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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 2019 THBUSD
Gross Profit33,532.76M1,080.14M
Operating income5,300.87M170.74M
Income before tax857.78M27.63M
Net income5,636.73M181.56M
Diluted EPS0.160.00
Dividends Per Share0.090.00
Total Assets523,992.74M17,493.39M
Total liabilities397,973.60M13,286.26M
Total equity125,367.94M4,185.38M
Operating cash flow17,460.26M562.42M
Currency in THBCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 118,780.68M 124,719.20M 139,519.23M 161,820.31M 140,943.48M
Gross Profit 28,203.28M 29,119.55M 37,423.20M 56,040.78M 33,532.76M
Operating income 4,607.64M -491.61M 4,117.54M 20,405.89M 5,300.87M
Income before tax 3,237.55M -6,926.01M -1,293.16M 9,178.18M 857.78M
Net income 4,411.52M -2,814.35M 551.29M 7,034.59M 5,636.73M
EBITDA 24,552.63M 27,588.15M 31,840.54M 47,552.89M 32,993.86M
Diluted EPS 0.17 -0.09 0.01 0.21 0.16
Dividends Per Share 0.00 0 0.03 0.09 0.09
Total Assets 283,524.53M 448,960.46M 459,182.45M 495,568.69M 523,992.74M
Total liabilities 208,318M 317,232.52M 330,998.09M 361,685.17M 397,973.60M
Total equity 74,547.45M 131,052.21M 127,514.79M 133,290.84M 125,367.94M
Operating cash flow 4,891.68M 9,653.02M 6,577.16M 40,088.53M 17,460.26M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 3,465.75M 3,535.06M 4,111.54M 5,005.69M 4,540.00M
Gross Profit 822.90M 825.37M 1,102.83M 1,733.54M 1,080.14M
Operating income 134.44M -13.93M 121.34M 631.22M 170.74M
Income before tax 94.46M -196.31M -38.10M 283.91M 27.63M
Net income 128.71M -79.77M 16.24M 217.60M 181.56M
EBITDA 716.39M 781.96M 938.32M 1,470.98M 1,062.78M
Diluted EPS 0.00 -0.00 0.00 0.00 0.00
Dividends Per Share 0.00 0 0.00 0.00 0.00
Total Assets 7,878.96M 12,537.11M 14,089.67M 15,220.16M 17,493.39M
Total liabilities 5,789.02M 8,858.64M 10,156.43M 11,108.26M 13,286.26M
Total equity 2,071.62M 3,659.60M 3,912.69M 4,093.69M 4,185.38M
Operating cash flow 142.72M 273.60M 193.82M 1,240.08M 562.42M

Valuation Measures

Dec 2019
Operating margin3.76%
Profit margin3.99%

Key executives

  • Chief Executive Officer & Director: Suphachai Chearavanont
  • Co-President: Sarit Jinnasith
  • Co-President: Anat Mekpaiboonvatana
  • Group COO, Director & Head-Network Quality: Vichaow Rakphongphairoj
  • Group Chief Operating Officer: Adhiruth Thothaveesansuk


  • 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%)
  • TMB Asset Management Co., Ltd. (0.4%)
  • The Vanguard Group, Inc. (0.3%)
  • TOBAM SAS (0.2%)
  • Dimensional Fund Advisors LP (0.0%)
  • Dimensional Fund Advisors Ltd. (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 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.
  • Charoong Thai Co. Ltd.


  • Advanced Info Service Public Co., Ltd.
  • Jasmine International Public Co. Ltd.
  • PCCW Limited
  • Mono Next Public Co., Ltd.
Last Updated on 27 Oct, 2020

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