On Friday at 2:29 PM (Bangkok time), the share price of Thaicom Public Company Limited (SET: THCOM) gained 1.82% or THB 0.20 to THB 11.20, with a trading value of THB 73.70 million.
Krungsri Securities (KSS) wrote that THCOM is likely to report a net loss of THB 91 million for the second quarter of 2026. This figure indicates an improvement from the net loss of THB 207 million recorded in the same period last year, but stands in contrast to the net profit of THB 588 million reported in the first quarter of 2026. The reversal was mainly attributed to the impact of special items.
Excluding these special items, THCOM’s operating loss for Q2 is projected at THB 111 million, compared to THB 90 million in 2Q25 and THB 89 million in 1Q26. The main reason for the widening loss was a decline in broadband and broadcast business revenues following service cancellations by some customers.
Revenue in 2Q26 is expected to decrease by 15% year-on-year, but remain steady compared to the previous quarter, supported by the recognition of project-based revenue. However, the gross profit margin is forecast to decline to 17%, from 32% in the previous year and 21% in the previous quarter, due to the adverse impact of cost management amid reduced revenue.
Krungsri maintained its 2026 full-year net loss estimate at THB 205 million, noting ongoing risks regarding customer losses in the broadband and broadcast segments during the second half of the year. However, this estimate assumes that THCOM will win the bid for the third phase of the USO project within the third quarter of 2026, a project with a total budget of approximately THB 2.5 billion, and begin recognizing revenue from system installation work in the fourth quarter of 2026.
Looking forward to 2027, the brokerage expects THCOM to return to profitability, forecasting a net profit of around THB 65 million. Krungsri maintains a ‘Buy’ recommendation and a target price of THB 14.50 per share, viewing THCOM as a recovery play with key support from the USO Phase 3 project.
