บทวิเคราะห์ (Research)

TRUE : Laggard play TRUE is now a laggard play. It is trading at 14% discount to ADVANC based on 2024 EV/EBITDA multiple. Closing the gap means TRUE could rise to Bt14.5 or 35% upside from current level. But TRUE deserve to trade premium - not just on par - because (i) it offers stronger EBITDA growth this year and next; (ii) it is deleveraging after turning profitable this year and FCF is rising. Paring down debt would lift EPS and make TRUE cheaper on EV/EBITDA multiple. In a blue sky scenario – if TRUE reduces debt to match ADVANC’s – the multiple would drop to only 6x. Maintain BUY rating with a revised TP of Bt13.2 (from Bt12) after moving target valuation to end-2025.