Infraset Public Company Limited

Infraset Public Company Limited, or INSET, reported second-quarter net profit for 2026 of 63.66 million baht, up 652.33% from the same period last year. This lifted first-half net profit to 105.22 million baht, an increase of 456.04% from a year earlier, driven by its data center and cloud business. The board approved an interim dividend of 0.05 baht per share, with the stock trading ex-dividend on 25 August 2026 and payment on 9 September 2026. The company is currently bidding for and awaiting results on new projects in data centers, telecommunications, and maintenance work worth more than 5 billion baht in total. It currently has a backlog of 5.8 billion baht, which will be recognised over the next one to two years.

Several mid- and small-cap stocks reported standout profit growth for the second quarter of 2026. TITLE posted a profit of 251 million baht, up 32-fold, driven by the transfer of three major Phuket condominium projects, bringing first-half profit to nearly 293 million baht. CNT reported a profit of 159 million baht, up more than 1,900 percent, thanks to large construction projects and data center work. TKS posted a profit of 168 million baht, up 1,311 percent, boosted by share of profit from associates and its IT ecosystem portfolio. STGT reported first-half profit of 950 million baht, supported by a recovery in rubber gloves and higher margins. PAP posted first-half profit of 425 million baht and will pay a dividend of 9 satang per share. INSET has a backlog of more than 5.8 billion baht and is bidding for nine new projects worth over 5 billion baht. BKGI expects 2026 growth of up to 30 percent, driven by its cancer diagnostics business and government policies supporting genomic medicine.

Infraset Public Company Limited, or INSET, reported second quarter 2026 net profit of 63.66 million baht, up 652.33 percent from the same period last year, with total revenue of 722.52 million baht, an increase of 217.58 percent from 227.51 million baht a year earlier. First half profit was 105.22 million baht, up 456.04 percent from 18.92 million baht, while total revenue reached 1.376 billion baht, up 162.16 percent from 525.20 million baht. The board approved an interim cash dividend of 0.05 baht per share, totaling 40.12 million baht, with the record date for shareholders entitled to the dividend set for 26 August 2026 and payment on 9 September 2026. The company is currently bidding for nine new projects worth more than 5 billion baht in total, comprising six data center projects, one telecom project, and one merger and acquisition project. Its current backlog stands at 5.8 billion baht, which will be recognized as revenue over the next one to two years, and the company expects 2026 performance to set a new record high.

Infraset Public Company Limited, or INSET, has announced an interim cash dividend of 0.05 baht per share from its operating results for the period from January 1, 2026 to June 30, 2026. The board of directors passed a resolution on August 11, 2026, setting the record date for shareholders entitled to receive the dividend on August 26, 2026, with the XD date on August 25, 2026. The dividend will be paid on September 9, 2026.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Analysts expect that the clarity of the new Data Center business regulations, which the government is preparing to approve, will help attract investment and benefit stocks in technology infrastructure, power, construction contracting, telecommunications, and industrial estates. The Board of Investment has already approved Data Center and Cloud Service projects worth over 958 billion baht. Power plant and utility groups such as WHAUP are expected to benefit from sales of industrial water and electrical systems, while GUNKUL, GULF, BGRIM, and STECON will gain from engineering systems, clean energy, and Data Center building construction. In the electronics sector, DELTA is highlighted as a standout stock due to demand for power supply systems and cooling technology for AI servers. HANA and KCE are supported by orders for high-end printed circuit boards, and WHA benefits from selling land in industrial estates to foreign investors. Additionally, BCPG is gaining from natural gas power plants in the United States that are seeing electricity demand from Data Centers, while INSET, ITEL, and SYMC have opportunities to undertake Data Center system installation, co-location services, and fiber optic network projects.

INSET is preparing to bid for a data center project worth approximately 70 billion baht from True IDC, an existing client, and is confident of a high chance of winning due to familiarity and past experience. The company currently has a backlog of about 6.4 billion baht and is awaiting results for another 4 to 5 new projects worth a combined 5 billion baht, with outcomes expected in the third and fourth quarters of 2026. Meanwhile, Krungsri Securities has raised its 2026 profit forecast for INSET by 10.6 percent, projecting a 477 percent surge in earnings, and set a new target price of 6.15 baht.

Krungsri Securities says True IDC is in talks to borrow around two billion US dollars, or about 67 billion baht, to invest in a new data centre on the outskirts of Bangkok, according to a Bloomberg report. The research team estimates the sum represents 0.35 percent of GDP and will be positive for the Thai stock market, as well as stocks in related investment themes. Among the groups expected to benefit first are banks KBANK and KTB, contractors STECON, PYLON, and INSET, along with TRUE as a company within the same group.

