Thaicom Public Company Limited (SET: THCOM) is positioning itself for continued growth as it seeks to renew key satellite service agreements and expand its role in military and data-focused satellite markets, according to Yuanta Securities’ note from an analyst meeting after the 2025 earnings report. These moves could strengthen its revenue streams and market position, highlighted by the anticipated launch of the THCOM9 satellite in 2026.
The company expects to extend contracts for its THCOM4 and THCOM6 satellites, both set to expire at the end of this year. In addition, THCOM is pursuing opportunities in defense-related satellite applications, particularly in surveillance and monitoring of contested areas. The company recently secured a contract for microwave link installations at strategic points. Given that Thailand currently depends largely on foreign providers for satellite imagery, THCOM anticipates broader government support for domestic satellite capabilities.
In recent activity, THCOM submitted bids for the USO Phase 3 project, where it faced no competition in the satellite segment and expects a strong chance of success. The outcome of the related construction bidding process is under ongoing technical evaluation, with results from the National Broadcasting and Telecommunications Commission (NBTC) expected soon.
THCOM is also expanding its data-driven services, including CarbonWatch and CropWatch, which use satellite technology to monitor land usage, carbon credits, agricultural areas, and disaster alerts. Currently, these services cover 10% of the country, with plans to reach full nationwide coverage within the year. Adoption by government agencies is described as a challenge that will be critical for scaling up revenue.
Looking ahead, THCOM9 is scheduled for launch in mid-2026 and is expected to begin service by the third quarter of that year with at least 75% utilization from the outset. The company is also monitoring the reopening of relevant tenders in India, which will play a role in filling its capacity targets.
THCOM’s main LEO (low earth orbit) partner, Global Stars, plans to upgrade its satellite dishes to support new iPhone models following an agreement with Apple and has tasked THCOM with enhancing its related equipment. A new partner is also set to join this project soon.
The company has set a target to grow revenue by 5-10% in 2026.
According to Yuanta, THCOM is expected to focus on bidding for new contracts and provide a fresh pillar for profit growth beyond existing satellite capacity sales. Yuanta Research maintains a Buy recommendation, with a target price of 12.40 baht per share.
