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Key Info

True Corp PCL Web - www.truecorp.co.th

Tel - 66-2-643-1111

Next Reporting Date - 15.05.2019

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    True Corp PCL

    Telecommunication Services

    THAIL


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.78%

    Cost of Debt

    3.78%

    Long Term Growth

    2.00%

    Beta Assumption

    1.96

    Current Market Cap mln$

    5,270.37

    Net Debt mln$

    4,183.44

    WACC Estimate

    9.34%

    Ordinary Current Price $

    0.16

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue3473.093535.254114.995009.085475.286003.526530.477072.097656.668303.319004.579765.0710589.7911484.1612454.07
    EBITDA Costs2772.612812.722854.583368.033490.523687.783884.554086.804305.094533.024773.025025.735291.825572.005867.01
    EBITDA700.48722.531260.411641.051984.762315.752645.922985.293351.573770.294231.554739.335297.965912.166587.05
    EBITDA Margin20.1720.4430.6332.7636.2538.5740.5242.2143.7745.4146.9948.5350.0351.4852.89
    Operating Costs3355.793608.663924.234503.214834.755196.195556.755927.346327.326756.657215.117704.688227.478785.749381.88
    Operating Profit117.30-73.41190.76505.87640.52807.33973.721144.751329.341546.661789.462060.382362.312698.423072.19
    Operating Margin3.38-2.084.6410.1011.7013.4514.9116.1917.3618.6319.8721.1022.3123.5024.67
    Pretax Costs3337.093600.944060.114607.685009.065414.755819.466235.426684.387170.607692.188251.718851.949495.8310186.56
    PTP136.01-65.6954.88401.40466.22588.77711.02836.67972.281132.711312.391513.351737.851988.332267.51
    Pretax Margin3.92-1.861.338.018.529.8110.8911.8312.7013.6414.5715.5016.4117.3118.21
    Net Income Costs3377.183615.034244.424993.325508.416039.866570.007114.907703.018353.599059.119824.2110653.9411553.7412529.54
    Net Income95.92-79.77-129.4315.75-33.13-36.33 -39.53-42.81-46.36-50.28-54.53-59.15-64.15-69.58-75.47
    Net Margin2.76-2.26-3.150.31-0.61-0.61-0.61-0.61-0.61-0.61-0.61-0.61-0.61-0.61-0.61
    Revenue Less Capex4290.134478.035120.246632.597274.138059.408842.749647.8810516.8811492.5612558.7613723.8714997.0716388.3917908.79
    Capex-817.04-942.78-1005.25-1623.51-1798.85-2055.87-2312.27-2575.79-2860.22-3189.25-3554.18-3958.80-4407.29-4904.23-5454.73
    Capex to Revenues-23.52-26.67-24.43-32.41-32.85-34.24-35.41-36.42-37.36-38.41-39.47-40.54-41.62-42.70-43.80
    Revenue less FCF4147.164204.414926.255391.675852.746286.926720.037165.207645.688160.988711.019298.119924.7910593.7011307.69
    FCF-674.06-669.16-811.26-382.59-377.46-283.40-189.56-93.1210.98142.33293.56466.95665.00890.461146.38
    FCF to Revenue-19.41-18.93-19.71-7.64-6.89-4.72-2.90-1.320.141.713.264.786.287.759.20

    THAILAND Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    ADVANC TBAdvanced Info Service PCLTHAILAND 17527.6318.0617.138.568.133.223.8844.278.3649.352.91
    TRUE TBTrue Corp PCLTHAILAND 5270.3797.1257.398.117.311.160.4825.671.251.17-8.26

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    VZ USVerizon Communications IncUNITED STATES 230995.6011.7711.547.597.431.754.3536.543.7733.842.72
    T USAT&T IncUNITED STATES 221390.988.458.356.956.901.216.7532.811.2112.197.77
    941 HKChina Mobile LtdHONG KONG 195890.8011.0010.583.102.991.764.3738.491.1811.062.67
    9984 JPSoftBank Group CorpJAPAN 113727.3610.489.488.239.151.340.3832.311.8914.6434.38
    9432 JPNippon Telegraph & Telephone CorpJAPAN 80506.3110.089.944.754.830.763.8026.590.949.26-3.60
    DTE GRDeutsche Telekom AGGERMANY 79369.0214.2112.835.625.320.905.0731.272.2213.998.19
    9437 JPNTT DOCOMO IncJAPAN 71891.0313.0513.06-5.342.104.49----14.50
    9433 JPKDDI CorpJAPAN 57520.859.979.985.045.061.263.9530.901.4915.60-8.45
    AMXL MMAmerica Movil SAB de CVMEXICO 51192.5314.3512.115.385.080.951.9328.714.5832.018.53
    VOD LNVodafone Group PLCBRITAIN 49335.7917.4815.095.345.270.998.7031.490.713.691.78
    TEF SMTelefonica SASPAIN 43152.5910.349.226.426.330.805.4132.301.9718.749.35
    ORA FPOrange SAFRANCE 42640.9213.7012.485.315.220.924.9931.351.218.814.84
    728 HKChina Telecom Corp LtdCHINA 42402.6812.6911.763.273.160.733.2627.910.796.346.68
    BCE CNBCE IncCANADA 39980.5317.0316.168.187.982.255.2541.962.9418.6816.01
    762 HKChina Unicom Hong Kong LtdHONG KONG 36860.0418.0313.282.742.570.832.2330.900.744.338.18
    TEL NOTelenor ASANORWAY 28783.5416.9515.886.766.582.245.2640.735.2731.298.37
    TLS AUTelstra Corp LtdAUSTRALIA 28188.5615.3915.326.526.451.474.7532.412.6916.8913.61
    2412 TTChunghwa Telecom Co LtdTAIWAN 27718.6124.7125.0610.9510.983.954.0835.062.319.251.54
    TLKM IJTelekomunikasi Indonesia Persero Tbk PTINDONESIA 27280.8317.5016.216.495.972.704.060.303.6620.5115.22
    S USSprint CorpUNITED STATES 22884.97127.50103.894.604.340.690.0036.500.811.20-3.94
    T CNTELUS CorpCANADA 21971.8116.7515.697.677.382.004.5338.282.7315.439.30
    BHARTI INBharti Airtel LtdINDIA 20288.65--10.289.311.730.7831.431.99-0.9825.28
    VIVT4 BZTelefonica Brasil SABRAZIL 19193.2112.1412.584.884.711.727.1336.511.058.1820.87
    017670 KSSK Telecom Co LtdSOUTH KOREA 17141.4710.358.455.665.381.134.3027.160.838.07-8.91
    VOD SJVodacom Group LtdSOUTH AFRICA 15085.1213.0311.906.946.772.436.8237.532.9822.755.06
    MTN SJMTN Group LtdSOUTH AFRICA 13508.6314.3512.574.874.531.304.9336.122.1214.4129.50
    KPN NAKoninklijke KPN NVNETHERLANDS 12861.4924.3320.365.255.092.046.5840.765.0522.7320.55
    3045 TTTaiwan Mobile Co LtdTAIWAN 12509.4824.0723.3713.2913.303.114.9426.455.7622.712.94
    CTL USCenturyLink IncUNITED STATES 12463.979.398.745.365.370.558.7539.620.615.87-37.98
    TIT IMTelecom Italia SpA/MilanoITALY 11468.927.757.754.974.920.540.0041.200.505.750.06