True Corporation PCL：风险回报更新

研报英文原文证据摘录

M

Update

August 5, 2026 10:01 AM GMT

Morgan Stanley Asia (Singapore) Pte.+

True Corporation PCL | Asia Pacific

Da Wei Lee

Equity Analyst

Risk Reward Update

What’s Changed

True Corporation PCL (TRUE.BK)

From

To

Price Target

Bt19.30

Bt21.30

Bull Case

Bt22.70

Bt24.70

Base Case

Bt19.30

Bt21.30

Bear Case

Bt12.50

Bt11.00

Updated Components

EPS

Investment Thesis

Valuation Methodology

Bull Base Bear Scenarios

Risk Reward for True Corporation PCL (TRUE.BK) has been

updated

Reason for change

True Corporation PCL (TRUE.BK, TRUE TB)

ASEAN Telecoms and Media | Thailand

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Fiscal Year Ending

EPS (Bt)**

Prior EPS (Bt)**

Overweight

In-Line

Bt21.30

Bt13.80

Bt15.00-10.20

12/25 12/26e 12/27e 12/28e

0.63

0.78

0.70

0.81

0.74

0.83

0.76

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We raise our FY26-28e EPS by 10-12%, driven by lower opex assumptions. Our DCFderived PT increases to Bt21.30 (was Bt19.30) due to the higher EPS estimates.

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investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.