Yuanta Securities forecasts Thaicom Public Company Limited (SET: THCOM) to post a normalized loss of 57 million baht in the second quarter of 2025, a sequential improvement from the 90-million-baht loss in the first quarter. However, this marks a decline from the 47-million-baht profit reported a year earlier. The better quarter-on-quarter result is attributed to a recovery in core revenue.
Despite this operating improvement, THCOM is still expected to report a net loss of 277 million baht for the quarter, weighed down by foreign exchange losses.
The analyst maintains a “Buy” recommendation on THCOM, with a target price of 13.50 baht per share based on a discounted cash flow (DCF) valuation.
Strategically, although the second-quarter results remain weak, there is potential upside from the upcoming Universal Service Obligation phase three (USO 3) project, scheduled for late 3Q25. Winning this project could accelerate a share price recovery.
The brokerage firm suggests investors accumulate shares on dips during the earnings announcement, positioning for a potential boost if THCOM secures the USO 3 project.
