Stock Dimensions – Thaicom Public Company Limited or THCOM from Yuanta Securities analysis reported that the 1Q/67 budget is expected to achieve net profit of 253 million baht, reflecting that operating results have crossed the lowest point, with 1Q/67 income expected. 630 million baht because last year's base has not yet lost customers after the launch of the new satellite, including waiting for new customers to support growth, which will begin to appear in the second half of the year.
Two other deals are still being negotiated in India, including customers closing the remaining capacity in the Indian market for THCOM 8, approximately 12 transponders, for which preliminary framework agreements have already been signed with customers. It is in the process of seeking a license from Indian government agencies, which is expected to be completed in 2Q67. If approved, customers will be able to transition to using THCOM 8 immediately and it will be a new source of revenue in the second half of the year.
The final deal is the Indian government's Internet project. The last day of competitive online bidding will be mid-April 2024. If the auction is won, it will support bookings for THCOM 9 to be launched in 2025 and will increase IPSTAR utilization in the short term for 2024.
However, the NBTC arranged a public hearing for satellite orbits that were not tendered in the previous round, including satellite orbits with eastern orbit positions 50.5E, 51E, and 142E. A new round of orbital bidding is expected to take place. During Q3/67, it is believed that if it chooses to enter the 50.5E auction, it could serve the Indian market. It shows confidence in the Indian market. The share price was viewed favorably, with the 'buy' recommendation maintained at a reasonable price of 18.90 baht.
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