True Corporation Public Company Limited

TRUE has announced a strategic partnership with AWS to enhance its use of AI and study the deployment of Amazon's low-orbit satellite connectivity service, Leo, to expand broadband coverage in Thailand. After completing its structural cost cleanup, the company is now focusing on driving revenue growth. In the second half of the year, the B2C business continues to show steady growth, while B2B is slowing due to economic conditions. Data usage has increased 21% year-on-year. TRUE continues to maintain strict cost control and is leveraging AI and automation technologies to improve efficiency. The partnership with AWS covers cloud management, AI-powered customer service, and predictive network maintenance. The Leo satellite will serve as a complementary service alongside terrestrial networks and WiFi. Currently, TRUE is in discussions with Amazon Leo to explore ways to offer the service in Thailand.

Charoen Pokphand Group (CP Group), AIS Ventures Group (AIS), True Corporation, and Amazon have announced a five-year strategic partnership to propel CP Group and AIS into a regional AI Lighthouse role, while enhancing AI capabilities and strengthening Thailand's digital economy. The collaboration covers five key dimensions: developing digital and AI skills for 3 million Thais, elevating True into an AI-First Organization, using AWS in Ascend Money's financial services, establishing an AI Center of Excellence, and transforming over 19,000 service points of 7-Eleven, Lotus's, and Makro under the Thailand AI National Mission framework, with the goal of making Thailand a regional AI hub.

Analysts from Krungsri Securities Public Company Limited expect that the profits of ADVANC and TRUE in the third quarter of 2026 will grow compared to the same period last year, driven by price adjustments and cost control, especially marketing expenses, despite fragile purchasing power. They maintain a positive view on the industry group, even though it grew strongly by 100% in 2024 and 47% in 2025, but they expect the group's profits to grow another 23% in 2026 and 9% in 2027. ADVANC is expected to grow 16% in 2026 and 4% in 2027, while TRUE will stand out with growth of 40% in 2026 and 20% in 2027, as TRUE still has more room to reduce expenses. Although ADVANC's quarterly profit of 13 billion baht is double TRUE's 6.4 billion baht, the brokerage prefers TRUE as a laggard play in terms of both valuation and dividends, and views the recent price decline due to higher bond yields as a buying opportunity.

A survey of second-quarter 2026 earnings among companies listed on the Stock Exchange of Thailand found that 71 firms recorded net profit growth of more than 100% compared with the same period last year. TMT Steel Public Company Limited, or TMT, led the pack with net profit of 299.87 million baht, up 910.23% from 29.68 million baht. Hana Microelectronics Public Company Limited, or HANA, followed with net profit of 326.31 million baht, up 838.35%, and Susco Public Company Limited, or SUSCO, posted net profit of 120.59 million baht, up 797.01%. Among large-cap stocks with profit growth above 100%, True Corporation reported net profit of 6.55 billion baht, up 222.68%; Berli Jucker Public Company Limited posted net profit of 2.88 billion baht, up 191.07%; PTT reported net profit of 52.52 billion baht, up 143.93%; SCG Packaging posted net profit of 2.30 billion baht, up 128.15%; and PTT Exploration and Production reported net profit of 27.20 billion baht, up 101.23%.

UBS has raised its target for the Thai stock market index to 1,680 points in its base case. In the best case, the index could climb to test a high of 1,840 points, while in the worst case it could fall to 1,460 points. The bank also recommends six top picks: CP All, Central Pattana, Gulf Energy Development, Krung Thai Bank, PTT, and True Corporation. At the same time, it has removed Advanced Info Service, Bangkok Dusit Medical Services, Berli Jucker, and Asset World Corp from its recommended list. Trading data from the start of the year through 17 August 2026 shows UBS has accumulated net sales of 5.50 billion baht, with net sales of 3.24 billion baht in August alone. Mongkol Puangpetra, managing director of Apollo Wealth Securities, views the 1,680-point level as a target many parties have already assessed, but reaching 1,820 points would be very challenging. Even though second-quarter profit for the Thai stock market hit a record high of about 380 billion baht, and trailing twelve-month profit reached 1.2 trillion baht, he recommends gradually selling to lock in profits when the index approaches 1,630 to 1,650 points, and keeping an eye on PTT and PTT Exploration and Production, which may pay higher-than-normal dividends.

