ITEL wins USO3 contract worth about 1.7 billion baht, pushing backlog to nearly 4 billion baht

Corporate ActionAnalyst

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Summary · why it matters

Interlink Telecom Public Company Limited, or ITEL, disclosed that the National Broadcasting and Telecommunications Commission, or NBTC, has announced the lowest bidders for the high-speed internet procurement project in remote areas, Phase 3, or USO3. ITEL, together with partners, secured a total of three contracts: two contracts jointly with Thaicom and one contract with TKC covering the southern region. The project value attributable to ITEL alone is about 1.7 billion baht, with clarity on contract signing expected in the fourth quarter of 2026. The total contract value of the entire USO3 project stands at 5.42 billion baht, covering five regions nationwide. Following this award, the company's work in hand, or backlog, rises from about 2.2 billion baht to 3.9 billion baht. The project execution period is roughly five years, and revenue is expected to be gradually recognized through 2031. As for the outlook for the second half of 2026, the company expects continued growth from the first half, in which it already recorded revenue of about 1.36 billion baht. For the full year 2026, the company maintains its total revenue target at approximately 3.6 billion baht, up from about 2.86 billion baht last year. On the analyst side, Krungsri Securities Public Company Limited recommends buying ITEL shares with a target price of 2.00 baht, expecting revenue recognition to begin in the fourth quarter of 2026 and to help support a return to stronger profit growth in 2027.