Elevator Pitch
I maintain a Neutral rating on Thailand-listed telecommunications company, True Corporation Public Company Limited (TCPFF) [TRUE:TB], the second-largest mobile operator in Thailand.
This is an update of my prior article on True Corporation, published on March 17, 2020. True Corporation's share price has increased by +45% from Bt2.44 as of March 16, 2020, to Bt3.54 as of June 15, 2020, since my last update. True Corporation trades at 10.2 times consensus forward next 12 months' EV/EBITDA, and it offers a consensus forward FY2020 dividend yield of 0.2%.
True Corporation's 1Q2020 financial results were