True Corporation, through True Innovation Center, has announced a strategic partnership with Mahanakorn University of Technology and GalaxySpace to launch the ASTRA project, aimed at developing a new generation of talent in space technology, AI, and connectivity. The project seeks to build a Space Talent Framework that links learning, research, experimentation, and hands-on practice, from Space Infrastructure and Connectivity to Space Intelligence, Space Applications, and the Space Economy. It includes a plan to study the feasibility of establishing a Joint Space Intelligence Lab as a shared space for learning and collaborative research. Ekaraj Panjavinin, Head of Research and Innovation at True Corporation, said the goal is to build both knowledge and manpower that will help turn space data into intelligence, leading to decisions and actions that create real impact.

PTT remains the champion for the highest net profit in the first six months of 2026, with net profit of 78.263 billion baht, surging 74.50% from the same period last year, reflecting a strong recovery in the energy and petroleum business. PTTEP follows in second place with profit of 39.03245 billion baht, up 29.78%, while ADVANC continues to stand out in the telecom group with profit of 27.21151 billion baht, growing 26.18%. As for DELTA, despite having the highest market value of more than 3.34 trillion baht, it posted a first-half profit of 15.15577 billion baht, up 49.80% from the same period last year. TRUE is another company worth watching, because this time it recorded net profit of 13.14285 billion baht with a strong growth rate of 258.60%, reflecting the results of the merger and cost management that are beginning to show full effect. However, for GULF, although its net profit figure declined significantly, a closer look inside shows that in the second quarter of 2025 it booked a special gain from the business combination with INTUCH of 56.12 billion baht. Therefore, if counting only operating profit, it would be 21.659 billion baht, up 59.2% compared with the same period last year.

