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
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 1,536.24 | 1,376.49 | 2,928.97 | 2,702.80 |
| Expenses | 1,150.53 | 1,112.83 | 2,344.55 | 2,389.59 |
| Net Profit (Loss) | 500.25 | -87.86 | 40.09 | -22.84 |
| Assets | 17,129.75 | 15,420.74 | 17,331.92 | 15,168.00 |
| Liabilities | 6,598.70 | 5,457.66 | 7,245.38 | 5,148.82 |
| Shareholders' Equity | 10,531.05 | 9,963.08 | 10,086.54 | 10,019.17 |
| Operating | 233.87 | 487.83 | 853.34 | 1,102.13 |
| Investing | -832.96 | 272.01 | -1,514.89 | -1,655.41 |
| Financing | 393.92 | 109.83 | 1,457.31 | 95.62 |
| EPS (Baht) | 0.46 | -0.08 | 0.04 | -0.02 |
| GP Margin (%) | 19.95 | 28.96 | 35.54 | 36.05 |
| NP Margin (%) | 32.56 | -6.38 | 1.37 | -0.84 |
| D/E Ratio (x) | 0.63 | 0.55 | 0.72 | 0.51 |
| ROE (%) | 6.13 | -4.54 | 0.40 | -0.23 |
| ROA (%) | 4.89 | -1.91 | 1.30 | 1.40 |
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 total revenue from sales of goods and rendering services of Baht 497 million, representing an increase of Baht 44 million, or 9.7%, from Q1/2026.
2. The Company recognized revenue from the construction project to expand the ground station for Globalstar to support its new communication technologies and services.
- In Q2/2026, the Company reported revenue from sales and services of Baht 497 million, representing an increase of Baht 44 million, or 9.7%, from Baht 453 million in Q1/2026 (QoQ). The increase was primarily driven by higher revenue from satellite and related services provided to domestic customers, particularly revenue from the construction project to expand the ground station for Globalstar to support its new communication technologies and services, as well as revenue recognized based on the progress of the antenna system and ground operation system procurement project for the Geo-Informatics and Space Technology Development Agency ("GISTDA"). However, compared to Baht 535 million in Q2/2025 (YoY), revenue from sales of goods and rendering of services decreased by Baht 38 million, or 7.1%, primarily due to the slowdown in broadcast revenue in line with weaker market demand, as well as lower revenue from overseas customers.
- The Company reported a net loss attributable to the owners of the Company of Baht 87 million in Q2/2026, compared to a net profit of Baht 588 million in Q1/2026 (QoQ). This was primarily because, in Q1/2026, the Company recognized other income from interest related to the delayed withholding tax refund and the withholding tax refund received from the Indian tax authority, which were one-time items recognized only during that quarter. Compared to a net loss of Baht 207 million in Q2/2025 (YoY), the Company's net loss decreased significantly, primarily due to lower net foreign exchange loss. In Q2/2025, the Company recognized a net foreign exchange loss of Baht 209 million resulting from the appreciation of the Thai Baht against the U.S. dollar. Excluding these items, the Company reported a core operating loss of Baht 93 million, primarily due to lower revenue from the broadcast business, in line with weaker market demand.
Notification on the Resolutions of the Board of Directors’ Meeting regarding the change of the Company’s name, Company’s seal, Company’s securities symbol, and consequential amendment of the Memorandum of Association and the Articles of Association, as well as calling the Extraordinary General Meeting of Shareholders No. 1/2026. Resolved to approve and propose to the Extraordinary General Meeting of Shareholders No. 1/2026 for consideration and approval of the change of the Company’s name, and consequential amendment to Clause 1 (Company Name) of the Company’s Memorandum of Association to reflect such change. Previously named: Thaicom Public Company Limited. New Name: Gulf Space Technology Public Company Limited.
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 2026 AGM Assessment Program and Highly Commended Sustainability Excellence from SET Awards 2025.
| as of 30/06/26 | THCOM | ICT | SET |
|---|---|---|---|
| P/E (X) | 24.15 | 24.63 | 16.92 |
| P/BV (X) | 1.15 | 3.35 | 1.46 |
| Dividend yield (%) | - | 7.02 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 12,276.34 | 9,481.28 | 13,920.49 |
| Price (B/Share) | 11.20 | 8.65 | 12.70 |
| P/E (X) | 24.15 | 94.95 | - |
| P/BV (X) | 1.15 | 0.95 | 1.41 |
