Analysts at Krungsri Securities have reaffirmed their “Buy” rating on Thaicom Public Company Limited (SET: THCOM), maintaining a target price of THB12.5 per share. The brokerage noted that Thaicom’s core operations have managed to return to breakeven, an improvement that has already been priced in, as evidenced by a 30% rally in the company’s stock over recent months. Looking ahead to the third quarter of 2025 performance, Krungsri forecasts that Thaicom will likely post a core operating result in line with the previous quarter. The potential for further share price appreciation now hinges largely on the company’s success in securing the USO Phase 3 contract. Krungsri projects that full-year losses expected for 2026 could reverse into profitability, with those gains extending into 2027 with the USO Phase 3.
Meanwhile, Yuanta Securities anticipates Thaicom’s normalized profit for 3Q25 at around THB15 million, up 3% quarter-on-quarter but down 45% year-on-year—figures that mark a weaker performance than previously forecasted. The lack of topline growth is attributed to a slower-than-expected recovery in revenue from USO Phase 2, although rigorous cost controls have helped Thaicom maintain its profitability on a quarterly basis.
Yuanta has also maintained its “Buy” stance, with a fair value estimate of THB13.50 per share, based on a discounted cash flow approach. The brokerage warns, however, that the weaker-than-expected 3Q25 results may weigh on Thaicom’s share price in the near term. Investors are encouraged to consider accumulating the stock on any price dips, ahead of potential developments regarding USO Phase 3, which are expected around October 2025.
