 -23,141 2,792 -5,365 -3,971 28,234 38,772 45,839 47,515
FCF margin -16.42% 2.02% -3.73% -2.94% 16.7% 18.59% 21.82% 22.85%
FCF Conversion (EBITDA) - 4.95% - - 37.29% 40.75% 45.2% 44.62%
FCF Conversion (Net income) - 266.33% - - - 1,192.16% 598.72% 523.57%
Dividend per Share 2 0.1500 0.1166 0.1166 0.1166 - 0.0136 0.0982 0.1954
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 41,467 35,138 34,055 32,608 33,274 - 49,113 49,932 52,348 51,347 50,845 101,802 - - - -
EBITDA 1 15,626 14,866 14,662 14,952 11,143 - 23,064 21,782 23,369 24,323 23,971 - - - - -
EBIT 1 2,566 1,957 - 1,513 -2,678 - 4,483 3,584 4,520 5,961 6,187 11,120 - - - -
Operating Margin 6.19% 5.57% - 4.64% -8.05% - 9.13% 7.18% 8.63% 11.61% 12.17% 10.92% - - - -
Earnings before Tax (EBT) 92.6 -1,422 -727.9 -2,707 - - - - - - - - - - - -
Net income 1 54.35 -1,617 -761.3 -2,757 -13,150 615.5 -2,320 -1,598 -11,279 -769.3 -803.8 -1,420 - - - -
Net margin 0.13% -4.6% -2.24% -8.46% -39.52% - -4.72% -3.2% -21.55% -1.5% -1.58% -1.39% - - - -
EPS 2 0.0167 -0.0833 -0.0333 -0.1333 -0.6665 0.0200 -0.0700 -0.0500 -0.3200 -0.0200 0.0147 - 0.0131 0.0104 0.0300 0.0700
Dividend per Share 2 0.1166 - - - 0.1166 - - - - - - - - - - 0.0355
Announcement Date 2/18/22 5/17/22 8/15/22 11/14/22 2/20/23 5/10/23 7/27/23 11/9/23 2/22/24 5/3/24 - - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 163,323 325,074 349,712 374,769 443,929 440,156 425,502 409,401
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.714 x 5.764 x 5.77 x 6.738 x 5.863 x 4.626 x 4.196 x 3.844 x
Free Cash Flow 1 -23,141 2,792 -5,365 -3,971 28,234 38,772 45,839 47,515
ROE (net income / shareholders' equity) 4.36% 1% -1.72% -25.7% -19.9% 1.6% 8.39% 12%
ROA (Net income/ Total Assets) 1.11% 0.18% -0.23% -2.94% -2.14% 0.32% 1.75% 1.99%
Assets 1 509,779 570,712 621,236 621,502 681,417 1,004,388 436,918 456,578
Book Value Per Share 2 6.290 4.250 4.060 3.050 2.480 2.500 2.670 2.780
Cash Flow per Share 2 0.7200 2.200 1.770 1.760 1.510 1.860 2.120 2.300
Capex 1 37,565 41,327 40,821 39,193 23,929 33,191 31,205 29,063
Capex / Sales 26.65% 29.9% 28.42% 29.02% 14.15% 15.91% 14.85% 13.98%
Announcement Date 2/28/20 2/25/21 2/18/22 2/20/23 2/22/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for True Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
9.05 THB
Average target price
10.19 THB
Spread / Average Target
+12.62%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Wireless Telecommunications Services
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