The Company operates 4 main business sectors: 1. Satellite Communications and Related Services 2. Internet Access and Related Services 3. Telecom Business Abroad 4. Joint Venture Businesses
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 1,942.35 | 2,129.75 | 2,702.80 | 3,220.20 |
| Expenses | 1,620.97 | 1,802.11 | 2,389.59 | 2,360.05 |
| Net Profit (Loss) | -88.75 | -211.44 | -22.84 | 353.65 |
| Assets | 16,619.65 | 13,960.96 | 15,168.00 | 14,162.49 |
| Liabilities | 6,655.43 | 4,075.72 | 5,148.82 | 3,931.33 |
| Shareholders' Equity | 9,964.22 | 9,885.25 | 10,019.17 | 10,231.16 |
| Operating | 565.02 | 428.70 | 1,102.13 | 1,006.91 |
| Investing | -685.90 | -1,214.86 | -1,655.41 | -366.01 |
| Financing | 985.55 | 8.87 | 95.62 | -1,365.65 |
| EPS (Baht) | -0.08 | -0.19 | -0.02 | 0.32 |
| GP Margin (%) | 29.74 | 38.93 | 36.05 | 41.99 |
| NP Margin (%) | -4.57 | -9.93 | -0.84 | 10.98 |
| D/E Ratio (x) | 0.67 | 0.41 | 0.51 | 0.38 |
| ROE (%) | 1.01 | -5.07 | -0.23 | 3.40 |
| ROA (%) | 1.79 | -2.03 | 1.40 | 4.27 |
Current Satellite Business - Maintain existing customer base with long-term contracts while expanding services for sustainable revenue generation. Provide satellite-based broadband internet services to the retail and government sectors. Expand downstream operations and collaborate with technology partners to develop innovative products and services that cater to the growing demand of new customer segments.
New Satellite - Elevate satellite utilization across the new satellite fleet, including THAICOM 9 and THAICOM 10. The Company has secured an agreement with Eutelsat Asia, a subsidiary of Eutelsat SA, one of the world’s leading satellite operators from France. Eutelsat Asia is committed to lease and operate service for 50% of THAICOM 10’s total capacity throughout its 16-year lifetime, ensuring continuity of service. Leverage a strong presence in Thailand, India, Indonesia, the Philippines, and other countries in South and Southeast Asia. Capitalize on opportunities presented by new satellites and major projects, such as government projects in Thailand and the Philippines, and to provide services in remote areas of India.
New Space Technology Business - Develop a business plan leveraging its expertise and capabilities in the satellite industry to capitalize on the emerging space technology era. Aims to build upon its existing business, focusing on new areas such as low-earth orbit satellites, geospatial data analytics, and other innovative space technologies.
Responsible Business Operations: Fosters strategic partnerships to ensure long-term business sustainability with stakeholders.
People, Employees, and Society: Invests in employee development, providing opportunities for skills enhancement, and access to digital technologies.
Thaicom Loves Earth: Committed to environmental sustainability through energy conservation and greenhouse gas emission reduction, etc.
(1) The Company generated a core profit from the satellite business of Baht 21 million during this transitional period.
(2) The Company’s subsidiary, Space Tech Innovation Company Limited, secured a USD 184 million financing agreement for the THAICOM 10 satellite program with Deutsche Bank and Standard Chartered, backed by the French export credit agency, Bpifrance Assurance Export.
(3) The Company, AIS, and NBTC, deployed a Satellite-on-the-Move vehicle to enhance border security communications along the Thai-Cambodian border.
- In Q3/2025, the Company reported revenue from sales of goods and rendering of services of Baht 500 million, a decrease of Baht 35 million or 6.5% from Baht 535 million in Q2/2025 (QoQ), due to the one-time recognition of Space Tech project revenues in Q2/2025 and the impact of the Baht's appreciation. Although the Company is in a transition period as the THAICOM 4 satellite was approaching its end of useful life, the Company was able to maintain its core revenue base continuously through the adjustment of its satellite broadband customer portfolio. Furthermore, the cost of sales of goods and rendering of services and SG&A expenses continued to decrease, reflecting efficient cost and expense management. This resulted in overall stable performance during this transition. Compared to Q3/2024 (YoY), revenue from sales of goods and rendering of services decreased by 18.6% due to the expiration of the USO Phase 2 project and a decline in conventional satellite services, consistent with slowing market demand.
- Despite ongoing challenges from foreign exchange volatility and macroeconomic headwinds, the Company generated a core profit of Baht 7 million in Q3/2025, highlighting effective operational management and resilience. Focusing solely on the satellite business—excluding non-satellite segments and the share of loss from the telecommunications business—the Company reported Baht 21 million in core profit, exceeding the normal core profit of Baht 14 million. These results underscore the core business's robust profitability.
- 20 August 2025 – The Company has entered into an export credit agency-backed financing agreement totaling USD 184 million for the THAICOM 10 satellite program. This was executed with Deutsche Bank and Standard Chartered, under the guarantee of the French ECA, Bpifrance Assurance Export. This collaboration reflects the confidence of leading financial institutions and is a significant step in upgrading Thailand's digital infrastructure, supporting internet, security, and communication services in remote areas, both domestically and regionally.
- 27 August 2025 – The Company and AIS, in collaboration with the NBTC, deployed an SOTM vehicle to support the Royal Thai Army's missions in operational areas along the Thai-Cambodian border. The SOTM vehicle is designed to support the coordination of military units.
Satellite Operational Risk The company continuously assesses the remaining lifespan of its satellites. In the event a satellite nears the end of its operational life, mitigation measures are in place, including transferring customers to other satellites, leasing satellite capacity from other operators, or considering investing in new satellites to replace the aging ones.
Received a perfect quality assessment score of 100 in the AGM Assessment Program and Highly Commended Sustainability Excellence from SET Awards 2025.
| as of 30/09/25 | THCOM | ICT | SET |
|---|---|---|---|
| P/E (X) | - | 31.77 | 16.67 |
| P/BV (X) | 1.03 | 2.89 | 1.21 |
| Dividend yield (%) | - | 2.95 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 10,303.36 | 13,920.49 | 14,468.55 |
| Price (B/Share) | 9.40 | 12.70 | 13.20 |
| P/E (X) | - | - | 65.39 |
| P/BV (X) | 1.03 | 1.41 | 1.38 |
