True Corporation PCL: First Take: Dividend increased with continuing underlying earnings growth; FCF generation remains strong

Research evidence excerpt

True Corporation PCL: First Take: Dividend increased with continuing underlying earnings growth; FCF generation remains strong

J P M O R G A N Asia Pacific Equity Research

04 August 2026

True Corporation PCL

First Take: Dividend increased with continuing Overweight

underlying earnings growth; FCF generation remains TRUE.BK, TRUE TB

strong Price (04 Aug 26):Bt13.80

Price Target (Dec-26):Bt16.80

Our First Take: TRUE reported normalized NI of THB6.7bn (+2% qoq, +61%

yoy) - 5% ahead of JPMe. The beat was driven mainly by cost efficiency measures

as service revenues were broadly in-line with JPMe. TRUE has also increased DPS

to THB0.15/sh in 2Q (JPMe: THB0.14/sh). We calculate that TRUE’s FCFs more

than cover the current dividend payouts, which leaves room for further increases

in dividends, in our view. TRUE has lowered its FY26 service revenue guidance

to 1-2% growth. However, we were already forecasting 1.5% growth. We are OW, ASEAN TMT

ACand TRUE is our preferred Thai telco. Ranjan Sharma, CFA

(65) 6882-1303

ranjan.x.sharma@jpmorgan.com

Key Positives J.P. Morgan Securities Singapore Private Limited

Sigrid Qiu

• Normalized NI has grown to THB6.7bn (2.2% qoq, 61% yoy) - ahead of JPMe (65)sigrid.qiu@jpmorgan.com6882-1454

by 5%. J.P. Morgan Securities Singapore Private Limited

• TRUE has announced a higher than expected DPS of THB0.15/sh (JPMe: Harsh Upadhyay

THB0.14/sh) (91 22) 6157 3094

harsh.x.upadhyay@jpmchase.com

• We calculate 1H26 FCFE of THB17.3bn (operating cash flow - capex - J.P. Morgan India Private Limited, J.P. Morgan

spectrum payments - interest payments) which more than covers the Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

announced dividend of THB10bn in 1H26.

Kae Pornpunnarath, CFA