Yuanta Securities stated that Thaicom Public Company Limited, or THCOM, has postponed the launch of the THCOM 9 satellite, the first to replace THCOM 4 which expires at the end of 2026, to the third quarter of 2027 from the previously expected second half of 2026 or early 2027, after resolving technical issues. Meanwhile, the THCOM 10 satellite with 100 Gbps capacity has also delayed its commercial service start from the second half of 2028 to the first half of 2029 due to rocket launch queues, and is in the process of seeking additional customers to accelerate pre-sales. At the same time, a major auction in India has been delayed, and the USO Phase 3 auction is still awaiting results within the third quarter of 2026, with revenue recognition expected to begin in the first quarter of 2027. The research team maintains its 2026 normalized loss estimate of 227 million baht and keeps a Trading recommendation with a target price of 13 baht per share based on DCF, while noting risks from delays in new satellite pre-sales, regulations, and technological changes.
Thaicom Public Company LimitedSatellite launch delayed to Q3 2027 and THCOM 10 commercial service delayed to H1 2029 due to technical issues and rocket queues.
