True Corporation, or TRUE, is among the winners of the auction for the Universal Service Obligation project for basic telecommunications and social services, known as USO 3, for which the National Broadcasting and Telecommunications Commission announced results across all five regions on September 11, 2026. True Internet Corporation won 2 of the 5 groups: the Northern region, valued at 1.25 billion baht, together with INSET, and the Central region, valued at 762 million baht, together with Wire and Wireless. Revenue recognition is expected to begin in 2027. Payment is divided into 2 phases under the terms of reference announced in September 2025. Phase 1 covers planning and network installation, accounting for 47% of the contract value, paid in 3 installments within the first year after signing. Phase 2 covers operations, accounting for the remaining 53%, recognized gradually over 5 years. Tisco's research team said the auction result is a positive factor for TRUE, but the overall impact remains fairly limited. It expects the contract to be signed in late 2026, so Phase 1 revenue would begin to be recognized in 2027 at around 945 million baht, or only 0.5% of its revenue estimate of 192 billion baht. Phase 2 revenue will be recognized gradually from 2028 onward. Tisco maintained its buy recommendation on TRUE with a fair value of 16.00 baht.
True Corporation Public Company LimitedTrue Internet won 2 of 5 USO3 regional contracts worth ~2.01 billion baht, adding revenue from 2027
Infraset Public Company Limited
