True Corporation Public Company Limited (TRUE.BK)

TRUE earned roughly three times more than a year ago, but its revenue actually shrank.

What is going on right now?

The price is sitting almost exactly where it was several months ago, hovering around 13 baht. It has been moving in a tight range, neither climbing nor falling with any real force lately.

How is the business itself doing?

TRUE is Thailand's big telecom company formed after the True and DTAC merger. It keeps about 10 baht of profit for every 100 baht of revenue, and it generated around 29 billion baht in cash over the past year. That said, total revenue dipped about 7.5% even after combining the two businesses.

What stands out?

The company carries heavy debt, roughly five times its own net worth, a leftover from the merger. It also pays out about 84% of its earnings, leaving a thin cushion if cash gets tighter.

What comes next?

Its next earnings report is due November 2, and the numbers will show whether combining the two networks is actually producing the savings the company expected.