Kasikorn Securities (KS) issued an update on Thaicom Public Company Limited (SET: THCOM) after new details emerged regarding the National Broadcasting and Telecommunications Commission’s (NBTC) USO Phase 3 project.
According to the company’s investor relations team, the NBTC has completed the public hearing phase for the Universal Service Obligation (USO) Phase 3, clearing the way for an auction planned for November.
The USO Phase 3 initiative is valued at THB 5.5 billion, with THB 3.1 billion set aside for installation work to take place in the first 12 months, and the remaining THB 2.4 billion allocated to service fees during months 13 to 70.
Kasikorn Securities noted that Thaicom management is aiming to secure at least half of the project’s total value, projecting a net profit margin of around 15%, while the project has not yet been factored into the analyst’s current forecasts. Thaicom is expected to compete with National Telecom (NT) in the satellite services segment and with system integrators for the installation portion.
The brokerage firm maintains an ‘Outperform’ rating on THCOM, with a target price of THB 16.58 per share, seeing the USO Phase 3 project as a potential earnings driver for 2026 and believes it could help re-rate the stock toward its 2026 book value per share of THB 10.15.
Notably, shares of THCOM climbed 5.21% on Monday, adding THB 548 million to the company’s market cap—outpacing the estimated THB 375 million profit expected from the project.
