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%.
nForce Secure Public Company LimitedAnalyst maintains Buy with target 22.20 baht, citing undervaluation and recovery in H2.
