Krungsri Securities (KSS) maintains a positive outlook on Thaicom Public Company Limited (SET: THCOM) from potentially winning the USO 3 project bidding, while raising its target price from THB 13 to THB 15.50 per share.
KSS wrote in a note that it maintains a Buy recommendation on THCOM with a rising target price to THB 15.5 from THB 13, owing to its earnings upward revision. The house’s earnings revision is from its view that THCOM will win THB 2.5 billion USO 3 project by 3Q26F and earnings recognition will start in 4Q26F onward. Based on KSS’ new estimate, the firm calls for the earnings turnaround in 4Q26F onward and calls for earnings to be THB 133 million in FY27F, turning from THB 97 million of loss in FY26F. The deal with Amazon LEO will provide further upside risk to our earnings estimate and target price. THCOM is the turnaround play stock in the Thai stock market.
