บทวิเคราะห์ (Research)

Reiterate BUY with a slightly higher TP of THB13.9 We reiterate BUY on TRUE due to: i) strong core profit growth in 4Q24E and FY25E (+73% YoY); and ii) attractive valuation when compared to ADVANC. Strong 4Q24E core profit of THB3.4b (+17% QoQ) should be supported by revenue increases, synergy delivery and declining interest expenses. We raise our DCF-based TP slightly to THB13.9 (7.4% WACC, 2.0% terminal growth) after raising FY25-26E core profit by 1%.