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True Corp. Public Co., Ltd.

Company Background

True Corp. is the telecommunications arm of Thai conglomerate Charoen Pokphand Group, which holds a more than 50% stake. Its mobile services operation is the third-largest in the country. Also under its umbrella is Thailand's largest cable TV operator True Visions and broadband service provider True Online. In September 2014, China's top mobile carrier China Mobile acquired an 18% stake in the company and became its second-largest shareholder after CP Group.

CEO Supachai Chearavanont is the third son of billionaire Dhanin Chearavanont, chairman of the CP Group. Supachai joined the company in 1992 when it was still a fixed-line telephone service provider and took the helm in 1999 at the age of 32. He has since been diversifying the company's operations into cellphones, Internet services and even coffee shops.

Saddled with debts stemming from hefty investments in mobile networks and weak performances in its mobile operations due to sluggish growth in subscribers, the company booked losses for three consecutive years through 2013. Most of the proceeds from the China Mobile deal will be used to pay off this debt.

Business Summary

True Corp. Public Co., Ltd. engages in the telecommunications and communication industries. The company provides telecommunications services and various value added services, which includes digital data network, public telephone, multimedia, Internet service provider, mobile phone service, and pay tv service. It operates through the following segments: TrueMobile Group, TrueOnline and TrueVisions. The TrueMobile Group segment engages in the mobile services through 4G, 3G and 2G networks nationwide under the brand TrueMove H and TrueMove. The TrueOnline segment engages in the fixed line phone and value added services, business data services, Internet, broadband Internet services and WiFi. The TrueVisions segment provides Pay TV and Digital TV businesses. The company was founded on November 13, 1990 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2021 THBUSD
Gross Profit38,181.69M1,192.57M
Operating income12,413.25M387.71M
Income before tax-5,043.78M-157.53M
Net income-1,428.40M-44.61M
Diluted EPS-0.04-0.00
Dividends Per Share0.070.00
Total Assets624,914.58M18,707.21M
Total liabilities543,096.53M16,257.94M
Total equity81,361.91M2,435.62M
Operating cash flow38,057.63M1,188.69M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 139,519.23M 161,820.31M 140,943.48M 138,212.33M 143,655.27M
Gross Profit 37,423.20M 56,040.78M 33,532.76M 37,574.35M 38,181.69M
Operating income 4,117.54M 20,405.89M 5,300.87M 10,646.19M 12,413.25M
Income before tax -1,293.16M 9,178.18M 857.78M -3,208.47M -5,043.78M
Net income 551.29M 7,034.59M 5,636.73M 1,048.39M -1,428.40M
EBITDA 31,840.54M 47,552.89M 32,993.86M 53,439.34M 57,978.65M
Diluted EPS 0.01 0.21 0.16 0.03 -0.04
Dividends Per Share 0.03 0.09 0.09 0.07 0.07
Total Assets 459,182.45M 495,568.69M 523,992.74M 617,547.90M 624,914.58M
Total liabilities 330,998.09M 361,685.17M 397,973.60M 531,930.76M 543,096.53M
Total equity 127,514.79M 133,290.84M 125,367.94M 85,089.09M 81,361.91M
Operating cash flow 6,577.16M 40,088.53M 17,460.26M 47,108.28M 38,057.63M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 4,111.54M 5,005.69M 4,540.00M 4,416.41M 4,486.95M
Gross Profit 1,102.83M 1,733.54M 1,080.14M 1,200.64M 1,192.57M
Operating income 121.34M 631.22M 170.74M 340.18M 387.71M
Income before tax -38.10M 283.91M 27.63M -102.52M -157.53M
Net income 16.24M 217.60M 181.56M 33.50M -44.61M
EBITDA 938.32M 1,470.98M 1,062.78M 1,707.59M 1,810.91M
Diluted EPS 0.00 0.00 0.00 0.00 -0.00
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 14,089.67M 15,220.16M 17,493.39M 20,612.41M 18,707.21M
Total liabilities 10,156.43M 11,108.26M 13,286.26M 17,754.69M 16,257.94M
Total equity 3,912.69M 4,093.69M 4,185.38M 2,840.09M 2,435.62M
Operating cash flow 193.82M 1,240.08M 562.42M 1,505.29M 1,188.69M

Valuation Measures

Dec 2021
Operating margin8.64%
Profit margin-0.99%

Key executives

  • Co-President: Manat Manavutiveth
  • Co-President: Teeradet Dumrongbhalasitr
  • Group Chief Financial Officer: Yupa Leewongcharoen
  • Executive Director & MD-Group Investment: Chatchaval Jiaravanon
  • Deputy Chief Executive Officer: Noppadol Dej-Udom


  • China Mobile Ltd. (18.0%)
  • Unique Network Co. Ltd. (4.3%)
  • Wide Broad Cast Co. Ltd. (2.8%)
  • The Vanguard Group, Inc. (0.4%)
  • TMB Asset Management Co., Ltd. (0.3%)
  • Dimensional Fund Advisors LP (0.2%)
  • Krungsri Asset Management Co., Ltd. (0.1%)
  • JPMorgan Asset Management (Singapore) Ltd. (0.0%)
  • Sjunde AP-fonden (0.0%)

Contact Details

Related Companies

  • True Internet Corp. Co., Ltd.
  • SUPERNAP (Thailand) Co., Ltd.
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  • Tele Engineering & Services Co., Ltd.
  • True Move H Universal Communication Co., Ltd.
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  • Samart Infonet Co. Ltd.
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  • True Magic Co. Ltd.
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  • KIN Thailand Co.
  • R&R Communication Co. Ltd.
  • T-Pay Ltd.
  • Charoong Thai Co. Ltd.
  • Wire & Wireless Co Ltd
  • Asianet Corp. Co. Ltd.
  • Telecom Holding Co., Ltd.


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Last Updated on 3 Oct, 2022

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