True Corporation: 2Q26 preview

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True Corporation: 2Q26 preview

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True Corporation

2Q26 preview

Maintain Rating: NEUTRAL | PO: 13.80 THB | Price: 13.70 THB

Growth momentum expected to slow QoQ 22 June 2026

We expect 2Q26 pre-exceptional profit to be Bt6.6bn, surging 42% YoY but growing by Equity

only 2% QoQ as cost-reduction impact decelerates. 1H26 is expected to make up 58%

of our full-year forecast and 52% of Bloomberg consensus. The key YoY earnings driver Thitithep Nophaket ^^^ Research Analyst

is cost-reduction from both cost-redundancy programs and the expiry of the Kiatnakin Phatra Securities

850MHz/2300MHz spectrum in August 2025. TRUE’s share price has performed in line +66thitithep.noph@kkpfg.com2 305 9198

with the SET during the past six months. With slowing cost-reduction impact and the Suppapong Iemkongaek, CFA, CMT ^^^

fact that the 2Q26 result is expected to be in line with the Bloomberg full-year forecast, Research Analyst

Kiatnakin Phatra Securities

we foresee no share price catalyst and maintain our Neutral rating. +66 2 305 9925

suppapong.iemk@kkpfg.com

Revenue growth expected to accelerate

We expect some mild improvement on top-line growth with total service revenue

growing 0.7% YoY (versus -0.6% YoY growth in 1Q26 and TRUE’s full-year growth target Stock Data

of 2-3%). Mobile revenue is expected to grow 1.0% YoY, improving from the 0.2% YoY

growth in 1Q26. Note that mobile net adds has turned positive for two straight quarters Price 13.70 THB

and we expect the momentum to continue in 2Q26. We expect fixed broadband revenue Price Objective 13.80 THB

to continue to grow at a low single-digit rate. Date Established 23-Feb-2026

Investment Opinion B-2-7

52-Week Range 10.10 THB-15.00 THBWe expect cost to be flat QoQ