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Flags

Financial distress

True Corporation

SET:TRUE · THB231010000
Diversified Telecommunication ServicesX-Large

360

55
EV / EBIT17
Price / Owner Earnings48
Owner Earnings Yield51
Dividend Yield75
Price/Sales24
EV / Gross Profit5
Price/Book1
Return on Capital41
Cash Return on Capital53
Return on Equity65
EBIT Margin63
Gross Profitability12
Cash Conversion91
Accruals53
Owner Earnings Margin79
Sales growth19
Profit Growth95
Long-Term EPS Growth85
Owner Earnings Growth89
Reinvestment59
Price momentum69
Debt load5
Refinancing12
Debt Payback19
Liquidity32
Analyst ratings45
Opinion Changes74
Price Target Upside66
Market mood83
Value Creation8/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

True Corporation clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryThailand
IndustryDiversified Telecommunication Services
SizeX-Large
TypePublic Company
ExchangeSET
Founded1990
Employees2,372
Websitetrue.th
ISINTHB231010000
Last UpdateApr 2, 2026
Indices
SET (Thailand)
Themes
Digital MediaNetwork BackboneVideo StreamingStreaming MediaISPTVWireless

Description

True Corporation Public Company Limited (True Corporation) is a telecommunications and digital services provider in Thailand. The company offers a range of services that include mobile telecommunications, broadband internet, and digital television.…

Analysis

Hope premium

True Corporation Public Company Limited is priced well ahead of what the underlying numbers justify, a pattern we describe as a hope premium.

On valuation, the picture is attractive. The owner-earnings multiple stands at 14.4×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 2% a year, against analyst forecasts of 18%. The price, in other words, assumes less than the experts do.

Growth is solid; the safety picture is fragile. The company scores 8/20 on our value-creation score: creating some value. Analysts lean positive.

No flags apply to this company at this time: accounts, balance sheet, and cash quality all pass. A clean bill of health is meaningful, not just the absence of a warning. This analysis describes numbers; it is not investment advice.

360° rank · history

1007550250
40
2023202420252026

All-time high

40

Jun 2026

All-time low

4

Jan 2024

Average rank

22

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
24
34
75
78
Price/Earnings
6
11
63
4
Price/Book
1
9
53
63
Dividend Yield
75
61
27
25
Value (overall)
22
50
12
45

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →