True Corporation Public Company Limited

InnovestX Securities, or InnovestX, released an analysis recommending a Selective Buy investment strategy on the Domestic Play theme after the SET ended September with a sharp plunge below 1,600 points, hitting a more than three-month low near 1,550 points. It attributed the pressure to three factors: bond yields holding high, pressuring the baht and fund flows, with foreign investors recording continuous net selling in the Thai stock market from September 22 to 29, 2026 totaling almost 20 billion baht; valuations that have begun to look stretched after the index rose about 27% year-to-date in the first nine months of 2026, driven mainly by buying in the energy group, up 38.5% year-to-date, banks, up 32.4% year-to-date, and electronics, up 53.5% year-to-date; and concerns over flooding that could affect asset quality and raise NPL risk. On investment approach, it recommends temporarily avoiding big-cap stocks that have already risen sharply and focusing instead on Domestic Play stocks tied to domestic consumption, namely the commerce group CPALL, CPN and CRC, the healthcare group BCH and PR9, and the communications group TRUE. October will meanwhile mark the start of the full high season for tourism in the fourth quarter of 2026, beginning with Golden Week, when Chinese travelers favor trips to Thailand, combined with tailwinds from Europeans starting their winter getaways and domestic long holidays. There is also upside from global events such as the World Bank-IMF meetings and the Tomorrowland music festival, which will support tourist numbers and tourism revenue accelerating higher. InnovestX assesses that the tourism sector will recover strongly in the fourth quarter of 2026 and carry positive momentum into the first half of 2027, and therefore recommends looking for opportunities to buy for trading gains in stocks that benefit directly from tourism, namely AOT, ERW, CENTEL and MINT, and stocks that benefit indirectly through increased spending, namely CPALL, CRC, CPN, HTC and ICHI.

Pobchai Pattarawich, equity and derivatives market strategist at InnovestX Securities Research, said the Thai stock market has still not been able to recover and stand above 1,600 points, even though some recovery has been seen, with the main support still concentrated in electronic component stocks. Meanwhile, further upside remains significantly limited because the market still lacks new positive factors and faces macroeconomic pressure from abroad, including US bond yields holding above 5% and Brent crude oil prices staying at high levels, amid concerns over fiscal positions and geopolitical tensions in the Middle East, which are pressuring foreign investment flows to tend to return to dollar assets or the US market instead. On domestic factors, the flood situation is a short-term risk the market is closely monitoring, although economic research centers estimate the net impact on GDP at a limited range of about 0.03% to 0.11% of GDP. Meanwhile, as commercial banks enter the third-quarter 2026 earnings announcement period, the market initially expects a slight slowdown compared with the same period last year, leaving a lack of momentum to drive the index sharply higher. The investment strategy therefore recommends Buy on Dip to gradually accumulate Domestic Play stocks in 3 main themes: first, groups tied mainly to domestic consumption, comprising the commerce group CPALL, CPN and CRC, the medical group BCH and PR9, and the communications group TRUE; second, groups benefiting from the flood situation, from emergency stockpiling of essential goods in the commerce group CPALL, BJC and CRC, through to demand for home repairs after the water recedes in the commerce group HMPRO and GLOBAL, and the construction materials group DCC; and third, groups expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by global events such as the World Bank-IMF meetings from October 12 to 18, namely the tourism group ERW, CENTEL and AOT, and the retail group CPALL, CPN and CRC.

Bualuang Securities has upgraded its view on the telecom sector from "equal weight" to "overweight," seeing profits entering a stronger and more sustainable phase driven by a lower cost structure, more rational price competition, and reduced interest expenses. A key factor is that ARPU, or revenue per user, for both ADVANC and TRUE continues to rise even as data usage grows faster than the price per GB, reflecting that customers are willing to pay more for more data rather than the result of price-cutting competition. Meanwhile, prepaid package price increases since March are still gradually feeding through as a positive for the third quarter of 2026. On costs, TRUE's EBITDA margin rose from 50% in the first half of 2025 to 63% in the second quarter of 2026 after the end of its spectrum lease obligations with NT and the realization of roughly 7.1 billion baht per year in benefits from network consolidation, while ADVANC benefits from the merger with TTTBB and lower network costs. For the third quarter of 2026, core profit for the sector's stocks combined is expected at 20 billion baht, up 21% year on year, rising to 21.3 billion baht in the fourth quarter of 2026, which would be a new high for the sector. TRUE is expected to post a record core profit of 7.0 billion baht, up 54% year on year and 3% quarter on quarter, while ADVANC is expected to post core profit of 13 billion baht, up 8% year on year but down 5% quarter on quarter. GST is expected to remain in core loss of about 20 million baht. The research team raised its recommendation on TRUE from "trading buy" to "buy" with an unchanged target price of 15.10 baht, while maintaining a "buy" on ADVANC with a target price of 398 baht and keeping GST at avoid.

