Roann Partners
Long/short equity, medium-term horizon, long-term horizon

True Corp.: Doubts On Company Turnaround In FY17


True Group (OTC:TCPFF) is the only quadruple play telecommunications operator in Thailand providing cellular (under True Mobile), broadband and fixed-line phone (under TrueOnline) and pay-TV services (under TrueVisions). It is the #2 mobile operator (with c.25m subscribers) and the #1 fixed broadband player (with c.2.8m subscribers) in Thailand.

True entered the telecommunications industry after signing a build-transfer-operate contract with Telecoms of Thailand (TOT) in 1991 to jointly operate a fixed-line network in Bangkok for 25 years. In 2001, True expanded into mobile services and grew its presence over the years. In 2011, it acquired various companies from Hutchison Group, which facilitate the launch of its 3G services. In mid-2013, True launched the first 4G mobile services in

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