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True Corporation

DB:TAFG
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TAFG
DB
฿107B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

True Corporation Public Company Limited, together with its subsidiaries, engages in the telecommunications and diversified communications industries in Thailand. The last earnings update was 39 days ago. More info.


Add to Portfolio Compare Print
  • True Corporation has significant price volatility in the past 3 months.
TAFG Share Price and Events
7 Day Returns
33.8%
DB:TAFG
3.6%
DE Telecom
2.1%
DE Market
1 Year Returns
-19.2%
DB:TAFG
-18.5%
DE Telecom
-16.6%
DE Market
TAFG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
True Corporation (TAFG) 33.8% 27.3% -19.2% -19.2% -38.6% -70.7%
DE Telecom 3.6% -14% -15% -18.5% -28.5% -34.7%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • TAFG matched the Telecom industry (-18.5%) over the past year.
  • TAFG underperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
TAFG
Industry
5yr Volatility vs Market

TAFG Value

 Is True Corporation undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of True Corporation to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for True Corporation.

DB:TAFG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TAFG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 7.5%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.39
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.391 (1 + (1- 20%) (197.99%))
1.006
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.006 * 7.46%)
7.12%

Discounted Cash Flow Calculation for DB:TAFG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for True Corporation is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:TAFG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (THB, Millions) Source Present Value
Discounted (@ 7.12%)
2020 -20,587.80 Analyst x6 -19,219.69
2021 -4,737.25 Analyst x6 -4,128.57
2022 11,966.50 Analyst x2 9,735.91
2023 19,319.50 Est @ 61.45% 14,673.78
2024 27,606.72 Est @ 42.9% 19,574.80
2025 35,863.86 Est @ 29.91% 23,739.75
2026 43,330.70 Est @ 20.82% 26,776.34
2027 49,595.00 Est @ 14.46% 28,610.80
2028 54,555.92 Est @ 10% 29,381.26
2029 58,312.10 Est @ 6.89% 29,317.29
Present value of next 10 years cash flows ฿158,461.00
DB:TAFG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ฿58,312.10 × (1 + -0.39%) ÷ (7.12% – -0.39%)
฿773,610.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ฿773,610.84 ÷ (1 + 7.12%)10
฿388,944.46
DB:TAFG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ฿158,461.00 + ฿388,944.46
฿547,405.46
Equity Value per Share
(THB)
= Total value / Shares Outstanding
= ฿547,405.46 / 33,368.20
฿16.41
DB:TAFG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TAFG represents 0.03261x of SET:TRUE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.03261x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (THB) x Listing Adjustment Factor
= ฿ 16.41 x 0.03261
€0.53
Value per share (EUR) From above. €0.53
Current discount Discount to share price of €0.11
= -1 x (€0.11 - €0.53) / €0.53
80.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price True Corporation is available for.
Intrinsic value
>50%
Share price is €0.105 vs Future cash flow value of €0.53495
Current Discount Checks
For True Corporation to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • True Corporation's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • True Corporation's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for True Corporation's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are True Corporation's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TAFG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in THB ฿0.17
SET:TRUE Share Price ** SET (2020-04-07) in THB ฿3.22
Europe Telecom Industry PE Ratio Median Figure of 61 Publicly-Listed Telecom Companies 17.97x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of True Corporation.

DB:TAFG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SET:TRUE Share Price ÷ EPS (both in THB)

= 3.22 ÷ 0.17

19.06x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • True Corporation is overvalued based on earnings compared to the Europe Telecom industry average.
  • True Corporation is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does True Corporation's expected growth come at a high price?
Raw Data
DB:TAFG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.06x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
-48.8%per year
Europe Telecom Industry PEG Ratio Median Figure of 33 Publicly-Listed Telecom Companies 1.36x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:TAFG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.06x ÷ -48.8%

-0.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • True Corporation earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on True Corporation's assets?
Raw Data
DB:TAFG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in THB ฿3.76
SET:TRUE Share Price * SET (2020-04-07) in THB ฿3.22
Germany Telecom Industry PB Ratio Median Figure of 7 Publicly-Listed Telecom Companies 1.24x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:TAFG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SET:TRUE Share Price ÷ Book Value per Share (both in THB)

= 3.22 ÷ 3.76

0.86x

* Primary Listing of True Corporation.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • True Corporation is good value based on assets compared to the DE Telecom industry average.
X
Value checks
We assess True Corporation's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. True Corporation has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TAFG Future Performance

