Sky ICT vs Jasmine Telecom Systems: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Sky ICT Public Company Limited (SKY.BK)

Q3 202619 Jul – 24 Sep 2026

▲4

SKY wins 25-year AOTGA airport work and gains smart-grid role

AOTGA mega-project win locks in long-term airport revenue The Cabinet cleared AOT to sign AOTGA's 67.3-billion-baht ground handling and cargo projects at Suvarnabhumi, and AOTGA awarded SKY two apron and ground-support equipment contracts running 25 years. SKY expects about 200 million baht a year in profit share, roughly a fifth of its profit base, with operations starting mid-2027.
This is the period's biggest new contract, directly adding long-term earnings to SKY.
Aviation boom and airport expansion lift technology demand Global passengers are seen growing 20-25% in 2026 and Thai traffic 5-7% a year, while Suvarnabhumi plans to expand from 60 million to 75 million passengers within three years. SKY runs systems at 13 airports and holds a 25.3-billion-baht backlog, over 90% long-term service contracts.
It explains the underlying demand growth that supports SKY's core aviation technology business.
New bets: airport platform, humanoid robots, overseas push SKY is building an airport management platform and a ground-handling OCC platform for international launch in 2030, and holds 55% of a joint venture with AGIBOT and TKC to develop Thai-language AI robots for airport use by end-2026. These are early-stage options, not yet earnings.
It shows the new growth engines management is funding beyond the current contract base.
Named a beneficiary of Thailand's smart-grid buildout Bualuang lists SKY among companies positioned for the Demand Response and Energy Management pillar of the 2022-2031 smart-grid plan, which replaces household meters with smart meters. The government is preparing a 10-20-billion-baht first-phase pilot, with approvals expected soon.
It opens a second, non-aviation demand channel that could add new orders.

August 202619 Jul – 24 Sep 2026

▲4

SKY wins 25-year AOTGA airport work and gains smart-grid role

AOTGA mega-project win locks in long-term airport revenue The Cabinet cleared AOT to sign AOTGA's 67.3-billion-baht ground handling and cargo projects at Suvarnabhumi, and AOTGA awarded SKY two apron and ground-support equipment contracts running 25 years. SKY expects about 200 million baht a year in profit share, roughly a fifth of its profit base, with operations starting mid-2027.
This is the period's biggest new contract, directly adding long-term earnings to SKY.
Aviation boom and airport expansion lift technology demand Global passengers are seen growing 20-25% in 2026 and Thai traffic 5-7% a year, while Suvarnabhumi plans to expand from 60 million to 75 million passengers within three years. SKY runs systems at 13 airports and holds a 25.3-billion-baht backlog, over 90% long-term service contracts.
It explains the underlying demand growth that supports SKY's core aviation technology business.
New bets: airport platform, humanoid robots, overseas push SKY is building an airport management platform and a ground-handling OCC platform for international launch in 2030, and holds 55% of a joint venture with AGIBOT and TKC to develop Thai-language AI robots for airport use by end-2026. These are early-stage options, not yet earnings.
It shows the new growth engines management is funding beyond the current contract base.
Named a beneficiary of Thailand's smart-grid buildout Bualuang lists SKY among companies positioned for the Demand Response and Energy Management pillar of the 2022-2031 smart-grid plan, which replaces household meters with smart meters. The government is preparing a 10-20-billion-baht first-phase pilot, with approvals expected soon.
It opens a second, non-aviation demand channel that could add new orders.

Latest19 Jul – 24 Sep 2026

▲4

SKY wins 25-year AOTGA airport work and gains smart-grid role

AOTGA mega-project win locks in long-term airport revenue The Cabinet cleared AOT to sign AOTGA's 67.3-billion-baht ground handling and cargo projects at Suvarnabhumi, and AOTGA awarded SKY two apron and ground-support equipment contracts running 25 years. SKY expects about 200 million baht a year in profit share, roughly a fifth of its profit base, with operations starting mid-2027.
This is the period's biggest new contract, directly adding long-term earnings to SKY.
Aviation boom and airport expansion lift technology demand Global passengers are seen growing 20-25% in 2026 and Thai traffic 5-7% a year, while Suvarnabhumi plans to expand from 60 million to 75 million passengers within three years. SKY runs systems at 13 airports and holds a 25.3-billion-baht backlog, over 90% long-term service contracts.
It explains the underlying demand growth that supports SKY's core aviation technology business.
New bets: airport platform, humanoid robots, overseas push SKY is building an airport management platform and a ground-handling OCC platform for international launch in 2030, and holds 55% of a joint venture with AGIBOT and TKC to develop Thai-language AI robots for airport use by end-2026. These are early-stage options, not yet earnings.
It shows the new growth engines management is funding beyond the current contract base.
Named a beneficiary of Thailand's smart-grid buildout Bualuang lists SKY among companies positioned for the Demand Response and Energy Management pillar of the 2022-2031 smart-grid plan, which replaces household meters with smart meters. The government is preparing a 10-20-billion-baht first-phase pilot, with approvals expected soon.
It opens a second, non-aviation demand channel that could add new orders.

