Elevator Pitch
Thailand-listed telecommunications company, True Corporation Public Company Limited (OTC:TCPFF) [TRUE:TB] trades at 9.6 times consensus forward FY2019 EV/EBITDA which is on par with Advanced Info Service (AVIFY) (AVIVF) valued by the market at 9.5 times forward FY2019 EV/EBITDA, but at a premium to Total Access Communication (TACYY) (TACJF) (TCCMF) trading at 6.7 times forward FY2019 EV/EBITDA.
Post-2Q2019 results released on August 14, 2019, True Corporation's share price has declined by -16% from the peak of Bt6.75 on July 19, 2019, to Bt5.65 as of September 13, 2019. This is due to