True Corporation has launched an upgraded version of its eSIM GO Travel MyPlan roaming package, letting travelers on any network use it without swapping out their primary SIM. It adds two options: GO UNLIMITED for those who want continuous data, and GO FLEXY for those who want to choose the number of days and data volume to suit each trip, starting at an average of just 11 baht per day. Ms. Putthipha Chiantachakul, Head of International Business at True Corporation, said the Customized Travel Connectivity concept lets customers choose the country, number of days, and data package themselves. Both packages cover destinations on every continent worldwide through a network of more than 700 partners, support 5G, and include a free 2GB of internet for use in Thailand. There are also privileges from leading partners, such as free travel insurance from FWD Life Insurance and Allianz Ayudhya, Red Carpet service from AirAsia, a 40% discount on round-trip airport transfer service from Grab, and discount coupons from leading overseas stores. True has also appointed Jean-Ruechathorn Kittipornpanich as a Brand Ambassador under the concept GO your way, stand out just right. Customers on any network can buy, register, and install the eSIM themselves via QR Code around the clock, with the day count starting when they first connect to a network while abroad.

Yuanta Securities (Thailand) said the government is drafting the 14th National Economic and Social Development Plan for 2028-2032, which will take effect from October 2027, aiming to restructure the Thai economy and reduce constraints that hinder growth, in order to push economic expansion above 3% per year and set a goal for Thailand to rank among the world's top 20 in competitiveness by 2029. The plan is driven through five key areas, covering raising production efficiency and attracting new industries, reforming public administration toward OECD standards, upgrading human capital to support an aging society, turning natural resources and the environment into development capital, and investing in technology and innovation. A key shift from the 13th plan is the move away from designating target industries toward addressing structural constraints, through five pillars: Transform, Reform, Upgrade, Sustain, and Transfer. Yuanta's research team sees industries with a chance to benefit, including AI and data centers, electrical infrastructure, smart grid and smart meter, automated production systems, proactive water management, and digital infrastructure. The five stock groups expected to benefit are power plants, commercial banks, telecommunications, electronics, and construction contractors and building materials. Stocks that stand to gain include GULF, GUNKUL, GPSC, SSP, SCB, KTB, ADVANC, TRUE, SMT, and EPG.

Asia Plus Securities assesses that heavy rain and severe flooding in the final week of September 2026 drove a sharp rise in voice call volumes, especially in Bangkok and its surrounding provinces, up 51% to 60% from the previous week. This contrasts with the usual pattern, in which people favour data usage. The LINE application saw the largest increase in usage because it supports voice calls. On the data side, uploads from mobile phones also rose substantially, particularly in the Rom Klao and Khlong Chan housing areas. The research team views this shift in usage behaviour as positive for sentiment on both ADVANC and TRUE, but expects it will not add much to overall revenue, because the severe flooding was confined to limited areas and had already begun to ease in early October 2026. The team expects operating trends in the third quarter of 2026 for both ADVANC and TRUE to still grow well year on year, helped by higher gross margins than in the third quarter of 2025, which was still weighed down by the roaming service agreement with NT that ended in early August 2025. For the fourth quarter of 2026, profits at both companies are expected to benefit from the year-end festive season, which will support both service revenue and handset sales, with the iPhone 18 entering its first full quarter. The research team maintains an overweight stance on the ICT sector relative to the market, because it expects the operating results of ADVANC and TRUE, the key drivers of sector profit, to keep improving both half on half and year on year in the second half of 2026, which should lift the sector's normalised profit overall by about 20% year on year in 2026 and by a further 12% year on year in 2027. It picks TRUE as its top pick because it has stronger short-term catalysts, and expects TRUE's third-quarter 2026 profit to grow better than ADVANC's both quarter on quarter and year on year. It also expects an interim dividend for the third-quarter 2026 period of 0.15 baht, a yield of 1.2%.

Krungsri Securities recommends "hold" on the Digital Telecommunications Infrastructure Fund, or DIF, with a 2027 target price of 10.60 baht, citing limited upside from the target price and no short-term growth catalysts. Although the fund has a consistent dividend-paying capacity with an average yield of 8.7% per year from rental income under long-term contracts through 2026, this factor has already been largely reflected in the unit price. The research team also sees an opportunity to extend the FOC contract with TRUE for another 10 years after 2026, and expects DIF to post investment profit of 3.138 billion baht in the third quarter of 2026, up 3% year on year and up 5% quarter on quarter, with a dividend payout of 0.2220 baht per unit, representing a yield of 2.2%. For the fourth quarter of 2026, operating profit excluding fair value adjustments on investments and dividends is expected to be close to the third quarter of 2026. The research team maintains its 2026 investment profit forecast at 12.022 billion baht and expects a dividend payout of 0.878 baht per unit, which at the current price gives an average return of 8.7%.

