On June 29, 2026, the National Broadcasting and Telecommunications Commission (NBTC) opened the e-Bidding process for the third phase of the Universal Service Obligation (USO) project. With a total project value of approximately THB 5.46 billion and a contract period of five years, the auction is divided into five regional lots.
The bid submission marks the initial stage, which will be followed by a qualification verification process for the bidders and a review of key conditions. This stage is expected to take around one month before the official announcement of the winning bidders and subsequent contract signing.
Market expectations suggest that Interlink Telecom Public Company Limited (SET: ITEL) will submit a proposal for the Southern region, with a project value of approximately THB 967 million, while Thaicom Public Company Limited (SET: THCOM) is anticipated to compete for the Northeastern region, valued at about THB 1.9 billion.
Other operators with prior experience in previous phases of the USO project and likely to participate in the current round include National Telecom Public Company Limited (NT), TO Joint Venture, and the Interlink-TKC Joint Venture.
According to local media reports, based on preliminary lowest bid results, THCOM could be awarded contracts for two regions, ITEL for one region, Samart Telcoms Public Company Limited (SET: SAMTEL) for one region, and True Corporation Public Company Limited (SET: TRUE) for one region. However, this information remains unconfirmed by the NBTC, pending completion of the required documentation and qualification review process before a formal announcement of the auction results.
Mr. Trairat Viriyasirikul, Deputy Secretary General of NBTC, explained that following the bid submission, the process will proceed with checking the qualifications of all participants and verifying the accuracy of supporting documents. The time frame and specific details for announcing the final results will adhere to the terms outlined in the project’s Terms of Reference.
He further noted that the document verification phase may require approximately one month, given the project’s large scale and the expected volume of documentation to be reviewed before the winning bidders are officially announced.
Mr. Patompob Suwansiri, Chief Executive Officer of THCOM, expressed confidence in his company’s bid for the USO Phase 3 project, citing its prior experience with phases 1 and 2 as a foundation for success.
Additionally, Bualuang Securities (BLS) has revised its profit forecast for THCOM for 2026 upward by 21%, from THB 593 million, with a target price set at THB 13.00 per share (based on a PER of 20x). The brokerage has also upgraded its recommendation on the company to ‘Speculative Buy,’ citing the USO Phase 3 project as a long-awaited market catalyst.
According to Bualuang, THCOM could secure contracts worth between THB 2.2–2.5 billion across the network segment, with revenue recognition expected in the fourth quarter of 2026 and a steady income stream from network management services over the contract’s five-year period.