MSCI rebalancing supports Thai stocks with net inflows of 500 million baht. GUNKUL and HANA surprised by entering the small-cap index, while PTTEP and TRUE received higher weightings. The market impact is expected to be neutral to slightly positive. PTT posted second-quarter profit for fiscal year 2026 surging 143.9 percent to 52.525 billion baht, supported by international trading, petrochemicals, refining and oil businesses as product price spreads improved, pushing first-half profit to 78.263 billion baht, up 74.5 percent. TOP reported net profit of 8.284 billion baht, up 28 percent year-on-year, with first-half net profit of 27.765 billion baht, and is moving ahead with the CFP project scheduled for 2028. AOT showed third-quarter profit for fiscal year 2026 of 4.44168 billion baht, up 14.93 percent, supported by a 2.61 percent increase in aeronautical revenue, especially passenger service charge revenue rising by 168.36 million baht, or 2.85 percent, after the charge was raised from 730 baht to 1,120 baht per person, pushing nine-month net profit to 14.81233 billion baht, up 3.86 percent, while total passengers reached 99.03 million, up 1.84 percent, with an average target price of 67.56 baht. BGRIM posted second-quarter profit for fiscal year 2026 growing by 676 million baht, up 9,557 percent, on higher total electricity sales volume, and continues expanding its renewable portfolio, targeting six LNG cargoes of 280,000 tonnes this year and gradually achieving commercial operation dates for new power plants, with an interim dividend of 0.18 baht per share. ACE reported second-quarter net profit for fiscal year 2026 of 278.7 million baht, surging 87.3 percent, supported by strong growth in solar and waste-to-energy power plants and lower financial costs, and is advancing a clean energy portfolio of 92 projects with total capacity of 767.42 megawatts. MGC posted second-quarter profit for fiscal year 2026 surging 554 percent to 352 million baht, a record high for four consecutive quarters, pushing first-half net profit to 675 million baht, up 521 percent, supported by deliveries of XPENG and Alpha X electric vehicles growing 688 percent, and the board approved an interim dividend of 0.24 baht per share with the XD date on 26 August. JMART's CEO is confident second-half profit for fiscal year 2026 will exceed the first half, driven by the lock-phone business, SINGER, JMT and Suki Tee Noi, maintaining a profit target for 2028 of more than 2 billion baht. ACE said it will continue seeking opportunities to bid for clean energy power plants in the second half of 2026 and accelerate construction of new projects, expecting several more projects to reach commercial operation by 2027. 88TH has laid out three growth strategies, expanding the LYO portfolio into China and Hong Kong and building a new S-curve in the pet business through Monster Lab, with new revenue expected to be recognised from the second half of 2026 after second-quarter revenue reached 151.82 million baht, up 10.16 percent. GFC is shifting its second-half strategy with digital marketing plans targeting Gen Z to drive egg-freezing services, while accelerating expansion of its foreign customer base through nine agents, aiming to raise the foreign customer share to 25 percent, partnering with more than eight hospitals, and approving an interim dividend of 0.03 baht per share. ILINK expects solar product sales revenue to double this year, benefiting from government subsidies of 50,000 baht per household for rooftop installation and a 200,000 baht tax deduction, with about 9 billion baht in auctions still pending, and hinted third-quarter results will grow on surging trading and engineering demand. III expects second-half performance to improve as the freight transport business enters its high season, advancing its Logistics and Beyond strategy to build an aviation ecosystem, with two to three M&A deals under negotiation and expected to be concluded within this year, while raising this year's revenue growth target to 20 percent from 15 percent, after posting second-quarter profit for fiscal year 2026 of 140.9 million baht, a ten-quarter high. SAWAD is pushing ahead at full speed, benefiting from the high season in the second half, confident this year's growth will meet targets, with first-half profit of 2.74 billion baht, up 16 percent, and brokers see SAWAD's asset quality as having passed its lowest point. TEAMG posted first-half revenue for fiscal year 2026 of 1.266 billion baht, up 22 percent, and profit of 111 million baht, up 18 percent, after second-quarter revenue of 635 million baht, up 19 percent, and profit of 61 million baht, up 29 percent, with the zoo phase two and light red line rail projects lifting backlog to 5.988 billion baht, and targets new work of at least 1 billion baht in the second half. KLINIQ posted second-quarter net profit for fiscal year 2026 surging to 111.53 million baht, up 24.9 percent, pushing first-half profit to 232.66 million baht, and the board approved an interim dividend of 0.88 baht per share with the XD date on 27 August and payment on 11 September 2026. PIS posted first-half net profit of 164 million baht, up 8 percent, with total revenue reaching 1.531 billion baht, up 6 percent, on continued project deliveries and effective cost control, and the second-half outlook is bright as it bids for new work to add to a backlog of more than 6.096 billion baht to be recognised over the next three to four years, confident of driving this year's revenue growth of 10 to 15 percent. MTC is expanding its loan portfolio amid Thailand's slowing economy, with first-half revenue of 16.064 billion baht, up 8.63 percent, and net profit of 3.728 billion baht, up 15.84 percent, while keeping NPLs at 2.61 percent and expressing confidence that second-half loan growth will be around 10 percent.

TrueVisions NOW has joined hands with Viu to launch the TrueVisions NOW Branded Zone, piloting six original Thai series out of a total of 24 to viewers in Malaysia, Indonesia, and the Philippines, with viewing starting on 20 August 2026. The first batch of series includes Ban Tuayang, Mahesi Noi, Thueng Khun Phraya… Chak Sami Thi Rak, Sai Lap Rot Hae, Mui Fei, and Rak. Mr. Ong-art Praphakamon, Head of TrueVisions and Media at True Corporation, said that premium VOD in the five main ASEAN markets in 2025 grew 19% to more than 61 million accounts, and fourth-quarter viewing reached as high as 4.2 billion hours. Janice Lee, CEO of Viu and Managing Director of PCCW Media Group, sees Thai series as having potential in creativity and production quality, and is ready to expand Thai content to other markets in the future.

Five Thai listed companies with market capitalizations above 40 billion baht reported second-quarter 2026 net profit growth of more than 50 percent compared with the same period last year. PTTEP posted net profit of 27.197 billion baht, up 101 percent. True Corporation posted net profit of 6.554 billion baht, up 222 percent. SCG Packaging posted net profit of 2.304 billion baht, up 128 percent. Central Plaza Hotel posted net profit of 166 million baht, up 51 percent. Siam Global House posted net profit of 955.48 million baht, up 83 percent.

