True Corporation's AI-First Revolution: A High-Conviction Bet in Thailand's Digital Economy

Thailand's digital economy is accelerating at an unprecedented pace, driven by a young, tech-savvy population and a government committed to becoming a regional innovation hub. Amid this transformation, True Corporation (TRUE.BK) stands out as a strategic leader, leveraging an AI-first model and a bold organizational restructure to redefine its role in the telecom and technology sectors. For investors, the company's post-merger evolution—from a volume-driven telecom provider to a value-centric AI and digital solutions powerhouse—presents a compelling case for high-conviction investment.

The AI-First Imperative: From Infrastructure to Enterprise

True's strategic pivot to an AI-first company is not just a buzzword but a structural overhaul. By appointing its first Chief Data and AI Officer, the firm is embedding artificial intelligence into every layer of its operations, from customer service to network optimization. This approach is already yielding tangible results:
- Network Efficiency: True's One Network project, set to launch in September 2025, unifies 5G and 4G operations using optimized spectrum (2300 MHz, 2600 MHz, and 1500 MHz bands). Dynamic Spectrum Sharing (DSS) enables flexible 5G/4G usage, while the 1500 MHz band enhances downlink capacity. This infrastructure upgrade is projected to deliver a 17% performance boost and future-proof the network for 5G expansion.
- Customer-Centric AI: AI-powered tools like chatbots, voice bots, and agent assistants are streamlining customer interactions. By 2025, 19% of transactions have already shifted to digital channels, with the figure expected to rise sharply. True's “Digital and Omni-channel Customer Journey” unifies data across apps, call centers, and retail, ensuring seamless service.

Organizational Restructuring: Agility Meets Expertise

True's restructured leadership team, effective September 1, 2025, is a masterstroke in operational agility. Key appointments include Manat Manavutiveth (Chief Customer Experience and Retail Officer) and Dr. Teeradet Dumrongbhalasitr (Chief Business Officer), who are tasked with driving customer-centricity and enterprise digitalization. This team's international and domestic telecom expertise aligns with CEO Sigve Brekke's vision of preparing for “future changes in customer expectations and technological trends.”

The restructure also eliminates bureaucratic layers, enabling faster decision-making. For example, Khurrum Ashfaque (Chief Network Officer) is directly overseeing AI-driven network automation, while Tanaphon Manavutiveth (Chief Home Connectivity Officer) is spearheading smart home solutions for Thailand's 23 million households. This vertical integration ensures that True's “Customer Champion” and “Win the Home” strategies are executed with precision.

Enterprise AI Adoption: Unlocking a $20B Market

True's most underappreciated growth lever is its enterprise AI strategy. Thailand's 2 million SMEs and enterprises currently represent just 7-8% of True's revenue, a gap the company is aggressively targeting. By offering AI-powered solutions for business automation, IoT-driven smart cities, and inclusive finance, True is positioning itself as the preferred tech partner for Thailand's digital transformation.

The “Legacy Free” initiative—eliminating outdated systems—frees up resources for innovation. Meanwhile, True's workforce upskilling plan (training 10,000 employees in AI by 2025) ensures a talent pipeline to sustain this growth. This dual focus on external and internal AI adoption creates a flywheel effect: smarter solutions for clients, a more agile workforce, and a stronger competitive moat.

Competitive Differentiation in a Post-Merger Landscape

True's post-merger strategy is a masterclass in differentiation. While rivals focus on subscriber growth, True is shifting to a value-centric model, prioritizing high-margin enterprise and SME markets. Its spectrum optimization and AI-driven infrastructure give it a technical edge, while its “AI-First” culture fosters innovation.

Consider the numbers:
- Spectrum Efficiency: The 2300 MHz and 1500 MHz acquisitions provide a 17% performance boost and enhanced downlink capacity, outpacing competitors in network reliability.
- Enterprise Revenue Potential: With Thailand's SME sector projected to grow at 6% annually, True's 7-8% current market share in this segment is a low-hanging fruit for expansion.

Investment Thesis: A High-Conviction Play

True's strategic alignment with Thailand's digital economy makes it a high-conviction investment. Key catalysts include:
1. Network Monetization: The One Network project will drive ARPU (average revenue per user) growth as 5G adoption accelerates.
2. Enterprise AI Upside: A 20% increase in enterprise revenue could significantly boost margins.
3. AI-Driven Efficiency: Automation and AI reduce operational costs, improving EBITDA margins.

Risks include regulatory hurdles and competition from AIS and DTAC. However, True's first-mover advantage in AI and its restructured agility mitigate these concerns.

Conclusion: Betting on the Future

True Corporation is not just adapting to Thailand's digital economy—it's leading it. By combining AI-first innovation, strategic restructuring, and enterprise-focused solutions, the company is building a durable competitive advantage. For investors seeking exposure to Southeast Asia's tech-driven growth story, True offers a rare combination of strategic clarity, operational execution, and scalable upside.

Investment Advice: Buy True Corporation (TRUE.BK) with a 12-month price target of THB 120, based on a 15x EV/EBITDA multiple and a 20% revenue growth assumption. Monitor the One Network rollout and enterprise AI adoption metrics for near-term validation.