Jasmine Telecom Systems Public Company Limited (JTS.BK)

Q3 202621 Jul – 5 Oct 2026

▲2▼2

JTS: debt default fixed, MSCI exit, and a 6bn baht asset sale in play

Debt default resolved, CB caution sign lifted JTS settled the default on its debentures and the Stock Exchange removed the CB (caution) sign from its shares on 22 July. That clears the biggest worry hanging over the stock and restores some investor confidence, which supports the price.
Removing the default warning is the key event that repaired JTS's financial standing and confidence.
Dropped from MSCI small-cap index, forcing fund outflows MSCI removed JTS from its Global Small Cap index from 31 August, so index-tracking funds had to sell the shares. Krungsri estimated this pulls money out of JTS, a mechanical downward push on the price that has nothing to do with the company's business.
Index removal is a concrete, forced-selling event that pressures JTS's price.
Talks to sell JASTEL for at least 6 billion baht JTS is negotiating to sell its Justel/JASTEL network unit for no less than 6 billion baht, far above the 1.2 billion it paid in 2021. A deal would bring in cash to fix its liquidity after the default, though talks are early and may fall through.
A potential multi-billion-baht divestiture is the biggest company-specific value driver for JTS.
Fresh 635 million baht bond default and JAS rescue plan Three JTS bond series defaulted on payments totalling 635 million baht, and major shareholder JAS Asset outlined a plan to raise money to repay them. This shows the cash strain is not fully over and keeps risk alive for JTS shares.
The new default and shareholder bailout plan are the main counterweight to the positive debt-resolution news.

August 202621 Jul – 5 Oct 2026

▲2▼2

JTS: debt default fixed, MSCI exit, and a 6bn baht asset sale in play

Debt default resolved, CB caution sign lifted JTS settled the default on its debentures and the Stock Exchange removed the CB (caution) sign from its shares on 22 July. That clears the biggest worry hanging over the stock and restores some investor confidence, which supports the price.
Removing the default warning is the key event that repaired JTS's financial standing and confidence.
Dropped from MSCI small-cap index, forcing fund outflows MSCI removed JTS from its Global Small Cap index from 31 August, so index-tracking funds had to sell the shares. Krungsri estimated this pulls money out of JTS, a mechanical downward push on the price that has nothing to do with the company's business.
Index removal is a concrete, forced-selling event that pressures JTS's price.
Talks to sell JASTEL for at least 6 billion baht JTS is negotiating to sell its Justel/JASTEL network unit for no less than 6 billion baht, far above the 1.2 billion it paid in 2021. A deal would bring in cash to fix its liquidity after the default, though talks are early and may fall through.
A potential multi-billion-baht divestiture is the biggest company-specific value driver for JTS.
Fresh 635 million baht bond default and JAS rescue plan Three JTS bond series defaulted on payments totalling 635 million baht, and major shareholder JAS Asset outlined a plan to raise money to repay them. This shows the cash strain is not fully over and keeps risk alive for JTS shares.
The new default and shareholder bailout plan are the main counterweight to the positive debt-resolution news.

Latest21 Jul – 5 Oct 2026

▲2▼2

JTS: debt default fixed, MSCI exit, and a 6bn baht asset sale in play

Debt default resolved, CB caution sign lifted JTS settled the default on its debentures and the Stock Exchange removed the CB (caution) sign from its shares on 22 July. That clears the biggest worry hanging over the stock and restores some investor confidence, which supports the price.
Removing the default warning is the key event that repaired JTS's financial standing and confidence.
Dropped from MSCI small-cap index, forcing fund outflows MSCI removed JTS from its Global Small Cap index from 31 August, so index-tracking funds had to sell the shares. Krungsri estimated this pulls money out of JTS, a mechanical downward push on the price that has nothing to do with the company's business.
Index removal is a concrete, forced-selling event that pressures JTS's price.
Talks to sell JASTEL for at least 6 billion baht JTS is negotiating to sell its Justel/JASTEL network unit for no less than 6 billion baht, far above the 1.2 billion it paid in 2021. A deal would bring in cash to fix its liquidity after the default, though talks are early and may fall through.
A potential multi-billion-baht divestiture is the biggest company-specific value driver for JTS.
Fresh 635 million baht bond default and JAS rescue plan Three JTS bond series defaulted on payments totalling 635 million baht, and major shareholder JAS Asset outlined a plan to raise money to repay them. This shows the cash strain is not fully over and keeps risk alive for JTS shares.
The new default and shareholder bailout plan are the main counterweight to the positive debt-resolution news.