For True, the other 900MHz licence winner, our analyst has revised down his target price from Bt10.7 to Bt7 and forecasts it to make a loss next year (versus his previous estimate of Bt3.1 billion net profit),Although he believes True's improved spectrum advantage and aggressive expansion will turn it into the second-largest operator by 2020, he does not expect that this will help it recoup its stratospheric licence cost.