Asia Plus Securities, or ASPS, recommends a Selective Investment strategy, highlighting DRs linked to global technology stocks such as the Optical, CPU & AI Server, Semi Equipment, Cloud and Power groups, alongside Thai stocks that benefit from the weakening baht and the high season. Analysts note that the direction of US Federal Reserve policy continues to pressure the baht. If the terminal interest rate sits at 4.5%, the baht will fluctuate weaker in a range of 35-37 baht per US dollar, or depreciate 4-10%, which is positive for the hospital group that treats foreign patients, such as BH, BDMS, BCH and PR9, as well as the tourism group like AOT, THAI and CENTEL, and the export group like TU, ITC and CPF. For the five standout stocks and interesting DRs, they include SHOP06, whose third-quarter earnings trend remains strong on the back of bringing AI to boost trading volume on its platform; MRVL06, which gets a boost from its Investor Day, where new technology is expected to be unveiled; ITC, which benefits from the weak baht and is awaiting progress on closing its merger deal in the fourth quarter of 2026; TRUE, whose third-quarter 2026 profit is expected to expand prominently, with an interim dividend of 0.15 baht anticipated; and BH, whose revenue and patient numbers from the Middle East are recovering strongly, while the stock still has high upside. On fund flows, although foreign investors still hold Thai stocks including NVDRs amounting to 36.5% of market value, cumulative net buying since the start of the year has fallen from a peak of 75 billion baht to just 18 billion baht, after more than 50 billion baht in net selling over the past two months. However, in the latest trading session, foreign investors began switching to net buying through the NVDR channel to the tune of 2.66 billion baht, reflecting selective accumulation of individual stocks expected to post fourth-quarter 2026 earnings growth to capture the high season.

True Corporation has released True Data Insight findings from usage on the TRUE 5G and True Online networks during the severe flooding in the final week of September 2026, showing a clear shift in the communication behaviour of Thais, with voice calls coming back into heavy use the moment a crisis hit. Data from 26 September 2026 compared with the previous week showed voice traffic rising in Bangkok and its surrounding provinces, with Pathum Thani up 60%, Bangkok up 58%, Samut Prakan up 58%, Nonthaburi up 51% and Chonburi up 29%. In the flood-hit areas, voice traffic at Keha Rom Klao rose 222% and at Keha Khlong Chan rose 169%. During the peak usage period between 09:00 and 10:00 on 26 September, voice traffic at Keha Rom Klao surged 632%, while Keha Khlong Chan rose 311% compared with the same period the previous week. On mobile data, uploads rose clearly faster than downloads: averaged over 25-26 September 2026, Keha Rom Klao saw uploads up 61% against a download increase of 4%, while Keha Khlong Chan saw uploads up 44% against a download increase of 6%. For mobile app traffic, LINE posted the largest gain at 22%, followed by Messenger at 13%, Facebook at 10%, Netflix at 9% and FaceTime at 8%. On home internet from True Online in the main affected areas, the eastern region recorded an average usage increase of 8%, the highest of any region overall, with Trat province up as much as 21%, while Bangkok and its surrounding provinces rose an average of 5% and the central and western regions rose an average of 3%, with Ratchaburi posting the largest gain at 6%. True said it will use this dataset on communication behaviour during emergencies to help plan and manage its network in line with the public's communication needs in unforeseen situations going forward.

Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.

Natwarin Triphopsakul, Senior Director of the Equity Strategy Team at InnovestX Securities, or InnovestX, assesses that the Thai stock market will remain volatile in the short term due to a lack of new catalysts, amid an investment climate pressured by factors on all sides. These include the Fed's hawkish stance, which is keeping bond yields elevated at multi-year highs, causing fund flows to continue flowing out. This is compounded by energy prices that remain high due to prolonged geopolitical problems, and concerns over domestic flooding, which, although the impact on the economy is expected to be limited, remains an overhang factor creating negative sentiment toward the market. InnovestX therefore recommends a Selective Buy strategy, focusing on Buy on Dip through 3 trading themes with their own specific positive factors. These are: the Domestic Play theme, based on domestic consumption, comprising the commerce group CPALL, CPN, and CRC, the medical group BCH and PR9, and the communications group TRUE; the Flood Defensive & Recovery Plays theme, which benefits from stockpiling of essential goods during emergencies, comprising the commerce group CPALL, BJC, and CRC, extending to demand for home repairs after the waters recede, namely HMPRO and GLOBAL, and the construction materials group DCC; and the Tourism & Mega-Event Play theme, which is expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by factors ranging from China's Golden Week from October 1 to 7 and world-class events such as the World Bank-IMF meetings from October 12 to 18, comprising the tourism group ERW, CENTEL, and AOT, and the retail group CPALL, CPN, and CRC. On external factors, the United States reported August PCE and Core PCE at 3.4% and 3.0% year on year, respectively, unchanged from the previous month and below market expectations, while real consumption expanded 0.6% from the previous month and ADP employment for September rose by 90,000 positions from 36,000 positions, reflecting that the economy remains strong but price pressures have not yet broadened, opening the door for the Fed to wait and assess more data. The market has reduced the odds of an October rate hike to about 35% from 70% last Monday. InnovestX still expects the Fed to raise rates in December and once more in early next year, but September NFP, CPI, and PPI must be monitored to assess the risk that the Fed may accelerate the pace of rate hikes. In China, the PBOC cut the PSL rate used to lend to state policy banks by 25 basis points to 1.50%, while increasing funding support for targeted economic sectors, and the government is subsidizing interest on first-home loans by 1% per year for no more than 5 years. However, the measures still focus on supporting the economy, while falling home prices continue to pressure purchasing power. InnovestX therefore maintains its forecast for China's 2026 GDP at 4.6% and views that the property sector may take at least another year to reach its bottom. Next week, attention will be on Thailand's September inflation, which InnovestX expects to accelerate from 2.53% year on year in the previous month, tracking higher oil and fresh food prices, as well as the final September services PMI for the United States, the eurozone, and Japan. Preliminary PMI readings reflect that the United States and the eurozone are accelerating, while Japan is slowing but still expanding. Also awaited is the report of the September FOMC meeting after the Fed raised rates by 25 basis points to 3.75–4.00%, with a focus on details of discussions about inflation risks, the strength of the economy, and the conditions that would lead to the next rate hike.

