Three foreign brokers raise TRUE target price, highest at 21.30 baht

AnalystEarnings

โดย Kaohoon·

Summary · why it matters

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 Public Company Limited ▲