THCOM Sets to be Thailand’s First Carbon Credit Assessor, Bolstering Growth with Satellite Projects

Thaicom Public Company Limited (SET: THCOM) revealed at a seminar held by ‘Kaohoon’ and the Stock Exchange of Thailand that the company is poised to become the first Thai company to obtain a license as a carbon credit assessor in forest areas from the Thailand Greenhouse Gas Management Organization (Public Organization) or TGO by mid-July, as it will implement satellite technology to support the assessment.

The company is set to initiate the assessment process on a 100,000-rai area belonging to the Mae Fah Luang Foundation under Royal Patronage, as a part of Thailand Voluntary Emission Reduction Program (T-VER) project with plans to expand the initiative to include areas owned by the PTT Group in Thailand and areas in Laos.

Identifying space technology as its S-Curve, THCOM aims to generate 20% of its total revenue from this sector, as it sees the potential of the business with the integration of AI.

THCOM also intends to bolster its growth by launching new satellites, with the goal of doubling or tripling its expansion within the next five years. In 2023, the company acquired two new satellite orbits, including the 78.5E and 119.5E, and proposed THB 15,000 million from the shareholders to invest in three new satellites, while also signing contracts with Airbus Space Systems and Eutelsat Asia to help support the growth of the company and ease investment risks.

The introduction of new satellites and the integration of space technology are projected to alter THCOM’s international income ratio from 40% to 70% and its domestic income ratio from 60% to 30%.

Moreover, despite the private contract reconsideration involving NT and Oneweb, THCOM remains confident that it will not experience any adverse effects from this development.


Kasikorn Securities (KS) anticipates a favorable outlook for THCOM stemming from the reevaluation of the private contract between National Telecom Public Company Limited (NT) and Oneweb. This reassessment could potentially enhance THCOM’s rights to offer satellite-based internet services, bolstering its competitive position in the market.

The analyst maintained its forecast for THCOM’s 2024-26 earnings and gave a ‘BUY’ recommendation, with a target price of THB 17.26 per share.