บทวิเคราะห์ (Research)

TRUE : Earnings result - No signs of slowing down We maintain a BUY rating for TRUE with a higher TP of Bt14.7 (from Bt13.2) after upgrading earnings (adjusted for lower SG&A and interest costs). The lower costs lead 3Q24 earnings to beat our and market estimates. Core earnings came in at Bt2.9b, reversing from losses last year and rising 36% qoq. Earnings will remain strong in 4Q24 because of high season for the company. Our latest projection implies core profit would reverse to Bt9b in FY24F and rise 25% yoy in FY25F. Valuation is not excessive at 8x FY25F EV/EBITDA.