CGSI, or CGS International Securities (Thailand), estimates that the SET Index is likely to weaken today within a range of 1,550-1,570 points, with the market still pressured by continuously rising oil prices, which are adding to concerns over the global inflation outlook. Meanwhile, US government bond yields that continue to climb are a factor weighing on capital flows and demand for investment in risk assets. Although US PCE inflation figures came in below expectations, the market has not significantly eased its concerns over the interest rate path. In the US stock market on Wednesday, September 30, the Dow Jones closed at 50,906.05 points, down 443.87 points, or 0.86%. The S&P 500 closed at 7,651.54 points, down 19.30 points, or 0.25%, and the Nasdaq closed at 26,861.06 points, up 63.52 points, or 0.24%. European stock markets closed lower for the first month in six, with the STOXX 600 closing at 634.89 points, down 3.19 points, or 0.50%. Meanwhile, November-delivery WTI crude oil futures rose 1.04 dollars, or 1.16%, to close at 90.42 dollars per barrel, and November-delivery Brent crude futures rose 0.94 dollars, or 0.92%, to close at 103.53 dollars per barrel. For recommended stocks, CGSI stated that TRUE is expected to post net profit of 6.34 billion baht in the third quarter of 2026, up 303% year-on-year but down slightly by 3.2% quarter-on-quarter, with a profit target of 13.10 baht and a stop-loss point of 12.40 baht. GULF is expected to see renewable energy projects, data centers, and the MTP3 LNG Terminal drive long-term profit growth after 2030, with a profit target of 59.75 baht and a stop-loss point of 58.50 baht.

Analysts at two securities firms expect True Corporation, or TRUE, to post strong net profit growth in the third quarter of 2026. Krungsri Securities forecasts net profit of about 6.996 billion baht, up 334% from a year earlier and 7% from the previous quarter, a record high, driven by higher revenue from mobile phone and broadband businesses, cost control after the merger, and lower interest burdens. Maybank Securities Thailand expects core profit in the third quarter of 2026 of about 6.9 billion baht, up 55% from a year earlier and 4% from the previous quarter. Krungsri Securities expects core profit in 2026 to grow about 40% and maintains a buy rating with a target price of 19 baht. Maybank has raised its dividend payout assumption for 2026 to 2028 to 75% to 80% from 70% to 72%, and expects dividend yields of about 4.6%, 5.0%, and 5.3% respectively, while maintaining a buy rating with a target price of 16.60 baht.

Securities analysts at Asia Plus Securities, or ASPS, said Thailand's capital market in the third quarter faced pressure from slowing foreign capital flows, with foreign investors selling Thai bonds worth as much as 37 billion baht, flipping the cumulative net position since the start of the year back to a negative 7.952 billion baht. The Thai stock market saw net selling of nearly 20 billion baht in just six trading days. However, foreign investors continued to rotate into large-cap stocks whose prices have risen slowly, led by SCB with net buying of 2.974 billion baht, PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht and BBL at 517 million baht. Another domestic positive factor is that the National Semiconductor Committee approved the Thai chip strategy, or Chip Made in Thailand, to attract investment of 2.5 trillion baht, with a short-term target of 500 billion baht within five years, focusing on three technology groups where Thailand has potential: photonics, power system chips and sensors. These are expected to generate revenue for the industry exceeding 5 trillion baht per year and create more than 230,000 jobs. The research department recommends an investment strategy in stocks with specific positive factors, highlighting five standouts: DR: BE03 on demand for electricity for data centers in the United States; DR: LITE80, a leader in high-performance laser business, a key component in the tightening photonic supply chain; TRUE, whose third-quarter 2026 profit outlook is growing strongly with an expected dividend yield of about 1.2%; GULF, which benefits from the downward trend in crude oil prices and support from the PDP plan as well as data center growth; and PLANB, which is likely to see upward revisions to its 2027 profit forecast from its investment stake in iCare and is entering the high season for the outdoor advertising business in the second half.

