บทวิเคราะห์ (Research)

Maintain NEUTRAL view with TRUE as Top Pick The NBTC published its auction draft on 20 Jan 2025. The low reserve prices and longer-than-expected licence duration of 15 years lead us to raise FY26E core profit and DCF-based target prices for both TRUE and ADVANC. There will be a public hearing on the auction draft on 6 Feb, and the auction should occur in 2Q25. TRUE (BUY, THB14.2 TP) remains our top sector pick thanks to stronger core profit growth and cheaper valuation when compared to ADVANC (HOLD, THB301 TP).