 How is True Corporation expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-48.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is True Corporation expected to grow at an attractive rate?
  • True Corporation's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • True Corporation's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • True Corporation's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TAFG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TAFG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts -48.8%
DB:TAFG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 2.8%
Germany Telecom Industry Earnings Growth Rate Market Cap Weighted Average 19.4%
Germany Telecom Industry Revenue Growth Rate Market Cap Weighted Average 2.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TAFG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in THB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TAFG Future Estimates Data
Date (Data in THB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 806
2023-12-31 459
2022-12-31 152,902 34,444 2,144 9
2021-12-31 148,380 32,053 1,872 18
2020-12-31 143,068 23,757 348 16
2020-04-07
DB:TAFG Past Financials Data
Date (Data in THB Millions) Revenue Cash Flow Net Income *
2019-12-31 140,943 14,424 5,637
2019-09-30 136,918 6,776 3,283
2019-06-30 134,436 5,407 525
2019-03-31 161,774 35,801 9,216
2018-12-31 161,820 37,929 7,035
2018-09-30 167,146 52,657 12,817
2018-06-30 166,033 51,454 12,027
2018-03-31 140,063 16,724 1,030
2017-12-31 139,519 4,993 551
2017-09-30 134,699 -218 -5,441
2017-06-30 132,352 -3,556 -7,290
2017-03-31 128,162 -2,313 -6,127

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • True Corporation's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • True Corporation's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TAFG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from True Corporation Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TAFG Future Estimates Data
Date (Data in THB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.06 0.10 -0.02 6.00
2021-12-31 0.05 0.13 0.00 11.00
2020-12-31 0.05 0.12 -0.04 12.00
2020-04-07
DB:TAFG Past Financials Data
Date (Data in THB Millions) EPS *
2019-12-31 0.17
2019-09-30 0.10
2019-06-30 0.02
2019-03-31 0.28
2018-12-31 0.21
2018-09-30 0.39
2018-06-30 0.36
2018-03-31 0.03
2017-12-31 0.02
2017-09-30 -0.16
2017-06-30 -0.23
2017-03-31 -0.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • True Corporation is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess True Corporation's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
True Corporation has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TAFG Past Performance

  How has True Corporation performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare True Corporation's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • True Corporation has delivered over 20% year on year earnings growth in the past 5 years.
  • True Corporation's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • True Corporation's 1-year earnings growth is negative, it can't be compared to the Europe Telecom industry average.
Earnings and Revenue History
True Corporation's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from True Corporation Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TAFG Past Revenue, Cash Flow and Net Income Data
Date (Data in THB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 140,943.49 5,636.73 28,200.84
2019-09-30 136,917.72 3,283.34 30,912.16
2019-06-30 134,435.86 524.76 32,079.77
2019-03-31 161,774.22 9,215.84 33,382.94
2018-12-31 161,820.31 7,034.59 35,634.89
2018-09-30 167,145.55 12,817.49 34,492.04
2018-06-30 166,033.05 12,027.12 33,796.15
2018-03-31 140,063.09 1,030.32 33,490.53
2017-12-31 139,519.23 551.29 33,305.67
2017-09-30 134,698.59 -5,441.46 33,094.95
2017-06-30 132,352.33 -7,290.37 32,779.30
2017-03-31 128,162.29 -6,127.44 31,553.98
2016-12-31 124,719.20 -2,814.35 29,611.16
2016-09-30 123,110.50 -63.49 26,250.18
2016-06-30 121,435.02 3,527.70 25,199.11
2016-03-31 119,492.85 5,003.61 24,388.68
2015-12-31 118,780.68 4,411.52 23,595.65
2015-09-30 119,606.23 5,802.68 25,027.46
2015-06-30 116,935.80 2,110.42 23,931.46
2015-03-31 112,434.24 -991.17 22,668.82
2014-12-31 109,216.04 1,293.94 21,812.19
2014-09-30 102,605.32 -1,022.99 21,735.48
2014-06-30 98,714.67 -2,650.96 22,341.32
2014-03-31 97,435.07 -4,099.08 22,758.39
2013-12-31 96,213.70 -9,062.75 22,638.04
2013-09-30 95,098.68 -11,491.54 21,277.77
2013-06-30 93,520.52 -9,065.65 20,344.62

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • True Corporation has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • True Corporation used its assets less efficiently than the Europe Telecom industry average last year based on Return on Assets.
  • True Corporation has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess True Corporation's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
True Corporation has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TAFG Health

 How is True Corporation's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up True Corporation's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • True Corporation's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • True Corporation's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of True Corporation's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from True Corporation Company Filings, last reported 3 months ago.

