CLIENT CALL with TRUE CFO Nakul Sehgal

As part of our EM Telco Top Picks series of virtual and in person events with our preferred EM Telcos, we will be hosting a virtual meeting for NSR clients with TRUE CFO, Nakul Sehgal on Monday 31st March. Format will be a small group, with the focus on Q&A.

TRUE has been one of the best performing beneficiaries of consolidation within Emerging Markets. Despite its share price doubling from 2024, we believe there is still upside from synergy delivery and the market repair in Thailand. Beyond mobile, non-connectivity B2B trends have also been ramping up as it targets to double by 2026. As a result, the company had recently upgraded its medium term guidance, ahead of expectations. The forthcoming spectrum auction, likely in May 2025, is also key to understanding how the mobile dynamic will pan out ahead. The stock is one of our GEM Top 10 Picks and we welcome interested investors to join us on the call to hear it for themselves