True Corp Pcl

TRUE: Merger Still Progressing but Large Losses Expected in 22E

Equity Bottom-Up
278 Views, 20 May 2022 10:34
EXECUTIVE SUMMARY
  • Conference meeting on Wednesday came with negative news on 22E earnings prospects. We maintain our BUY rating with TP of Bt5.09, based on the tender offer price.
  • Management expects no pushback in terms of creditor approval.We believe that the merger will also receive regulatory approval,but with several regulations to also protect consumers, which could impact NewCo’s potential.
  • We revise 22E earnings down to Bt2.9bn loss from Bt736m loss, previously, to reflect higher D&A costs and ARPU decline due to harsh competition in 2022.
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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