DB:TAFG Past Debt and Equity Data
Date (Data in THB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 126,019.14 205,054.11 49,406.23
2019-09-30 126,486.71 174,048.55 23,200.52
2019-06-30 123,798.76 177,104.99 23,476.47
2019-03-31 125,703.30 160,692.75 22,621.09
2018-12-31 133,883.52 149,025.53 20,674.71
2018-09-30 143,194.75 129,586.01 30,364.73
2018-06-30 142,825.50 129,820.14 37,965.49
2018-03-31 133,804.90 125,058.21 8,645.04
2017-12-31 128,184.35 119,523.71 18,229.65
2017-09-30 128,760.97 127,105.88 31,671.58
2017-06-30 129,397.72 134,423.81 46,906.85
2017-03-31 130,638.48 135,099.22 56,105.81
2016-12-31 131,727.94 111,775.59 50,686.13
2016-09-30 133,860.10 104,708.29 49,280.99
2016-06-30 136,595.17 121,512.29 73,330.57
2016-03-31 77,163.53 109,949.99 12,955.90
2015-12-31 75,206.53 92,330.46 10,593.22
2015-09-30 75,120.77 56,672.03 11,217.93
2015-06-30 73,957.40 45,484.32 8,806.30
2015-03-31 72,561.33 38,694.59 10,015.08
2014-12-31 70,726.37 40,082.78 6,612.63
2014-09-30 69,011.37 40,353.80 14,787.71
2014-06-30 6,827.80 94,853.28 6,410.30
2014-03-31 8,567.59 90,413.66 9,106.68
2013-12-31 4,732.14 85,678.57 14,828.12
2013-09-30 5,629.05 105,774.82 7,640.20
2013-06-30 9,915.49 100,772.11 7,821.20
  • True Corporation's level of debt (162.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (56.6% vs 162.7% today).
  • Debt is not well covered by operating cash flow (7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess True Corporation's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. True Corporation has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TAFG Dividends

 What is True Corporation's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.8%
Current annual income from True Corporation dividends. Estimated to be 1.05% next year.
If you bought €2,000 of True Corporation shares you are expected to receive €56 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • True Corporation's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • True Corporation's dividend is below the markets top 25% of dividend payers in Germany (4.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TAFG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Germany Telecom Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TAFG Future Dividends Estimate Data
Date (Data in ฿) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.05 8.00
2021-12-31 0.04 16.00
2020-12-31 0.02 15.00
2020-04-07
DB:TAFG Past Annualized Dividends Data
Date (Data in ฿) Dividend per share (annual) Avg. Yield (%)
2020-02-28 0.090 2.983
2019-02-28 0.090 1.824
2018-02-28 0.031 0.511
2017-02-28 0.000 0.000
2016-05-13 0.007 0.091
2016-04-18 0.007 0.090

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • True Corporation has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but True Corporation only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of True Corporation's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess True Corporation's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can True Corporation afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. True Corporation has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TAFG Management

 What is the CEO of True Corporation's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Anat Mekpaiboonvatana
AGE 58
TENURE AS CEO 0.4 years
CEO Bio

Mr. Anat Mekpaiboonvatana has been Co-President of True Corporation Public Company Limited since November 22, 2019 and served as its Senior Group Managing Director since January 1, 2018. He was Group Managing Director of Regional Management at True Corporation Public Company Limited since January 21, 2014 and serves as its Group Executive Director. Mr. Mekpaiboonvatana serves as the Managing Director of True Visions Public Company Limited. He serves as Director of True Money Co., Ltd. Mr. Mekpaiboonvatana served as the Managing Director of Pay TV Business at True Corporation Public Company Limited since February 2012 until January 2014. He served as Deputy Group Chief Commercial Officer at True Corporation Public Company Limited. He served as a Deputy Group Chief Commercial Officer of True Corporation Public Company Limited from 2009 to 2012 and also served as its General Manager from 2002 to 2009. He served as the President of Wire & Wireless Company Limited from 1998 to 2002. He served as a General Manager of Tele Engineering and Services Company Limited from 1997 to 1998 and Unet Company Limited from 1995 to 1996. He served as a Vice President of Asia Multimedia Company Limited from 1996 to 1997, UBC Cable TV Network Company Limited since 1995 and Telecom Holding Company Limited since 1994. He serves as a Director of Wire & Wireless Company Limited, True Distribution & Sales Company Limited, Samut Pakan Media Corporation Company Limited, True United Football Club Company Limited, Hutchison MultiMedia Services (Thailand) Limited, Tele Engineering and Services Company Limited, Cineplex Company Limited, True Digital Media Company Limited, True Visions Cable Public Company Limited, Director, Satellite Service Company Limited, Panther Entertainment Company Limited, True Visions Group Company Limited and of True GS Company Limited. Mr. Mekpaiboonvatana holds a Master Degree of Marketing from West Coast University, USA and a Bachelor of Mechanical Engineering from King Mongkut’s University of Technology Thonburi.

