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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 2018 THBUSD
Gross Profit56,040.78M1,733.54M
Operating income20,405.89M631.22M
Income before tax9,178.18M283.91M
Net income7,034.59M217.60M
Diluted EPS0.210.00
Dividends Per Share0.090.00
Total Assets495,568.69M15,220.16M
Total liabilities361,685.17M11,108.26M
Total equity133,290.84M4,093.69M
Operating cash flow40,088.53M1,240.08M
Currency in THBCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 109,216.04M 118,780.68M 124,719.20M 139,519.23M 161,820.31M
Gross Profit 24,734.57M 28,203.28M 29,119.55M 37,423.20M 56,040.78M
Operating income 2,922.38M 4,607.64M -491.61M 4,117.54M 20,405.89M
Income before tax -7,073.15M 3,237.55M -6,926.01M -1,293.16M 9,178.18M
Net income 1,293.94M 4,411.52M -2,814.35M 551.29M 7,034.59M
EBITDA 28,257.64M 24,552.63M 27,588.15M 31,840.54M 47,552.89M
Diluted EPS 0.06 0.17 -0.09 0.01 0.21
Dividends Per Share 0 0.00 0 0.03 0.09
Total Assets 234,102.91M 283,524.53M 448,960.46M 459,182.45M 495,568.69M
Total liabilities 163,376.54M 208,318M 317,232.52M 330,998.09M 361,685.17M
Total equity 70,135.29M 74,547.45M 131,052.21M 127,514.79M 133,290.84M
Operating cash flow -2,388.37M 4,891.68M 9,653.02M 6,577.16M 40,088.53M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 3,362.19M 3,465.75M 3,535.06M 4,111.54M 5,005.69M
Gross Profit 761.44M 822.90M 825.37M 1,102.83M 1,733.54M
Operating income 89.96M 134.44M -13.93M 121.34M 631.22M
Income before tax -217.74M 94.46M -196.31M -38.10M 283.91M
Net income 39.83M 128.71M -79.77M 16.24M 217.60M
EBITDA 869.90M 716.39M 781.96M 938.32M 1,470.98M
Diluted EPS 0.00 0.00 -0.00 0.00 0.00
Dividends Per Share 0 0.00 0 0.00 0.00
Total Assets 7,115.58M 7,878.96M 12,537.11M 14,089.67M 15,220.16M
Total liabilities 4,965.85M 5,789.02M 8,858.64M 10,156.43M 11,108.26M
Total equity 2,131.77M 2,071.62M 3,659.60M 3,912.69M 4,093.69M
Operating cash flow -73.52M 142.72M 273.60M 193.82M 1,240.08M

Valuation Measures

Dec 2018
Operating margin12.61%
Profit margin4.34%

Key executives

  • President, Chief Executive Officer & Director: Suphachai Chearavanont
  • Group COO, Director & Head-Network Quality: Vichaow Rakphongphairoj
  • Group Chief Operating Officer: Adhiruth Thothaveesansuk
  • Group Chief Financial Officer: William Harris
  • Executive Director & MD-Group Investment: Chatchaval Jiaravanon


  • China Mobile Ltd. (18.0%)
  • Unique Network Co. Ltd. (4.3%)
  • Wide Broad Cast Co. Ltd. (2.8%)
  • Charoen Pokphand Foods Public Co. Ltd. (2.2%)
  • Dimensional Fund Advisors LP (0.7%)
  • TMB Asset Management Co., Ltd. (0.4%)
  • Electricity Generating Authority Employees Provident Fund (0.4%)
  • TOBAM SAS (0.3%)
  • Canada Pension Plan Investment Board (0.0%)

Contact Details

Related Companies

  • True Incube Co. Ltd.
  • True Internet Technology Shanghai Co. Ltd.
  • Golden Light Co. Ltd.
  • Gold Palace Investments Ltd.
  • Dragon Delight Investments Ltd.
  • Nilubon Co. Ltd.
  • True Lifestyle Retail Co., Ltd.
  • True Digital Plus Co. Ltd.
  • True United Football Club Co. Ltd.
  • True Gs Co. Ltd.
  • True Visions Group Co., Ltd.
  • TA Orient Telecom Investment Co. Ltd.
  • True Move H Universal Communication Co. Ltd.
  • Real Move Co., Ltd.
  • Samart Infonet Co. Ltd.
  • True Touch Co. Ltd.
  • True International Gateway Co. Ltd.
  • True Public Communication Co. Ltd.
  • IBC Symphony Co. Ltd.
  • True Digital Media Co., Ltd.
  • True Music Radio Co. Ltd.
  • True Digital Content & Media Co. Ltd.
  • True Information Technology Co., Ltd.
  • True Magic Co. Ltd.
  • True Visions Public Co. Ltd.
  • United Broadcasting Corp. Public Co. Ltd.
  • True Internet Co. Ltd.
  • R&R Communication Co. Ltd.
  • K.I.N. (Thailand) Ltd.
  • T-Pay Ltd.


  • Advanced Info Service Public Co., Ltd.
  • Jasmine International Public Co. Ltd.
  • Mono Technology Public Co., Ltd.
Last Updated on 20 Sep, 2019

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