Krungsri Securities expects the MSCI index rebalancing in August 2026 to drive net inflows into the Thai stock market of about 15 million US dollars, or roughly 500 million baht. In the MSCI Standard Index, no Thai stocks will be added or removed, with the number of constituents held at 18 companies and Thailand's investment weight steady at 1.0 percent, translating into inflows of 5 million US dollars, or about 165 million baht. Meanwhile, PTTEP's weight is being increased by about 23 million US dollars, or roughly 760 million baht, and TRUE's by about 17.5 million US dollars, or roughly 578 million baht. CPN's weight is being reduced by about 23.5 million US dollars, or roughly 777 million baht. In the MSCI Small Cap Index, GUNKUL is a new Thai entrant and is expected to receive about 8 million US dollars, or roughly 264 million baht, while HANA is expected to receive about 10 million US dollars, or roughly 330 million baht. CHG and JTS are being removed from the index, resulting in total net inflows into the MSCI Thailand Small Cap Index of 10 million US dollars, or roughly 330 million baht, and Thailand's weight rising from 2.5 percent to 2.6 percent.

Kasikorn Securities maintains its buy recommendation on True Corporation, or TRUE, with a target price of 16.77 baht, following stronger-than-expected second-quarter 2026 results. Core profit came in at 6.4 billion baht, up 60.1 percent from a year earlier and 2.4 percent above Kasikorn Securities' estimate. The company also announced an interim dividend of 0.15 baht per share, implying an annualised dividend yield of about 4.2 percent. However, Kasikorn Securities sees EBITDA growth momentum likely slowing in the second half, and the share price may lack fresh positive catalysts in the near term after a strong run over the past three years. Longer-term support is still seen from improving financial returns and proactive capital management.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Dr. Pongsak Thammathacharee, also known as Dr. Pongsak, has appeared as the 16th largest shareholder of True Corporation, or TRUE, with 175,165,300 shares, representing a 0.51% stake, worth over 2.347 billion baht as of August 7, 2026. He had not previously appeared on the major shareholder list. This shareholding entitles Dr. Pongsak to receive an interim dividend for the second quarter of 2026 at a rate of 0.15 baht per share, totaling over 26.27 million baht. TRUE has set the ex-dividend date for August 17, 2026, with payment on September 2, 2026.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

True Corporation has joined forces with the Faculty of Medicine at Thammasat University, Thammasat University Hospital, and Aek Digital Company to sign a memorandum of understanding establishing the Thammasat–True AI Health Innovation Hub, Thailand’s centre for medical artificial intelligence innovation. The hub aims to integrate big data into treatment, develop personnel, and elevate services towards a smart hospital under a six-pillar cooperation framework. This covers building AI and digital capabilities among personnel, laying AI and electronic health record foundations for medical students, researching and developing health score models and AI clinical intelligence systems, setting up the innovation hub itself, creating a graduate programme in medical digital technology set to launch in the 2027 academic year, and applying research outcomes through pilot projects. True Corporation stated it is ready to bring its digital infrastructure and smart solutions to integrate with the public health system, while Aek Digital will contribute its expertise in advanced data analytics and AI to develop health score and health dashboard innovations, sustainably advancing smart hospitals and smart universities.

