Yuanta Securities stated that Sky ICT Public Company Limited, or SKY, posted second-quarter 2026 normalised profit growth of 20% from the same period last year, with net profit at 202 million baht and normalised profit at 192 million baht, down 29% from the previous quarter but up 20% from a year earlier, supported by a better gross margin. Core revenue was 2.646 billion baht, down 5% from the previous quarter but up 1% from a year earlier. System Integrations revenue was 712 million baht, up 194% from the previous quarter but down 20% from a year earlier, while Services revenue was 1.786 billion baht, down 30% from the previous quarter but up 3% from a year earlier, as passenger volumes declined after Middle East conflicts affected travel, especially among customers from the Middle East and Europe, and some airlines reduced flight frequencies. Backlog at the end of the second quarter of 2026 stood at 27.838 billion baht, up 10% from the previous quarter and 19% from a year earlier, growing for a third consecutive quarter and reflecting opportunities for revenue growth ahead. Yuanta Securities said first-half 2026 normalised profit accounted for 50% of its full-year 2026 profit estimate of 923 million baht, up 31% from a year earlier, and it expects second-half 2026 profit momentum to be stronger than the first half, driven by a recovery in tourism-related revenue and gradual recognition of revenue from a strong government project backlog. It values SKY at 25.75 baht per share at end-2026, based on a price-to-earnings ratio of 20 times.
Sky ICT Public Company LimitedBacklog up 19% YoY and expected profit recovery from tourism and government projects
