On Friday at 11:07 AM (Bangkok time), the share price of Thaicom Public Company Limited (SET: THCOM) soared by 8.40% or THB 1.00 to THB 12.90, with a trading value of THB 533.77 million.
The rise in shares of THCOM came in response to the company’s first quarter 2026 financial results, which demonstrated remarkable growth. The company reported a net profit of 588 million baht, up 352.3% from the previous quarter and 392% year-on-year.
Core profit stood at 385 million baht, representing an increase of 59.1% quarter-on-quarter and 165.5% from the same period last year. Total revenue was 958 million baht, a 1.7% rise from the previous quarter and a 29.5% increase year-on-year.
The key factors contributing to this quarter’s strong earnings were the recognition of one-off income and broader economic circumstances. The company reported a significant increase in other operating income, totalling 505 million baht, mainly due to interest income and refunded withholding tax received from the Indian Revenue Department after litigation concluded.
Additionally, the company recorded a foreign exchange gain of 221 million baht following the depreciation of the Thai baht against the US dollar, benefiting its largely US dollar-denominated revenues.
In terms of business direction and significant developments, the company entered into a partnership with Amazon Leo. Its subsidiary was appointed as the official authorized distributor for Amazon’s low-Earth orbit (LEO) satellite broadband internet services in Thailand.
Satellite usage rates for Thaicom 7 and 8 satellites stood at 62%, a slight decrease from 64% at the end of 2025, mainly due to domestic client factors. In its overseas business, the subsidiary in Laos showed improved operating performance following the implementation of a new pricing structure.
However, the company recognized a share of loss due to the depreciation of the Lao kip and higher financing costs. As of March 31, 2026, the company reported total assets of 16,521 million baht and shareholders’ equity of 10,630 million baht, up 5.4% from the end of 2025. The net interest-bearing debt-to-equity ratio stood at 0.2 times.
Krungsri Securities (KSS) maintained its ‘Buy’ recommendation for THCOM, with a target price of 15.50 baht. The brokerage views THCOM as a turnaround stock, following the company’s much stronger-than-expected net profit in the first quarter of 2026.
Although the better-than-expected earnings were mainly due to non-operating items, it is viewed as a positive signal for investor confidence and supports short-term investment sentiment.
Looking ahead, a key factor for THCOM’s continued recovery will be the outcome of its bid for the USO Phase 3 project, with results expected in the third quarter of 2026. Securing this project is anticipated to further support the company’s growth and reinforce its outlook as a long-term turnaround stock.
