TH : True Corporation - 2Q21F likely to be weak

1Q21 core net loss of THB450m was marginally better than our estimate, thanks to lower-than-expected DA expenses. 1Q21 mobile revenue was also weaker than expected, leading us to increase our core net loss forecasts for FY21-23F. Reiterate Hold with a lower DCF-based TP of THB3.20 (5.9% WACC).

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