Samart Telcoms Public Company Limited

Siam Cement, or SCC, is drawing close attention after its share price jumped sharply on expectations of a major deal in the petrochemical business. CEO Thammasak Sethaudom said that on October 29, 2026, the company will disclose details of the JV structure between SCGC and PTTGC in the olefins and polyolefins business, covering both the transaction steps and the benefits of the deal. Although SCC's total revenue may decline, net profit, cash flow and EBITDA are likely to rise on better margins and synergies, while reducing duplication and costs and strengthening raw material supply. On the telecom side, Samart Telcom, or SAMTEL, has positive news, with CEO Jong Diloksombat moving ahead through Cycare Info Co., Ltd., an indirect subsidiary, after signing a contract with the IEAT worth 146.20 million baht for a project to establish a cyber operations center and data backup center, or DRC, at the SMART PARK industrial estate. Delivery is scheduled by April 27, 2027, adding to the backlog and supporting the cybersecurity theme. AssetWise, or ASW, is pressing ahead with business expansion after 39 Estate, in which ASW holds a 99.99% stake, acquired Chewathai Estate 3 from CHEWA, with the deal completed on October 6, 2026. ASW Chief Executive Officer Kamchet Wiphanpong is continuing to build on the real estate business, while CHEWA focuses on increasing cash flow amid liquidity concerns. A bondholders' meeting on October 7, 2026 has key agenda items including a waiver of default, an extension of the redemption date and adjustments to early redemption conditions. Kitti Ngamjettanarom, head of the technology executive team at AIS, Advanced Info Service Public Company Limited, or ADVANC, believes the new-era network must move from a connectivity grid to a National Intelligent Infrastructure offering speed, stability, security and the ability to handle real-time data. AIS is moving ahead under its WISE Framework after launching 5G-ADVANCED, particularly Uplink 2CC, which now covers 100% of Bangkok, making the Thai capital the world's first capital city with citywide 5G-ADVANCED Uplink coverage. It also boosts upload speeds by up to two times and is expanding to all 77 provincial capitals, while Downlink 3CC, which combines the 2600, 700 and 2100 MHz bands, raises download speeds by up to 1.5 times and targets full Bangkok coverage by the end of 2026. On the investment side, Jirapaiboon Rattanaphanurak, Head of Wealth Research & Advisory at CIMB Thai Bank, or CIMBT, sees the fourth quarter of 2026 market facing pressure from inflation, oil prices and higher US bond yields, but still believes the market can cope thanks to strong listed-company earnings and momentum from AI investment. CIMBT has therefore upgraded its weighting on US and non-Japan Asian equities to Overweight and recommends a Barbell strategy combining Quality Growth stocks that benefit from AI with quality fixed income and alternative assets.

Samart Telcoms Public Company Limited, or SAMTEL, disclosed that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter dated October 6, 2026 from National Telecom Public Company Limited, or NT, to proceed with a contract to expand the capacity of the Backhaul network between Data Centers and submarine cable stations in order to support one international data communication circuit, as previously quoted. The project has a total value of 363.09 million baht including value-added tax, of which ICN holds a 45.41% share of the project, worth 164.87 million baht including value-added tax, while the SAMTEL subsidiary holds 54.59%. In addition, Secure Info Company Limited, or SCI, a subsidiary indirectly held 99.99% by SAMTEL through Samart Comtech Company Limited, signed a purchase agreement for equipment and devices for the project to establish a Cyber Operations Center and a backup data center, the Digital Resilience Center, at the SMART PARK Industrial Estate office, with the Industrial Estate Authority of Thailand on September 29, 2026. The total project value is 146.20 million baht including value-added tax, with delivery scheduled for completion by April 27, 2027, and payment terms divided into five installments based on work progress.

Samart Telcoms Public Company Limited, or SAMTEL, informed the Stock Exchange of Thailand that the SI Consortium, comprising Samart Communication Service Company Limited, a subsidiary 99.99% held by SAMTEL, and Information and Communication Networks Public Company Limited, or ICN, received a letter from National Telecom Public Company Limited, or NT, dated 6 October 2026, notifying the signing of a contract to expand the capacity of the Backhaul network between the Data Center and the submarine cable station to support one system of international data communication circuits. The SI Consortium won the project as per its submitted bid, with a total project value of 363.09 million baht, and NT has asked the SI Consortium to submit relevant supporting documents for the preparation and signing of the contract. The revenue split between Samart Communication Service Company Limited and Information and Communication Networks Public Company Limited stands at 54.59% to 45.41% respectively.

Portalnet Company Limited, a subsidiary of Samart Telcoms Public Company Limited, or SAMTEL, has won the bidding and received a letter of notification to sign a contract to develop, install, improve, service and maintain an enterprise resource planning, or ERP, system for the Government Lottery Office, with a total project value of 695 million baht including value-added tax. Watthachai Wilailak, Chief Executive Officer of SAMTEL, disclosed that the Government Lottery Office is a new customer and an important opportunity to expand the customer base and grow the Enterprise Solution business, especially ERP solutions. Winning this job has raised the Samart Telcoms group's backlog to 8,692 million baht, which will be gradually recognized as revenue according to the project timeline. The company continues to pursue and join new bids, focusing on projects in Enterprise Solution, ERP, AI, Digital Infrastructure and Cybersecurity, and if things go according to plan, the group's backlog is expected to potentially reach 10,000 million baht by the end of 2026.

SAMART's backlog has increased to approximately 16 billion baht after TEDA secured a high-voltage power station construction project worth 1.1 billion baht. Meanwhile, broker Yuanta maintains its normal profit forecast for 2026 at 730 million baht and keeps a Buy recommendation with a target price of 8.70 baht. The backlog at the end of Q2/2026 stood at 14.9 billion baht, up 3% from the previous quarter, comprising about 8 billion baht from SAMTEL, 6.7 billion baht from the Utility & Transport group, and 154 million baht from SDC. The company aims to increase its year-end backlog to 20 billion baht, with a total of 10 billion baht worth of projects pending bidding in the second half of the year. It also expects SAV to recover seasonally, while TEDA remains a key growth driver.

SAMART is confident that second-half 2026 performance will accelerate sharply after first-half net profit of about 280 million baht. The company is moving ahead with new bidding worth a combined ten billion baht, lifting backlog from the current sixteen billion baht toward a target of twenty billion baht by the end of 2026. Meanwhile, SAV is poised to rebound in the third quarter of 2026 on lower fuel costs and recovering flights. SAMTEL is preparing to compete for new work worth nearly seven billion baht, while TEDA's strong performance gives profit a chance to beat its target.