Securities analysts at Kasikorn Securities, or KS, said that although nationwide reservoir water levels are as high as 78% of capacity, the tourism sector is still operating normally, so they estimate that third-quarter 2026 earnings for the tourism group will be affected only slightly. Airports of Thailand, or AOT, has reported no flight cancellations, and major airlines AAV, BA and THAI continue to operate as normal. Meanwhile, hotel operators led by AWC, CENTEL, DUSIT, ERW, MINT, SHR and VRANDA have suffered no property damage, though room booking cancellations in the provinces run about 2% to 15%, partly offset by guests extending their stays. KS therefore maintains its investment weighting on the hotel group, sees the drop in share prices driven by the flood factor as a buying opportunity, and recommends buying AWC with a target price of 3.74 baht, CENTEL with a target price of 48.11 baht, and THAI with a target price of 6.78 baht. Separately, SBI Thai Online, or SBITO, assesses that this crisis will be a medium-term boost for four main business groups in the recovery: the home repair and construction materials group, led by HMPRO, GLOBAL, DOHOME and MR.DIY; the retail and consumer goods group, led by CPALL and CPAXT; the communications group, led by ADVANC and TRUE; and the tourism group, where economic activity will gradually recover after the situation eases.

Krungsri Securities Public Company Limited has issued an analysis forecasting that the net profit of True Corporation Public Company Limited, or TRUE, for the third quarter of 2026 will come in at approximately 6.99 billion baht, an increase of 334% from the same period last year and 7% from the previous quarter, which would mark a new record high for quarterly profit. The result is driven by revenue growth in both the mobile phone and broadband businesses, along with efficient cost control, particularly SG&A expenses, which are expected to fall 4.2% from the previous quarter. Core revenue excluding network interconnection is expected to grow 1.2% from a year earlier and 0.9% from the previous quarter. Interest expenses are expected to decline 11% from a year earlier as debt is gradually repaid. If profit comes in as expected, first-nine-month profit for 2026 would represent roughly 77% of the full-year profit estimate. Krungsri Securities maintains its 2026 profit forecast of about 40% growth from a year earlier and sees roughly 4% further upside to that estimate. It reiterates a Buy recommendation with a target price of 19 baht and selects TRUE as a Top Pick under the theme of profit growth combined with a dividend yield of approximately 4.3%.

Yuanta Securities said a depression caused rainfall to accelerate, triggering flooding in Bangkok and surrounding areas over the past weekend, sparking panic and demand to stockpile essential goods. However, because this round lacked the additional pressure of northern runoff and high sea tides seen in 2011, conditions in many areas eased quickly, especially in inner Bangkok. The research team assesses the impact on investment sentiment as relatively limited, similar to the cases of Japan or South Korea, where situations eased quickly and barely affected investment sentiment. Meanwhile, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates the economic impact at a maximum of about 10 billion baht, or 0.05% of GDP, which is considered not large. The research team therefore maintains its EPS forecast for this year at 103 baht per share. The sector directly affected is insurance, from claims during the fourth quarter of 2026 to the first quarter of 2027, while sectors expected to be slightly affected are finance and commercial banks, from measures to help debtors. Sectors that may gain positive sentiment from stockpiling goods and home repairs are home improvement, construction materials, and retail and wholesale of essential goods, such as GLOBAL, DOHOME, HMPRO, CPALL, BJC, and CPAXT, as well as telecom operators ADVANC and TRUE, from data usage and work-from-home measures.

Dao Securities has initiated coverage of TRUE stock with a Buy rating and a target price of 17.00 baht, based on a DCF method using a WACC of 6.6% and terminal growth of 1.5%. It expects the Mobile business to remain the main growth driver, with subscribers continuing to recover to 49 million in 2026E and 49.5 million in 2027E, while mobile blended ARPU holds steady at a high level of 222 baht and 228 baht respectively. On the Online side, subscribers are expected to reach 3.35 million and 3.45 million, with Online ARPU steady at around 510 baht per user per month, helping offset the Pay TV business, which remains a constraint on short-term revenue. TRUE forecasts normal profit of 26 billion baht in 2026E, up 182% year on year, and 28 billion baht in 2027E, up 9% year on year, supported by cost efficiency that expands margins after service costs fell sharply. It also expects profit in the second half of 2026E to grow year on year, accelerating in the fourth quarter of 2026E on seasonal strength and a recovery in tourist arrivals. Over the past three months, the share price underperformed the SET by 1.5%, and it currently trades at a 2026E PER of 16.7x, which is seen as an attractive valuation relative to the continued profit recovery in 2026E-27E.

