บทวิเคราะห์ (Research)

We reiterate a Buy call and Bt14.7 TP for TRUE. The earnings turnaround story is intact - we expect core earnings to come in at Bt3.8b in 4Q24, reversing from Bt1b loss in 4Q23. This would be the fourth consecutive quarter of qoq growth since 1Q24, and there is upside risk to our FY24F and FY25F earnings. Valuation is undemanding, with the counter trading at 7.7x 2025 EV/EBITDA and EBITDA projected to grow by 10% in FY25F. Expect 4Q core profit to be robust at Bt3.8b (+32% q