CEO Compensation
  • Insufficient data for Anat to compare compensation growth.
  • Insufficient data for Anat to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the True Corporation management team in years:

4.3
Average Tenure
55
Average Age
  • The tenure for the True Corporation management team is about average.
Management Team

Anat Mekpaiboonvatana

TITLE
Co-President
AGE
58
TENURE
0.4 yrs

Sarit Jinnasith

TITLE
Co-President
AGE
55
TENURE
0.4 yrs

Yupa Leewongcharoen

TITLE
Group Chief Financial Officer
AGE
54
TENURE
0.4 yrs

Papon Ratanachaikanont

TITLE
Chief Brand & Communication Officer
AGE
52
TENURE
4.3 yrs

Kantima Kunjara

TITLE
Group Director of Corporate Communications & CSR
COMPENSATION
฿126K

Sarinra Wongsuppaluk

TITLE
Group Chief Human Resources Officer
AGE
49

Kachorn Chiaravanont

TITLE
Group Executive Director of Corporate Affairs
AGE
52
TENURE
8.2 yrs

Songtham Phianpattanawit

TITLE
Chief Corporate Solutions & Cooperation Officer
AGE
60
TENURE
4.3 yrs

Charoen Limkangwanmongkol

TITLE
Senior Group Managing Director of Regional Management
AGE
55
TENURE
7.5 yrs

Daopakay Luksanakulbutr

TITLE
Head of Group Internal Audit
AGE
62
TENURE
19.3 yrs
Board of Directors Tenure

Average tenure and age of the True Corporation board of directors in years:

19.9
Average Tenure
65
Average Age
  • The average tenure for the True Corporation board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Suphachai Chearavanont

TITLE
Chairman of the Board
AGE
52

Ajva Taulananda

TITLE
Vice Chairman of the Board
AGE
81
TENURE
27.2 yrs

Kosol Petchsuwan

TITLE
Independent Director
AGE
79
TENURE
27.2 yrs

Harald Link

TITLE
Independent Director
AGE
64
TENURE
10.1 yrs

Joti Bhokavanij

TITLE
Independent Director
AGE
77
TENURE
20.3 yrs

Adhiruth Thothaveesansuk

TITLE
Director
AGE
55

Vichaow Rakphongphairoj

TITLE
Director
AGE
61
TENURE
19.4 yrs

Umroong Sanphasitvong

TITLE
Director
AGE
66
TENURE
18.4 yrs

Chatchaval Jiaravanon

TITLE
Director
AGE
57
TENURE
27.2 yrs

Rawat Chamchalerm

TITLE
Independent Director
AGE
75
TENURE
10.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess True Corporation's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. True Corporation has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TAFG News

Simply Wall St News

TAFG Company Info

Description

True Corporation Public Company Limited, together with its subsidiaries, engages in the telecommunications and diversified communications industries in Thailand. The company operates through TrueMove H, TrueOnline, and TrueVisions segments. It offers telephone, mobile, broadband Internet, Wi-Fi, and television and digital platforms. The company is also involved in entertainment, mobile equipment lessor, program production, non-government telecommunication, artist management and related, and marketing management activities. In addition, it operates news channel; and provides business solutions, online digital media services on website and telecommunication devices, distribution center services, consultancy and management services related to logistics, advertising sale and agency services, wireless telecommunication services, football club and related activities management services. Further, the company operates as a content provider; produces and distributes movie films; designs, develops, produces, and sells software products; and offers hospitality technology, as well as business process outsourcing services in technical service, marketing, and customer relations. The company was formerly known as TelecomAsia Corporation Public Company Limited and changed its name to True Corporation Public Company Limited in April 2004. True Corporation Public Company Limited was founded in 1990 and is headquartered in Bangkok, Thailand.

Details
Name: True Corporation Public Company Limited
TAFG
Exchange: DB
Founded: 1990
฿3,012,597,401
33,368,195,301
Website: http://www3.truecorp.co.th/new
Address: True Corporation Public Company Limited
18 True Tower,
Ratchadaphisek Road,
Bangkok,
10310,
Thailand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SET TRUE Common Shares The Stock Exchange of Thailand TH THB 30. Dec 1993
DB TAFG THB4 (ALIEN MARKET) Deutsche Boerse AG DE EUR 31. Dec 1993
SET TRUE-R NON VTG DEP RCPT REP 1 ORD THB10 The Stock Exchange of Thailand TH THB 20. Aug 2001
OTCPK TCPF.F THB4 (ALIEN MARKET) Pink Sheets LLC US USD 31. Dec 1993
DB NVAN NON VTG DEP RCPT REP 1 ORD THB10 Deutsche Boerse AG DE EUR 20. Aug 2001
THAMSE TRUE-F THB4 (ALIEN MARKET) Bangkok-Alien Market Stock Exchange TH THB 31. Dec 1993
Number of employees
Current staff
Staff numbers
4,310
True Corporation employees.
Industry
Integrated Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 22:19
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/07
Last earnings filing: 2020/02/28
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.