บทวิเคราะห์ (Research)

Factoring in risk of bidding war for 2300MHz spectrum Reiterate BUY with a slightly lower TP of THB13.9 We reiterate BUY on TRUE due to strong core profit growth in 4Q24E (+17% QoQ) and FY25E (+69% YoY). We cut FY25/26E core profit by 3%/4% as we raise the 2300MHz spectrum price to factor in the risk of bidding war in 2Q25 spectrum auction. The increase in TRUE’s 2300MHz spectrum price to THB27b from THB15b leads us to cut the DCF-based TP to THB13.9 (7.4% WACC, 2.0% TG) from THB14.2. The completion of auction without any negative shock could lift the overhang on the share price.