Samart Corporation Public Company Limited

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.

Samart Corporation Public Company Limited, or SAMART, disclosed that TEDA Company Limited, an indirect subsidiary held 94.35% through Samart U-Trans Company Limited, has signed a joint venture agreement with Sinohydro Thailand Company Limited under the name The Consortium of TEDA and STC, with a 52.94% to 47.06% split. The consortium received a letter of acceptance from EGAT on 10 August 2026 for construction of the 500kV Den Chai high-voltage substation, and procurement and construction for upgrading the 500kV Mae Moh 3 high-voltage substation and the 500kV Tha Tako high-voltage substation, under the transmission system development project in Nan, Phrae and Uttaradit provinces to purchase electricity from projects in the Lao People's Democratic Republic. The total construction contract value is 2,080,714,368.75 baht, of which TEDA's portion is 1,101,537,663.00 baht and Sinohydro Thailand's portion is 979,176,705.75 baht. Construction is scheduled for completion within 24 months after submission of the letter of acceptance. TEDA is currently preparing documents for contract execution and signing.

The Office of the National Economic and Social Development Council reported that gross domestic product in the second quarter of 2026 expanded 1.9% from a year earlier, slowing from 2.8% in the first quarter but above the market forecast of 1.7%. The main support came from private investment, which grew strongly in line with investment promotion applications, while private consumption slowed to 1.9% from 3.3% in the previous quarter amid higher domestic energy prices, and government spending was weak because disbursement had already been accelerated earlier. Yuanta Securities expects consumption to recover clearly in the third quarter from the full-quarter impact of the Thai Chuay Thai Plus measures, and government spending to accelerate toward the end of the fiscal year. It maintains a positive view on construction contractors, power plants, industrial estates, retail, and food and beverage, citing stocks CK, STECON, GUNKUL, GULF, FORTH, SAMART, EPG, BJC, CPALL and CBG. The planning agency also raised its GDP forecast for this year to 2.0 to 2.5% from 1.5 to 2.5%, and lowered its inflation forecast to 1.5 to 2.0% from 2.0 to 3.0%, which helps ease pressure on monetary policy tightening.

Samart Corporation Public Company Limited, or SAMART, has set a 2026 profit target of about 700 million baht, up from 480 million baht achieved in 2025. In the first half of this year, the company already posted a profit of about 280 million baht and expects full-year revenue of about 13 billion baht. Mr. Wattachai Wilailak, Executive Vice President for Corporate Strategy, said the company is studying expansion into EV-related businesses to increase recurring revenue from the current average of about 6 billion baht per year, with clarity expected by September 2026. The group currently has a total backlog of 14.889 billion baht, comprising about 7.997 billion baht in the Digital ICT Solutions business under Samart Telcoms Public Company Limited, or SAMTEL, about 6.738 billion baht in the Utilities and Transportation group, and the remainder in other areas. It expects to recognize about 3 billion baht of revenue this year and to continue recognizing revenue over at least the next three years. The company plans to bid for new communications and power system projects worth more than 10 billion baht in total and aims to increase its backlog to about 20 billion baht by the end of this year. It is also moving forward with new growth engines in AI Government, Green Energy, Enterprise Business, and Future Technology such as humanoid robotics and automation, as well as the SAMART NEW GEN approach to develop new-generation leaders to support long-term business expansion.

SAMART expects the second half of 2026 to accelerate with the gradual signing of large-scale projects, especially from August to November. Key projects awaiting results include an AOT project through SAV worth 1.3 billion baht, a power transmission system for a data center worth 1.1 billion baht, an Interior Ministry project worth 1 billion baht, and other government projects worth 2 to 3 billion baht. The total value of projects awaiting bidding results exceeds 10 billion baht. If secured as targeted, this will push the backlog from 14 billion baht at the end of the first quarter of 2026 to the target of 20 billion baht by year-end. The company is also advancing its cyber security business through a SOC center in partnership with IBM, responding to surging demand after cyber attacks on major organizations. Currently, 65 to 70 percent of revenue comes from recurring income, and SAV is supported by Vietnamese tourism and Cambodia's visa-free policy.

Analysts at Yuanta Securities Thailand, or YUANTA, say the formation of five working groups under the Joint Public-Private Sector Consultative Committee, or Krung-Or, will boost money circulating in the economy by as much as 600 billion to 800 billion baht per year if the country's investment ratio can be lifted from the current 22 to 23 percent to 30 percent of gross domestic product as targeted. The plan is divided into three phases: a short-term phase of six months, a medium-term phase of two years, and a long-term phase of four years, covering strategies in investment, artificial intelligence and digital technology, the green economy, finance, and healthcare. Stocks expected to benefit directly include GULF, GUNKUL, KTB, STECON, CK, FORTH, SKY, PIS, DITTO, SAMART, and TASCO, especially power-plant operators and companies likely to win project work from the public sector. Analysts recommend closely monitoring progress in the first six months, because if the plan is executed as scheduled it will help restore confidence and support long-term earnings growth.