Leading global securities firms and financial institutions have been raising their target prices for True Corporation, or TRUE. JP Morgan lifted its target to 17.50 baht from 16.80 baht. Morgan Stanley raised its target to 21.30 baht from 19.30 baht, the highest among foreign brokers currently covering TRUE. CGS International increased its target to 18.40 baht from 18.30 baht. These upgrades reflect a positive view on the company's business growth prospects and continued earnings recovery, after TRUE reported second-quarter 2026 net profit attributable to the company of 6.55 billion baht, up 222.68 percent from the same period last year, marking its sixth consecutive quarter of profitability. For the first six months of 2026, net profit reached 13.14 billion baht, a 258.60 percent increase year-on-year, representing about 53.1 percent of the full-year LSEG consensus net profit estimate of 24.75 billion baht. Second-quarter 2026 total revenue was 45.90 billion baht, with service revenue excluding interconnection charges at approximately 41.40 billion baht, up 0.8 percent from a year earlier. EBITDA came in at 28.30 billion baht, a 13.5 percent increase year-on-year. The EBITDA margin on service revenue rose 7.6 percentage points to 68.5 percent. Since the merger, TRUE has increased EBITDA by a cumulative 8.90 billion baht, or 46 percent, while the net debt-to-EBITDA ratio fell to 3.7 times at the end of the second quarter of 2026. Total mobile subscribers stood at 48.6 million, up about 479,000 from the previous quarter, with 5G users at 19.3 million. The board approved an interim dividend of approximately 5.20 billion baht, representing a payout ratio of about 79 percent, or 0.15 baht per share. For 2026 financial targets, TRUE revised its service revenue excluding IC growth target to 1 to 2 percent from the prior year, while maintaining EBITDA growth of 7 to 9 percent and capital expenditure of 25 to 27 billion baht.

True Corporation has announced a first-half 2026 dividend payment totaling 0.29 baht per share, with the second quarter payout at 0.15 baht per share, representing a payout ratio of 79% from net profit attributable to shareholders of 6.554 billion baht, which rose 222.7% from a year earlier. This lifts the dividend yield close to that of Advanced Info Service at around 5%. If the company can sustain similar profit and dividend levels for the next two quarters, the full-year dividend could be in the range of 0.58 to 0.60 baht per share. However, the word "if" must be stressed, because this full-year yield is still a projection based on annualizing the first-half dividend, not an actual full-year dividend declared by the company. Investors should continue to monitor earnings, cash flow, debt obligations, and quarterly dividend resolutions. Meanwhile, Advanced Info Service maintains a policy of paying no less than 70% of net profit as dividends, but in practice the payout ratio is very high, with the ordinary dividend for the 2025 financial year representing a payout ratio of about 95%, plus an additional special dividend of 19 baht per share. True Corporation still has room for its payout ratio to grow from the latest quarter's 79%, coupled with earnings growth potential from post-merger synergy realization and rising ARPU amid a competitive landscape now dominated by only two major players.

True Corporation has confirmed that China Mobile has no intention of selling its entire 7.81% stake, and is only considering a minor sale of no more than 1% to rebalance its investment portfolio, which will have no impact on operations or business fundamentals. The company has also revised down its 2026 service revenue target excluding interconnection charges to growth of 1 to 2 percent, from the previous 2 to 3 percent, while maintaining its EBITDA growth target of 7 to 9 percent and capital expenditure of 25 to 27 billion baht. True Corporation has laid out a four-pronged strategy to drive a recovery, focusing on leveraging its spectrum advantage, which is 30 percent wider than competitors, to convert data usage growth averaging 20 percent per year into revenue through pricing measures, and pushing ahead with its modular My Plan packages that deliver average revenue per user 23 percent higher than standard products. It also aims over the long term to increase the revenue share of its B2B segment from 8 to 9 percent to 15 to 20 percent, shifting its role toward advanced technology services through a partnership model.

True Corporation has maintained its service revenue growth target for 2026 at 1 to 2 percent and aims to push EBITDA up by 7 to 9 percent, while keeping its capital expenditure budget at 25 to 27 billion baht to develop networks and expand digital services. Mr. Nakul Sehgal, Chief Financial Officer, revealed that the strategy is driven by four main pillars: Growth, Experience, AI, and People. The company holds around 30 percent more spectrum than competitors, resulting in data usage increasing by over 20 percent from the previous year, and is converting that growth into revenue through pricing management and new products such as the Tatang platform and My Plan packages, which generated up to 50 percent of new customers in the second quarter of 2026 and delivered ARPU 23 percent higher than standard products. On the B2B side, which currently accounts for 8 to 9 percent of total service revenue, the company aims to increase the proportion to around 15 percent in the medium to long term by shifting its role to Beyond Connectivity through Anything as a Service models, including SaaS and Data as a Service. Meanwhile, the data center business uses an asset-light model in partnership with the Arise group or True IDC to reduce capital expenditure burdens.

