Patompob Suwansiri, Chief Executive Officer of Thaicom Public Company Limited (SET: THCOM), revealed to “Kaohoon” that the company has already submitted a bid for the phase 3 Universal Service Obligation (USO) project, valued at a total of THB 5.5 billion. The project is overseen by the Office of the National Broadcasting and Telecommunications Commission (NBTC).
According to Patompob, THCOM is aiming to secure no less than 50% of the project, with revenue recognition from 1Q26 through 2030. He further added that he is certain the company will secure the satellite service segment, as THCOM is the only provider with such systems.
NBTC’s USO 3 plan aims to extend telecommunications networks to underserved areas in Thailand, focusing on schools, sub-district health promoting hospitals (HPH), and border areas. The primary goal is to ensure people in remote locations have access to telecom and internet services.
Bualuang Securities noted that in the USO phase 3 bid, THCOM’s major shareholder GULF has bargaining power with solar panel manufacturers due to its specialty in off-grid energy systems. This allowed THCOM to have a cost advantage over competitors, and secured up to 50% of the project.
The brokerage estimated that the bid could raise THCOM’s core profit projections by 12-20% in the long term and increase the target price upside by about THB 0.86.
Yuanta Securities (Thailand) stated that THCOM is aiming to win the project at THB 2.0-2.5 billion contract value, with the goal of commencing operations in early 2026. Should THCOM officially win and start the project in early 2026, the company’s performance has the opportunity to rebound, with revenue likely to grow year-on-year compared to 2025—where revenue declined. Moreover, the USO project’s profit margin is projected at around 10%, which would significantly improve normal profit in 2026 from an expected loss the year before.
The broker has revised the 2025 projection to a normal loss of THB 36 million. Despite an expectation of normal profit in 4Q25, the THB 74 million accumulated loss in the first nine months of 2025 leads to an expected net loss for the year. Furthermore, the fourth quarter carries the risk of exchange rate losses from the strengthening of the baht against the dollar (QoQ), which may pressure net earnings.
Nonetheless, in 2026, THCOM is forecast to return to a normal profit of THB 171 million, mainly supported by initial revenue recognition from the USO phase 3 project. The securities firm maintains its “Buy” recommendation and sets the fair price for the end of 2026 at THB 12.40 per share.