True Corporation Public Company Limited, or TRUE, disclosed that on September 18, 2026, the company deployed a drone working with the True SkyBridge platform to carry out a delivery mission of the iPhone 18 Pro to its first group of customers at 5 destinations across Bangkok, using the mission to test how an aerial transport system previously used in public health work could be adapted to goods delivery in urban areas. Ekarach Panjaveenin, head of TRUE's research and innovation line, said True SkyBridge is an automated aerial logistics platform developed by True's research and innovation center to support drones of multiple brands, using flight data, artificial intelligence, and the company's communications network to plan, track, and manage missions. Previously, the company trialed the platform to transport medicine and medical supplies in remote or hard-to-reach areas, and took part in emergency missions in disaster-hit areas of Nan province last August. This phone delivery therefore marks a trial of the system for goods transport in urban areas, which differ from earlier test areas due to constraints from tall buildings, crowd density, and safety. Ekarach said that before the mission, the team surveyed routes and drone takeoff and landing points, checked obstacles, communications systems, and relevant regulations, and also handled flight permits and rehearsed operations. On delivery day, the company assigned 5 teams, one for each area, starting from 5:00 a.m. to coordinate work among personnel, drones, the network, and the control center, along with backup plans for changing weather or technical problems. As for how True SkyBridge works, the company said the system can help plan missions, set routes, track flights, and manage multiple drones, while the 5G network transmits location data, flight status, and images from the drones back to the control center in real time. The artificial intelligence system helps analyze data and support decision-making during operations, including safety management. Ekarach said the company views the development of True SkyBridge as an extension of its communications network, data, cloud systems, and artificial intelligence to support the operation of automated systems in the future, and sees opportunities to apply it in public health, goods transport, retail, and emergency response.

True Corporation is preparing its 5G, 4G and WiFi networks along both banks of the Chao Phraya River, from Krung Thon Bridge to Wat Arun Ratchawararam Ratchaworamahawihan, to support the public coming to watch the Royal Barge Procession of 2026 during the royal journey to perform the royal merit-making ceremony of presenting the Kathin robes at Wat Arun Ratchawararam Ratchaworamahawihan on Friday, November 6, 2026, on the occasion of the royal ceremony celebrating the fourth-cycle birthday of Her Majesty the Queen. This event includes a total of 10 minor rehearsals and 2 full-dress rehearsals on October 21 and 28, 2026. The network engineering team has surveyed the area and checked signal quality, focusing on viewing points, key traffic routes, piers, temples, public parks, activity grounds and transport connection points, while building on experience from network management in 2024 and combining real usage data with data from each rehearsal to determine capacity enhancement points and tune the network to handle large numbers of simultaneous users, especially the sending of images, video and live streams via social media and communication through various applications. Network enhancement measures include boosting 5G and 4G network capacity, preparing COW rapid-deployment mobile base station vehicles for high-density areas, preparing temporary sites in key areas and areas with installation constraints, enhancing WiFi at key points, tuning network parameters for activity areas based on real usage data, using AI to analyze and manage the network, and monitoring through the BNIC intelligent network operations center around the clock together with on-site engineering teams. Kuram Ashfaq, Head of Network Business at True Corporation Public Company Limited, said that managing the network along the entire Chao Phraya River is more challenging than events in general areas, due to constraints on equipment installation, signal propagation direction and usage that may surge simultaneously at multiple points. The engineering team has therefore designed network enhancements suited to the conditions of each area, while monitoring signal quality and managing capacity in real time, using data from the rehearsals to continuously adjust the plan before the full-dress rehearsals and the day of the royal ceremony, so that the public can communicate and share images of the memorable occasion without interruption.

All three mobile operators, ADVANC, TRUE and NT, have launched special packages to support the TH-AI Passport project. ADVANC was the first to launch the AiPASS package on 16 September 2026, while TRUE and NT plan to follow from 1 October 2026 at 29 baht per month, usable only on the AiPASS application with unlimited data. This creates upside risk to mobile ARPU forecasts over the next 3-5 years. Kasikorn Securities assesses the development as slightly positive for ADVANC and TRUE shares; in the best case both could see revenue rise by 870 million baht, equal to 0.46% of ADVANC's core service revenue and 0.5% of TRUE's. It also sees TRUE as the sector's top pick, recommending TRUE over ADVANC given normalised profit growth trends over the next 4-6 quarters, the chance of a higher dividend payout ratio from the current 79%, and trading at a 23.9% discount to its EV/EBITDA multiple, even though TRUE carries higher debt and a higher beta than ADVANC, as well as uncertainty over China Mobile's sale of TRUE shares.

TTB Wealth, the securities arm of TTB Bank, said the Ministry of Finance has confirmed a two-month extension of the Thai Chuay Thai Plus scheme, covering October through November, to help ease the cost of living amid persistently high energy prices. The extension will use the remaining budget, and the subsidy conditions remain unchanged at the 60/40 split. The proposal is set to go before the Cabinet meeting on September 22. TTB Wealth views this positively for the food retail sector, namely CRC, which operates the GO Wholesale cash-and-carry business, and CPN, which benefits from higher shopper traffic at its malls, as well as CBG. It also sees gains for the telecommunications sector from higher top-up revenue, namely ADVANC and TRUE.

