Turns NEUTRAL as the re-rating call plays out
Sector: NEUTRAL (from OVERWEIGHT)
ADVANC and TRUE shares have been rising by 65% and 152% since 2024, outperforming SET by 53% and 140%. With valuations now close to regional peers, we believe further multiple expansion is limited — performance from here should be driven by earnings delivery, not re-rating.
Top pick: TRUE — OUTPERFORM
Mid-2027F DCF-based TP of Bt18.5 (8.5% WACC, 1.5% LTG). TRUE's valuation remains attractive versus regional peers, with earnings growth still ahead of the pack — now our top sector pick.
Non-consensus: NEUTRAL ADVANC
Mid-2027F DCF-based TP of Bt415 (6.1% WACC, 1.5% LTG). ADVANC now trades broadly in line with regional peers; we see limited further upside from current valuation levels.