On Friday at 11:47 AM (Bangkok time), the share price of True Corporation Public Company Limited (SET: TRUE) dropped by 3.33% or THB 0.40 to THB 11.60, with a trading value of THB 1.16 billion.
Krungsri Securities (KSS) suggested that the recent drop in TRUE’s stock price did not indicate any substantial changes in the company’s situation, while speculating that the trend could stem from a negative sentiment generated by news regarding JAS’s comment on TRUE’s English Premier League (EPL) viewerships.
KSS conducted an inquiry with TRUE about the one million True Pay TV viewers reported by JAS to mainly watch the English Premier League. The findings indicated a discrepancy in the numbers, as not all Pay TV subscribers would exclusively watch the EPL, given TRUE’s diverse range of content offerings.
Moreover, KSS projected that only around 200,000 out of the one million Pay TV subscribers (20%) primarily watch the EPL. This group would contribute a meagre 0.6% to the company’s total revenue in 2023.
As a result, the analyst maintains a ‘BUY’ recommendation for TRUE, setting a target price of THB 14.70 per share.