True Corporation has teamed up with the Tourism Authority of Thailand to give away 10,000 True dtac Tourist SIMs to Chinese tourists arriving in Thailand, with instant connectivity from their very first step at four major airports: Suvarnabhumi, Don Mueang, Phuket and Chiang Mai, throughout NiHao Month 2026. The partnership also joins hands with TAKABB, or Five Centipedes, to pass on Thai charm through gifts from Thai brands familiar to Chinese tourists. Ms. Rasika Sathiranawin, head of the tourist and immigration customer group at True Corporation, said Golden Week is a key period when Chinese tourists travel to Thailand, so True wants to create a good experience from the very first step. Mr. Oramon Kaensaksiri, sales and marketing director at Five Centipedes (Sim Tien Hoe) Co., Ltd., said the Five Centipedes brand products are a popular souvenir that Chinese tourists have trusted for a long time. To claim the offer, tourists holding Chinese passports who sign up for the Tourist INFINITE add-on package worth 450 baht or more will receive free Five Centipedes products, either Five Centipedes brand inhalers worth 25 baht or Five Centipedes brand cough spray worth 90 baht, from now until 31 October 2026, or while stocks last, only at True and dtac shops at the four airports.

True Corporation, through True Business, has joined with Srinakharinwirot University, or SWU, to launch an EdTech learning platform that brings knowledge and quality courses from the SWU Demonstration School online for the first time, allowing students nationwide to study free of charge with no course fees, via web browsers on computers, tablets and smartphones without downloading an application. This set of online courses consists of courses exclusive to the SWU Demonstration School that are actually taught in the school, covering more than 70 courses such as science for medicine, science for engineering, language arts and performing arts. The platform is expected to open for use in the 2027 academic year, and courses will later be expanded to the university level and specialised subjects. The collaboration also covers upgrading AI and AI Transformation skills for SWU personnel, including lecturers, staff and personnel across all eight regional networks, along with the True AI Hub toolset, which brings together more than 100 AI models from over 10 leading providers. Dr. Teeradej Damrongplasit, head of the corporate business group at True Corporation, said learning opportunities should not be limited by distance or by constraints on access to devices, while Professor Dr. Cholwit Jiarajit, president of Srinakharinwirot University, said the collaboration is an important step in transforming Thai education in the AI era.

True Corporation Public Company Limited, or TRUE, has announced it is elevating its cooperation with partners from transactional relationships to strategic partnerships at the True Partner Forum 2026, under the theme Smarter Together: AI for Sustainable Partnerships. The company is bringing artificial intelligence, or AI, to help improve procurement efficiency, supporting a greenhouse gas management platform, and preparing partners to access green financing. Sigve Brekke, Chief Executive Officer of the TRUE Group, said that customer expectations, energy use, and the impacts of climate change are all challenges that require cooperation from every party in the ecosystem. Dr. Netchanok Wipatasilpin, Chief Sustainability Officer of TRUE, said partners play a vital role in the Net Zero goal, because cutting carbon emissions must cover the entire supply chain. TRUE aims to cut greenhouse gas emissions from its own operations in Scopes 1 and 2 by 42% by 2030 and to reach Net Zero by 2050. Currently, all of its key partners have completed ESG self-assessments, and in 2025 all key partners submitted their Scope 1 and 2 greenhouse gas emissions data through the platform. TRUE also received a full score of 100 from S&P Global for both supply chain management and partner assessment and development, and has been ranked in the top 1% of the world's most sustainable companies in the telecommunications industry for the eighth consecutive year.

TrueID has launched a new entertainment brand called DOODi by TrueID under the slogan "Like to watch? You gotta watch!" It brings a lineup of original variety content from leading creators, building on the vertical series brand "Tatang by TrueID," which has been well received. DOODi by TrueID will roll out new content throughout the year, including TRUE HAUNT, Pa Cheer Hia Lao, The Celebrities, The Little Mission, Tuesday Under the Covers THE MU CURSE, Wednesday Talk Wednesday Call SHARED LOVE, MU TO GO, The Exclusive, and TechBiz Update. Winradit Kolasastraseni, Managing Director of TrueID, said the launch advances the company's push to become a Digital Ecosystem Hub through the CO CREATE THE SERIES concept, with TrueID Advertising Solutions operating under the idea "Don't Just Run an Ad. Be Part of the Story." This opens the door for partner brands to co-develop content and campaigns with creators. He also stressed the principles of "created by Thais, understanding Thais, for Thailand" and personal data protection in line with PDPA requirements. There will also be watch-and-earn activities and ecosystem benefits for viewers.