Asia Plus Securities has raised its year-end target for the SET Index to 1,720 points from 1,580 points, viewing the Thai stock market as a high-dividend safe haven amid global volatility. Executive Director Therdsak Thaveeteeratham said a key driver is robust listed-company earnings, with full-year aggregate profit forecast at 1.2 trillion baht, or earnings per share of 95 baht, after the first quarter posted a record high of roughly 357 billion baht. Meanwhile, year-to-date net foreign buying stands at about 74 to 75 billion baht, only one-third of past inflow peaks, leaving room for further inflows. On strategy, the firm recommends pivoting to Domestic Play sectors that rely on the local economy, such as banks offering dividend yields above 4%, healthcare stocks especially BDMS with a dividend yield as high as 4%, telecoms like ADVANC and TRUE, as well as transport, logistics, and food sectors.

Sigve Brekke, Chairman of the Executive Committee at TRUE, confirmed that China Mobile remains a strategic shareholder and has no plans to sell its entire stake. The earlier notification to the stock exchange regarding a potential sale of no more than 1 percent of TRUE shares was merely portfolio management in line with Chinese state-owned enterprise policy, and is unrelated to TRUE's fundamentals or the Thai economy. If a sale does occur, it will not affect business plans or operations. The collaboration between TRUE and China Mobile continues to move forward, especially in deploying AI to enhance network efficiency, reduce costs, and develop new digital services for both corporate and individual customers, in order to drive long-term growth.

Several leading securities firms have raised their price targets for True Corporation, or TRUE, after the company reported second-quarter 2026 net profit of 6.5 to 6.55 billion baht, surging over 223 percent from a year earlier, driven by spectrum cost savings and continued merger synergies. The new broker price targets range from 15.60 to 17.50 baht, all with buy recommendations. Normalised operating profit for the quarter came in at 6.6 to 6.74 billion baht, up 60 to 67 percent year-on-year, while the EBITDA margin expanded to 61.7 to 68.5 percent. Core service revenue still posted slight growth from mobile and home internet businesses. Meanwhile, management lowered its 2026 service revenue growth target to 1 to 2 percent from the previous 2 to 3 percent, citing weak tourist arrivals and geopolitical risks, and announced an interim dividend of 0.15 baht per share, higher than market expectations.

INSET is preparing to bid for a data center project worth approximately 70 billion baht from True IDC, an existing client, and is confident of a high chance of winning due to familiarity and past experience. The company currently has a backlog of about 6.4 billion baht and is awaiting results for another 4 to 5 new projects worth a combined 5 billion baht, with outcomes expected in the third and fourth quarters of 2026. Meanwhile, Krungsri Securities has raised its 2026 profit forecast for INSET by 10.6 percent, projecting a 477 percent surge in earnings, and set a new target price of 6.15 baht.

TEAMG expects revenue from its data centre business to double in 2027, reaching 100 million baht per year, up from around 50 million baht this year, leveraging its strengths in local area knowledge, location, and expertise in water, electricity, and the environment in Thailand. Chief Executive Officer Chawalit Chantararat revealed that the company is in talks with True Group, which plans to seek loans to invest 60 to 70 billion baht in data centres, and has partners from Hong Kong and Singapore with large-scale project expertise to enhance its capabilities. Currently, TEAMG has begun providing construction supervision and quality inspection services for a data centre project of a global company in Chonburi province, covering an area of about 100 rai with a total capacity of 86 megawatts. Meanwhile, its backlog stands at over 4 billion baht, and it aims to secure at least 1.5 billion baht in new work during the second half of 2026.

