Equity Analysis /
Thailand

TH : True Corporation - 4Q20F core net loss to widen

    CGS-CIMB
    15 January 2021
    Published byCGS-CIMB

    We expect TRUE’s 4Q20F core net loss to widen qoq as expenses should have grown faster than revenue has. We reduce core net loss in FY21-22F by around THB800m thanks to TRUE’s plan to cut costs aggressively. We also fine-tune FY20F forecast slightly. We reiterate our Reduce call with a higher DCF-based TP of THB3.20.