บทวิเคราะห์ (Research)

We expect TRUE to report a 4Q24F net loss of Bt2.4bn, mainly from continued impairment, but core profit should hit a new high at Bt3.3bn (+15% QoQ, turnaround YoY), driven by top line growth, synergy benefits, and lower impairment. TRUE’s mobile revenue is projected to grow 3% YoY, with resumed subscriber gains, while FBB revenue should rise 7% YoY. Our Outperform call stands with a target price of Bt14.00, as synergy realization, top line growth, and spectrum bidding support cost reduction and re-rating prospects.