Infraset Public Company Limited, or INSET, has received the Key Project Breakthrough Award at the Huawei Thailand Supplier Convention 2026. This award reflects INSET's capabilities in mechanical, electrical, and plumbing engineering, or MEP, which is a critical component in the construction and expansion of artificial intelligence infrastructure and national data centers. INSET is participating in the Thailand AI Ecosystem Initiative to elevate Thailand into an AI hub for ASEAN. The event was held at the Queen Sirikit National Convention Center, bringing together partners and leaders in the technology industry to update on Industrial AI trends and exchange business strategies.

Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said infrastructure, energy, and digital services stocks are likely to benefit significantly from the expansion of the data center business. GULF is the top large power plant stock to watch, given its capacity to meet rising electricity demand from data center investments, while GPSC and BGRIM are also interesting power plant plays. In digital services and cybersecurity, stocks to watch include BBIK, BE8, and SECURE. INSET is a key player in system integration and infrastructure construction for data centers. The cabinet has approved Thailand's first Big Data strategic plan, covering 2025 to 2027, aiming to develop the country's data infrastructure, promote AI adoption, and train at least 160,000 personnel by 2027, while targeting economic value from Big Data to grow by no less than 35 percent by 2027.

Krungsri Securities, or KSS, assesses that the Thai stock market is in a consolidation phase, with resistance framed at 1,650 and 1,665 points and support at 1,630 and 1,626 points. This comes amid pressure from Brent crude oil prices surging past $100 per barrel, the US 10-year Treasury yield climbing to test 4.7%, its highest in 1 year and 7 months, and the baht weakening to a 15-month low of 33.82 per dollar. Also weighing are US import tariff measures under Section 301 at rates of 10 to 12.5% on 60 countries, effective from 24 July 2026, though the impact on Thailand is limited as key exports like electronic parts and semiconductors are not covered. KSS expects stocks in the energy, energy security, and commercial banking sectors to be the main pillars supporting the index. It recommends standout energy stocks including PTT, PTTEP, BCP, TOP, and SPRC. In banking, it recommends KBANK and KTB. In telecoms, it recommends ADVANC and TRUE. In construction, it recommends STECON, PYLON, and INSET. In industrial estates, it recommends AMATA and WHA.

Dao Securities assesses that the Thai stock index is likely to swing sideways in a narrow range near the short-term target of 1,630 to 1,650 points, amid global investor caution toward technology stocks and the still-sensitive war situation. The Thai market is supported by fund flows and higher crude oil prices, but caution is needed against profit-taking as it approaches resistance levels. On the domestic front, discussions between the prime minister and President Xi Jinping have led to the acceleration of the Thailand-China railway project and expanded cooperation in technology and AI, which is expected to support industrial estate and technology stocks. Meanwhile, the Ministry of Transport is pushing ahead with a common ticket policy for electric trains at 17 to 45 baht and studying congestion charges to subsidize mass transit systems. Overseas, the US stock market recovered on semiconductor stocks, but investors are still watching earnings from major technology companies. The Middle East situation remains tense even though Iran has signaled openness to diplomatic talks. The Chinese stock market rebounded after a national fund stepped in to buy and support the market, and authorities prepared to meet with financial institutions to restore confidence. The investment strategy focuses on Selective Buy, benefiting from fund flows and China-Thailand cooperation. Oil stocks such as PTTEP, TOP, and SPRC continue to benefit from US-Iran tensions, while stocks expected to gain from the World AI Conference include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. The recommended portfolio adds MTC and OR, comprising MTC, OR, WHA, GULF, TOP, HMPRO, TRUE, CRC, PTTEP, and PTT, each at a 10% weighting.

Dao Securities assesses that 10 Thai stocks will benefit from China's artificial intelligence policy, following discussions between Thailand's prime minister and President Xi Jinping, during which China expressed readiness to support Thailand as a regional hub for electric vehicle manufacturing, artificial intelligence, and data centres. The stocks expected to gain include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. Dao has added WHA, GULF, and TOP back into its recommended portfolio, amid an overall market roiled by Middle East tensions and a global sell-off in technology shares. However, energy stocks such as PTTEP and oil refineries continue to receive a boost from surging oil prices.

Dao Securities Thailand estimates the SET Index will trade in a range of 1,620 to 1,650 points this week, expecting volatility from heightened Middle East tensions after Iran's military launched attacks on US bases, pushing Brent crude oil prices above 90 US dollars per barrel for the first time since 11 June 2026. In terms of investment strategy, the firm recommends selective buying of stocks benefiting from the conflict and capital inflows. Top picks in the oil sector include PTTEP, TOP, and SPRC. Stocks expected to gain from the Thai prime minister's visit to China for discussions on AI and EV cooperation include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. Dao Securities has adjusted its recommended portfolio, bringing WHA, GULF, and TOP back into the portfolio.