China Mobile Remains Committed

04 August 2026 Company Company Note True Corporation Rating Bloomberg SET Exchange Sector TRUE TB TRUE SET Telecommunications BUY (Unchanged) China Mobile Remains Committed

12mth price target (THB) 16.00 China Mobile remains committed to TRUE In response to yesterday’s news regarding China Mobile’s potential stake sale, Current price (31/07/2026) 13.90 TRUE clarified to the SET this morning that China Mobile has no intention of Upside/Downside 15% fully divesting its investment in the company. Instead, it is only evaluating the CG rating 5 sale of a small portion of its stake as part of routine portfolio management. ESG rating n.a. Thai CAC n.a. The company further stated that China Mobile continues to view TRUE as an important strategic partner and remains confident in the company’s long-term Share summary business outlook. We believe this clarification reinforces the view that there Issue shares : (m shrs) 34,552 should be no significant changes to TRUE’s management structure or strategic Market capitalization: (THB bn) 497.6 direction. (USDbn) 14.9 Avg. Daily Turnover: (THBm) 2,760 Updated cost estimate for China Mobile (USDm) 82 We have updated our estimate of China Mobile’s cost per share in TRUE. Based Foreign Limit/Actual (%) 49/28 on our latest calculation, we estimate China Mobile’s current cost at Free Float: (%) 25 Bt10.7/share, as shown in Figure 1. NVDR: (%) 11 2Q26E: Cost-saving benefits continue Share price / rel. to SET TRUE is scheduled to report its 2Q26 earnings this evening. We forecast net profit of Bt6.77bn, up 2.7% QoQ and 233% YoY. Excluding extra items recorded in 2Q25, core earnings are expected to increase by 61% YoY.

On a QoQ basis, earnings growth should be supported by improving core service revenue (excluding IC revenue) from both the mobile and online segments. On a YoY basis, growth is expected to benefit from the low base in mobile revenue following the network outage incident in 2Q25, lower network operating expenses resulting from site modernization, and additional cost savings from the recent spectrum auction. Source: Bloomberg Finance LP Performance (%) 1m 3m 12m TRUE 11.6 5.1 38.5 SET 2.0 8.7 30.7 Forecasts and ratios Year Ended December E 2027E 2028E Sales (THBm) 206,020 195,669 187,552 191,654 195,652 Major Shareholders % 98,142 107,266 111,478 114,693 116,893 EBITDA (THBm) Charoen Pokphand Group 25.01 Net profit (THBm) -10,966 9,240 23,704 27,495 26,620 Arise Digital Technology 24.95 Net Profit (% chg from prev) nm. % nm. % nm. % nm. % nm. % Telenor Thailand Investments 5.35 EPS (THB) - Source: SET EPS (% YoY) Tanawat Ruenbanterng EPS vs Cons (%) nm nm nm nm nm ID: 74361 PER (X) - Yield (%) P/BV (X) EV/EBITDA (X) ROE (%) - Pimchalalai Washirakom Source: Company data, TISCO estimates ID: Produced by: TISCO Securities Company Limited Distributed by: Jefferies Group LLC, including Jefferies LLC in the U.S and Jefferies Hong Kong Limited in Hong Kong

Figure 1. Estimated China Mobile cost per share in TRUE

Number of Price per Transaction Period shares (m) share Value (Bt, m) 1. Share acquisition 2Q14 4,434 6.45 28,600 1Q17 1,577 5.97 9,414 Total 38,014 2. Share sale 2Q Q ,434 Total 7,872 3. Total DPS paid 2,698 0.45 1,214 Current cost ex. dividends 28,928 Cost per share 10.7 Source: Company data, TISCO estimates