The Ministry of Higher Education, Science, Research and Innovation, together with Charoen Pokphand Group, True Corporation, QTRic, and qBraid, has launched Quantum Club Thailand, a national quantum technology collaboration platform. It aims to connect the government, universities, researchers, industry, startups, and global partners, driven by four core missions: building human capital, advancing research, upgrading industry, and creating commercially viable innovations. The initiative begins with three flagship projects: Quantum Academy Thailand, Quantum Industry Lab, and Quantum Innovation Challenge. Professor Dr. Yotsanun Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, stated that quantum technology will be a key factor in enhancing the country's competitiveness, and that workforce development must be accelerated alongside pushing research into industry. Mr. Supachai Chearavanont, Senior Vice Chairman of Charoen Pokphand Group and Chairman of True Corporation, emphasized that the transition to the quantum era requires transforming Thailand from a technology follower into a technology co-creator, with people development as the top priority. QTRic has over 80 quantum technology prototypes and a network of more than 120 researchers from 19 partner organizations, ready to leverage this platform to create commercial use cases and propel Thailand toward becoming a quantum hub for ASEAN. Meanwhile, qBraid will support access to world-class quantum platforms and AI-driven tools, as well as help build talent and connect Thailand with international networks.

Mr. Suphachai Chearavanont, Senior Vice Chairman of Charoen Pokphand Group and Chairman of True Corporation, launched Quantum Club Thailand at True Digital Park, along with a plan to raise 100 billion baht within five years to establish innovation centers in five key fields: Space Tech, Digital and Computing Tech, Robotic and Automation, Biotech, and Material Science and Nanotech, in partnership with five leading Thai universities. The investment budget will be split equally into three parts: equipment and laboratories, hiring world-class personnel, and research funding. The proposal calls for a matching fund model between the public and private sectors, with the private sector raising funds through a fund offering returns of about 5 percent per year, amounting to 2.5 billion baht per year, along with tax benefits, and the government matching another 2.5 billion baht per year, totaling 5 billion baht per year for a period of no less than 10 years. This aims to create an innovation cluster worth approximately 3 billion US dollars and propel Bangkok into a regional innovation hub.

Analysts at Yuanta Securities Thailand expect ADVANC to pay a dividend for 2026 of 16.8 baht per share, and for the first half of 2026 of 8.57 baht per share, based on a payout ratio of 95%. Meanwhile, TRUE's dividend forecast for 2026 has been raised to 0.64 baht per share, and for 2027 to 0.69 baht per share, which is about 26% above market expectations for 2026. They maintain a buy recommendation and a year-end 2026 target price of 18.60 baht per share. For ADVANC, the analyst keeps the 2026 normalized profit estimate at 52 billion baht, up 14% from the previous year, and recommends trading, based on a year-end 2026 target price of 390 baht per share.

Bualuang Securities expects the SET Index in August to move in a range of 1,600 to 1,700 points, supported by a broad-based earnings recovery, reflected in SET EPS being revised up by 4.2 percent in July and 6.3 percent year-to-date. Foreign investors bought a net 49 billion baht of Thai stocks in July and 76 billion baht year-to-date. Bualuang Securities recommends a Defensive Yield Core strategy combined with Satellite Alpha through four main themes. The first theme is Thailand Power Infrastructure Cycle, focusing on investment in transmission systems and renewable energy driven by data center electricity demand in the Eastern Economic Corridor reaching 26,045 megawatts. The government is preparing to invest 31 billion baht to expand the transmission system and plans to use remaining loan funds of around 200 billion baht to support solar rooftop and smart grid projects, benefiting stocks such as GULF and GUNKUL. The second theme is Higher for Longer Defensive-Dividend Rotation, focusing on high-dividend stocks amid high interest rates and geopolitical uncertainty, especially in the communications sector where earnings are still growing. ADVANC's second-quarter 2026 profit is expected to rise 24 percent year-on-year, and TRUE's by 48 percent year-on-year. The third theme is Policy-driven Tourism Recovery, focusing on the tourism sector which is expected to have passed its earnings trough in the second quarter of 2026, supported by government measures worth 1.75 billion baht, benefiting stocks such as ERW. The fourth theme is Selective Consumption Recovery, focusing on IT retail and beverage sectors that are still growing, with COM7 sales up 8 to 10 percent year-on-year, ADVICE up 13 to 15 percent year-on-year, and MOSHI expecting same-store sales growth of 4 percent, benefiting stocks such as CBG.