Although movements of major shareholders are closely watched by investors, sometimes the "appearing information" raises more questions than answers.
This is the case with TRUE shares, where a single 246-2 filing sparked widespread doubts across the capital market about the identity of the new shareholder, the accuracy of the submitted data, and the regulators’ verification process.
The company later clarified that the data might be inaccurate, making this incident one of keen investor focus in recent days.
To understand the whole picture, we go back to 2 July 2026 when the Securities and Exchange Commission (SEC) released the acquisition or disposal report known as "Form 246-2," which investors must file when their shareholding crosses legal thresholds. It was this document that overnight put the name "Supaporn Pimpong" under intense scrutiny in the Thai capital market.
According to the data, Supaporn Pimpong purchased an additional stake in TRUE Corporation Public Company Limited (TRUE) on 15 June 2026, representing 3.2174% of total voting rights.
Combined with her existing shares, her total holding rose to 7.0992% of all voting rights, making her the sixth largest shareholder in TRUE immediately.
Based on the share price at that time, the value of Supaporn’s shares exceeded 30 billion baht, a very large portfolio for an individual investor, made even more notable by the transaction being conducted through the foreign broker UBS Group AG.
What made this case puzzling was not just the transaction size but that the name "Supaporn Pimpong" had virtually no public presence in investment circles before.
However, a retrospective search revealed this name is not new to SEC reporting, as Supaporn Pimpong has filed acquisition or disposal reports related to at least five other listed companies since 2018: KBANK, AAV, BB, L, GLS, and MAJOR.
On 6 July 2026, TRUE Corporation Public Company Limited submitted a statement to the Stock Exchange of Thailand addressing media reports about an individual filing Form 246-2 with the SEC, claiming acquisition of approximately 3.1786% common shares and 0.0388% preferred shares, totaling about 3.2174%, raising the total holding to approximately 7.0992%.
The company explained that the SEC’s website notes the data as "preliminary information," meaning it is incomplete and/or under review.
More importantly, the company observed the data may be incorrect because it has never issued preferred shares to the public and currently has no preferred shares outstanding.
TRUE stated it reported these facts to the SEC on the same day the news appeared and learned the SEC will inquire with the filer. The company confirmed it will disclose any significant developments per relevant rules and believes the event will not materially affect its business direction, management, or operations.
Besides the official statement to the stock exchange, TRUE’s investor relations team reportedly emailed brokerage and asset management firms similarly, explaining the report might contain errors and that they have escalated the matter to the SEC for urgent fact-checking.
The company emphasized it has requested the SEC to verify the facts promptly.
So far, the SEC has not issued an official statement or concluded on this case or on prior filings involving the name Supaporn Pimpong.
This situation has sparked questions about the SEC's regulatory system, with some investors asking why repeated filings under the same name over several years have not triggered effective systemic measures to prevent potentially inaccurate data submissions.
Calls have been made for the regulator to publicly explain its past verification procedures.
Despite the confusion among investors, many analysts remain positive on TRUE’s fundamentals.
In terms of fundamentals, TRUE’s share price rose 21% in the first half of 2026, reaching 13.20 baht. According to IAA Consensus data, all 11 surveyed analysts recommend "buy," with no "hold" or "sell" ratings.
This confidence is based on earnings prospects entering a new growth cycle in 2026, with an average target price of 16.90 baht, a high of 19.00 baht, and a low of 14.90 baht.
Key to brokers’ positive stance is profit recovery from the merger between TRUE and DTAC, showing clearer benefits.
Research teams expect 2026 to be the year the company fully benefits from cost reductions, shared network management, and lower spectrum costs.
This should lead to continued expansion of EBITDA and profit margins, while core service revenues have started growing again after several quarters of slowdown.
Kasikorn Securities analysts maintain a "buy" recommendation, expecting strong Q2 2026 normal profit growth due to reduced spectrum and financial costs, plus the return of core service revenue growth — the first growth in four quarters. They also see narrowing valuation gaps between TRUE and ADVANC and proactive capital management as stock price supports.
Maybank (Thailand) Securities also keeps a "buy" call, forecasting 35% core profit growth in 2026 and a further 9% in 2027 from higher EBITDA and debt reduction. Strong free cash flow (FCFE) offers potential for increased dividend payouts after the 2027 spectrum auction, an aspect closely watched by investors.
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