Sigve Brekke, Chairman of the Executive Committee of True Corporation Public Company Limited, or TRUE, disclosed that the organisation is developing an end-to-end AI business operating model and establishing an AI Center of Excellence to connect business, technology, and execution, as well as appointing a Chief Data and AI Officer to set leadership and serve as the primary owner driving the organisation. All of True's AI projects operate under a centralised Value Realization framework to select, prioritise, and track outcomes against measurable business value, alongside building a Single Data Foundation. True has also begun an end-to-end domain transformation, aiming to redesign how entire systems work rather than improving work piece by piece, while integrating a Responsible AI Practical Framework. On operating model reform, True has divided the market into approximately 6,000 nano clusters and is developing personnel in Mini-CEO roles so they can better manage and take responsibility for their own market areas, citing the Boston Consulting Group's Consumer for the Future 2026 report, which states that 70% of consumers are likely to decide to buy products or services based on AI recommendations.

True Internet Corporation, under True Corporation, or TRUE, is one of the winners of the auction for the project to provide universal basic telecommunications services and social services, Phase 3, or USO 3, which the NBTC announced on 11 September 2026. TRUE won 2 of 5 groups: the northern group, worth 1.25 billion baht, together with Infraset, or INSET, and the central group, worth 762 million baht, together with Wire and Wireless. As a result, the two projects have a combined contract value of approximately 2.01 billion baht. For the remaining 3 regions, the winners include groups whose members are Thaicom, or THCOM, Interlink Telecom, or ITEL, and Turnkey Communication Services, or TKC. The proportion held by TRUE in each joint venture group has not yet been disclosed. The financial benefit figures estimated from the full contract value therefore represent the upper bound, and the revenue actually recognised by TRUE may be lower than the estimate in line with its participation proportion in the project. Payment terms are divided into 2 phases. In the first phase, network planning and installation, payment is received in 3 installments within the first year after signing, accounting for 47% of the contract value. The other phase, 53%, is gradually recognised over 5 years. Tisco Securities expects the contract signing to take place in late 2026, leading TRUE to begin recognising revenue from the first-phase work in 2027 of approximately 945 million baht, or only 0.5% of its total revenue estimate of 192 billion baht, while revenue from the operating phase will begin to be gradually recognised from 2028. Although the auction result is a positive factor, the impact on estimates remains limited because government work carries relatively low margins. Assuming a net margin of 5%, the additional net profit would account for only 0.2% of the net profit estimate of 27.5 billion baht. Tisco Securities maintains its buy recommendation on TRUE with a fair value based on discounted cash flow of 16 baht per share, based on a weighted average cost of capital of 8.3%, equivalent to a 2026 price-to-earnings ratio of 23 times, below the 5-year historical average of 27 times.

The National Broadcasting and Telecommunications Commission, or NBTC, has announced the winners of the USO 3 auction, a procurement of high-speed internet services under the project to provide universal and social basic telecommunications services in areas that lack or still have inadequate coverage, for public health, public benefit, and security purposes. The project has a total value of 5.42 billion baht, divided into 5 contracts. A subsidiary of True Corporation Public Company Limited, or TRUE, was among the winners and secured 2 contracts worth a combined 2.01 billion baht. These comprise the northern region contract, valued at 1.25 billion baht, won in partnership with Infraset Public Company Limited, or INSET, under the joint venture name TI, and the central region contract, valued at 761.50 million baht, won in partnership with Wire and Wireless Company Limited under the joint venture name TW. Meanwhile, Interlink Telecom Public Company Limited, or ITEL, and Thaicom Public Company Limited, or THCOM, joined forces under the joint venture name TCI to win 2 contracts worth 2.45 billion baht: the northeastern region contract, valued at 1.88 billion baht, and the eastern and western regions contract, valued at 564 million baht. ITEL, together with Turnkey Communication Services Public Company Limited, or TKC, under the joint venture name Interlink TKC, won the southern region contract, valued at 965.70 million baht. Krungsri Securities noted that initially no USO 3 project has been factored into its calculations. Revenue recognition from USO 3 would amount to 950 million baht; applying a net profit margin of 15% would boost profit in 2027 by 71 million baht, and by 14 million baht from 2028 onward, which is considered very small compared with TRUE's profit level of 31 billion baht in 2027.

True Corporation Public Company Limited, or TRUE, has announced a dividend from its second-quarter results of 0.15 baht per share, up about 7% from the previous quarter. The company is also switching to a quarterly dividend payment schedule and revising its dividend policy to no less than 70% of net profit, up from the previous minimum of 60% of net profit. On an annualized basis, assuming the same 0.15 baht per share is paid in all four quarters, total dividends would come to about 0.60 baht per share per year, and based on a share price of 13 baht, that would give a dividend yield of about 4.6% per year. Krungsri Securities Public Company Limited expects TRUE's net profit trend to keep growing now that the company has passed its period of heavy investment to upgrade and develop its network, and it forecasts a dividend yield of about 4.8% in 2026 before rising to about 6% in 2027. As for China Mobile's sale of TRUE shares, Krungsri Securities sees limited impact, since the number of shares sold represents no more than 1% of the total, and therefore does not significantly affect the shareholder structure or long-term fundamentals.