Mr. Patompob Suwansiri, Chief Executive Officer of Thaicom Public Company Limited (SET: THCOM), stated that the outlook for 4Q25 is expected to see revenue growth compared to 3Q25, driven by already signed projects in both satellite and security sectors, which will begin to be recognized and are likely to experience continuous growth in each quarter into 2026. It is forecasted that sales in 2026 will increase significantly, expecting revenue to continue growing in the range of 5-10%.
The company is confident that both sales and profit from the core satellite business will remain highly stable in the long term and grow steadily. The new satellite, Thaicom 9, will be launched into orbit and begin service in mid-2026, which will significantly increase the company’s sales and revenue, as Thaicom 4 is reaching end-of-life. Thaicom 9 offers a good opportunity for bandwidth revenue growth.
Additionally, Thaicom 10 will be launched into orbit in the next two years. As for the Space Tech business, which has been ongoing for 3-4 years, solutions are now in practical use and have been recognized by the government. Over the next 1-2 years, growth in Space Tech is expected, as the company is prepared to offer services at a greater scale than currently.
Regarding the progress of the USO 3 project by the National Broadcasting and Telecommunications Commission (NBTC), it is expected that details will be finalized in November 2025, with bidding likely to take place in November-December and the winner announced before the end of the year. Service is set to begin in 1Q26.
Meanwhile, in terms of security, the company has Deep Tech Engineering for technology development to enhance military strength and address the Thai government context. For the defense sector, there is great interest as global security trends demand increasingly advanced technology. The company believes it has the engineers and capabilities to strengthen the military, including System Integration (SI) projects, which are expected to support revenue growth with some contracts already signed and systems/products being gradually delivered, leading to revenue growth in 2026.
As for business expansion in India, which is THCOM’s most important international market and holds enormous potential, Bharat Sanchar Nigam Limited (BSNL), the largest state-owned enterprise in India, remains the biggest client for Thaicom 4, having long used Thaicom’s services for government projects. Thaicom is designing the transition to transfer BSNL to Thaicom 8 and Thaicom 9 satellites.
Regarding the largest private partner, Hughes Communications India, the largest satellite provider in India (a joint venture between Hughes USA and Bharti), THCOM has signed a contract, and services have already commenced on Thaicom 8. Hughes mainly serves government and corporate sectors, as well as IFMC (In-Flight/Maritime Connectivity) WiFi for aircraft and ships.
India, being one of the countries with the largest aircraft fleets in the world, presents a huge opportunity for THCOM in the IFMC segment. After Thaicom 8, there will be further discussions on growth utilizing Thaicom 9 and Thaicom 10. THCOM is also negotiating with a second, very large Indian partner interested in using Thaicom 8, with plans to discuss expansion with Thaicom 9 and Thaicom 10 as well. Additionally, the expansion into mobile services in India is expected around 1Q26.
