nForce Secure Public Company Limited

The government is preparing to invest in a smart grid system, or intelligent power network, with short-term approval expected for a pilot project budget of approximately 10 billion to 20 billion baht, drawn from the 200 billion baht energy transition allocation under the 400 billion baht emergency loan decree. Concrete progress is expected to begin this year. Naphan Chaisaen, Deputy Managing Director of Research and a fundamental investment analyst covering the capital market at Bualuang Securities, told Than Hoon that the medium-term smart grid roadmap for 2022 to 2031 consists of five pillars. The first is Demand Response, which will replace household electricity meters with millions of smart meters, starting in high-usage areas such as Bangkok, its vicinity, major cities, and industrial estates in Rayong and Chachoengsao. Companies with potential in this area are FORTH, SKY, INSET, ALT, and PCC. Next is RE Forecasting, which involves system integrators such as TKC, SECURE, and SAMART. Then comes Microgrid and Prosumer, with GUNKUL and BGRIM. Next is ESS, or energy storage systems, with EA and GPSC. Finally, EV Integration involves FORTH and EA. Investment in the smart grid can also be accelerated without waiting for full clarity on the new Power Development Plan, and it will serve as key infrastructure to support the massive electricity consumption of data centers in the future without affecting electricity costs or the stability of power supply for the general public.

Enforce Secure Public Company Limited, or SECURE, has a high backlog of 380 million baht, despite weak performance in the second quarter of 2026. Normal profit stood at 10 million baht, down 66% from the previous quarter and 70% from the same period last year, due to the deferral of revenue recognition for large projects to the second half of the year. Total revenue was 195 million baht, down 36% from the previous quarter, with revenue from the Network Security group, its main segment, at 143 million baht, down 39%. However, the Endpoint Security group increased by 19% from the previous quarter. Analysts at Yuanta Securities (Thailand) expect a recovery in the second half and maintain a positive view on the Cybersecurity theme, driven by the AI megatrend boosting long-term demand. They keep a "Buy" recommendation with a fair price of 22.20 baht per share, based on a PER of 16.4 times, while the current share price trades at a PER of only 10.9 times, with an expected annual dividend yield of 7.4%.

Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said infrastructure, energy, and digital services stocks are likely to benefit significantly from the expansion of the data center business. GULF is the top large power plant stock to watch, given its capacity to meet rising electricity demand from data center investments, while GPSC and BGRIM are also interesting power plant plays. In digital services and cybersecurity, stocks to watch include BBIK, BE8, and SECURE. INSET is a key player in system integration and infrastructure construction for data centers. The cabinet has approved Thailand's first Big Data strategic plan, covering 2025 to 2027, aiming to develop the country's data infrastructure, promote AI adoption, and train at least 160,000 personnel by 2027, while targeting economic value from Big Data to grow by no less than 35 percent by 2027.