Thaicom Public Company Limited

Thaicom Public Company Limited, or THCOM, unveiled its 2027 business plan, moving forward to expand into a full-service space technology provider. It will also change its name to Gulf Space Technology Public Company Limited and its stock ticker to GST, subject to shareholder approval at a meeting on 15 September 2026. In the satellite business, the company expects Thaicom 9 to begin service in the third quarter of 2027 after resolving technical issues. Thaicom 10, its largest satellite, has pre-sold about 50% of its capacity and will start service in the first half of 2029, delayed from the second half of 2028 due to the launch schedule. Meanwhile, Thaicom 4 will extend its service life until late 2026 to maintain revenue during the transition, with plans to temporarily migrate customers to Thaicom 6, Thaicom 7, Thaicom 8, and partner satellites. The company expects the USO Phase 3 project auction results in the third quarter of 2026, and combined with a new Indian customer, this will push Thaicom 6 and Thaicom 8 to near-full capacity utilization in 2027. For the second quarter of 2026, the company posted revenue of 497 million baht, down 7.1% year-on-year but up 9.7% quarter-on-quarter, with a net loss of 87 million baht, narrowing from a loss of 207 million baht in the second quarter of 2025. As of the end of the second quarter of 2026, cash stood at 3.116 billion baht, slightly down from 3.22 billion baht at the beginning of the year, due to 833 million baht spent on satellite construction and ground equipment.

Thaicom is set to rebrand as Gulf Space Technology to expand its business from a satellite operator to a full-spectrum space technology company. Chief Executive Officer Dr. Piyaawat Jariyasetthaphong revealed that the company will integrate geostationary and low Earth orbit satellites, while accelerating the expansion of Earth observation data services and developing a data platform to support the data center and AI businesses of Gulf Group. Most recently, it secured a contract from PTT to use satellite data for monitoring gas pipeline routes, and is in the process of seeking permission to build a ground station to provide broadband internet via LEO satellites in partnership with Amazon, as well as collaborating with Globalstar to offer direct-to-device services. On the satellite plan, Thaicom 4 will extend its lifespan until the end of 2026, Thaicom 9 is expected to begin service in the third quarter of 2027, and Thaicom 10 has been postponed to the first half of 2029, with 50% of its capacity already pre-sold.

THCOM shares climbed 5.66% to 11.20 baht after brokers revised target prices and recommendations. Krungsri Securities maintained a buy rating and raised its target price to 14.7 baht from 14.5 baht, citing a smaller-than-expected loss in the second quarter of 2026 and expectations that THCOM will win the USO Phase 3 auction in the third quarter of 2026, which would be a key profit driver in 2027 to 2028. Asia Plus Securities noted that THCOM posted a net loss of 87 million baht, but excluding extraordinary items the normalized loss was 88 million baht, better than market expectations. It raised its 2027 profit forecast by 12% to 381 million baht and upgraded the recommendation from sell to trading, with a target price of 11.30 baht.

Asia Plus Securities reports that THCOM posted a normalized loss of THB 88 million in the second quarter of 2026, better than the research team and market expectations of a loss of around THB 103 to 106 million, and an improvement from the normalized loss of THB 105 million in the first quarter of 2026. This was due to a lower share of loss from joint ventures, which fell to just THB 4 million from THB 23 million in the previous quarter. The research team has therefore revised up its earnings forecasts, reducing the projected normalized loss for 2026 from THB 478 million to THB 393 million, and raising the 2027 profit forecast by 12 percent to THB 381 million. It has also rolled forward its target price to 2027 at THB 11.30, and upgraded its recommendation from Sell to Trading, expecting earnings to turn profitable in 2027 driven by the Phase 3 border internet project auction.

Thaicom Public Company Limited, or THCOM, reported second-quarter 2026 results with a net loss attributable to the parent company narrowing to 87 million baht, down from a loss of 207 million baht in the second quarter of 2025, driven by lower net foreign exchange losses. In the second quarter of 2025, the company booked a net foreign exchange loss of 209 million baht from the appreciation of the baht against the US dollar. Total revenue from sales and services in the second quarter of 2026 came in at 497 million baht, up 9.7 percent from the first quarter of 2026, mainly due to higher satellite and related service revenue, particularly from the ground station expansion project for Globalstar and the antenna system and ground operations system project for GISTDA. However, compared with the second quarter of 2025, revenue fell 7.1 percent on a slowdown in the broadcast business and lower overseas revenue. In the overseas telephone service business, the company recognised a share of loss from joint venture investments of 4 million baht in the second quarter of 2026, down from 23 million baht in the first quarter of 2026 and 9 million baht in the second quarter of 2025, thanks to improved performance at Lao Telecommunications Public Company.