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Communications

True Corp. Public Co., Ltd.

  • 7.20 THB
  • -0.05
  • -0.69%
  • Thailand
    Apr 19, 2018
  • Ticker
    BKK(TRUE)
  • Prev. close
    7.25
  • Market cap (THB)
    241,919.42M
  • Market cap (USD)
    7,745.25M
  • Shares
    33,368.19M

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 2017 THBUSD
Revenue141,290.46M4,163.74M
Gross Profit39,194.44M1,155.03M
Operating income5,888.77M173.53M
Income before tax478.06M14.08M
Net income2,322.52M68.44M
EBITDA42,155.33M1,242.29M
Diluted EPS0.060.00
Dividends Per Share0.030.00
Total Assets465,310.93M14,277.72M
Total liabilities331,108.18M10,159.80M
Total equity133,533.20M4,097.36M
Operating cash flow6,577.16M193.82M
Currency in THBCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 96,213.70M 109,216.04M 118,780.68M 124,719.20M 141,290.46M
Gross Profit 20,988.70M 24,734.57M 28,203.28M 29,119.55M 39,194.44M
Operating income -1,649.35M 2,922.38M 4,607.64M -491.61M 5,888.77M
Income before tax -6,307.12M -7,073.15M 3,237.55M -6,926.01M 478.06M
Net income -9,062.75M 1,293.94M 4,411.52M -2,814.35M 2,322.52M
EBITDA 20,604.15M 28,257.64M 24,552.63M 27,588.15M 42,155.33M
Diluted EPS -0.54 0.06 0.17 -0.09 0.06
Dividends Per Share 0 0 0.00 0 0.03
Total Assets 205,852.17M 234,102.91M 283,524.53M 448,960.46M 465,310.93M
Total liabilities 201,120.03M 163,376.54M 208,318M 317,232.52M 331,108.18M
Total equity 4,081.11M 70,135.29M 74,547.45M 131,052.21M 133,533.20M
Operating cash flow 23,070.52M -2,388.37M 4,891.68M 9,653.02M 6,577.16M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 3,131.01M 3,362.19M 3,465.75M 3,535.06M 4,163.74M
Gross Profit 683.02M 761.44M 822.90M 825.37M 1,155.03M
Operating income -53.67M 89.96M 134.44M -13.93M 173.53M
Income before tax -205.24M -217.74M 94.46M -196.31M 14.08M
Net income -294.92M 39.83M 128.71M -79.77M 68.44M
EBITDA 670.50M 869.90M 716.39M 781.96M 1,242.29M
Diluted EPS -0.01 0.00 0.00 -0.00 0.00
Dividends Per Share 0 0 0.00 0 0.00
Total Assets 6,264.52M 7,115.58M 7,878.96M 12,537.11M 14,277.72M
Total liabilities 6,120.51M 4,965.85M 5,789.02M 8,858.64M 10,159.80M
Total equity 124.19M 2,131.77M 2,071.62M 3,659.60M 4,097.36M
Operating cash flow 750.76M -73.52M 142.72M 273.60M 193.82M

Valuation Measures

Dec 2017
PER89.08
ROA0.50%
ROE1.75%
Operating margin4.16%
Profit margin1.64%

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

Shareholders

  • CHEARAVANONT FAMILY (29.1%)
  • China Mobile Ltd. (18.0%)
  • Unique Network Co. Ltd. (4.3%)
  • Wide Broad Cast Co. Ltd. (2.8%)
  • Charoen Pokphand Foods Public Co. Ltd. (0.7%)
  • The Vanguard Group, Inc. (0.7%)
  • Qs Software System Co. Ltd. (0.5%)
  • Dimensional Fund Advisors LP (0.2%)
  • TOBAM SAS (0.2%)
  • TMB Asset Management Co., 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 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.

Competitors

  • Telenor ASA
  • GMM Grammy Public Co. Ltd.
  • MCOT Public Co., Ltd.
  • Mono Technology Public Co., Ltd.
Last Updated on 19 Apr, 2018

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