Beryl 8 Plus Public Company Limited

Beryl 8 Plus Public Company Limited, or BE8, reported second-quarter 2026 revenue of 580 million baht, up 2 percent from the same period last year. Around 70 percent, or about 400 million baht, came from technology services, which are recurring revenue. Gross profit was 82.2 million baht, up 15 percent from the previous quarter, and gross margin was 14.53 percent, up 2.69 points from the previous quarter, because there was no allowance for onerous contracts, a one-time item recorded in the first quarter of 2026. Net loss was 28.2 million baht, down 59 percent from the previous quarter. Excluding one-time items, net loss improved 25 percent. Current backlog stood at 1,882 million baht, the highest level in six quarters, with about 60 percent, or roughly 1,100 million baht, expected to be recognized as revenue in the second half of 2026. Projects under bidding totaled about 3,992 million baht. Under the Jump+ project, the company targets revenue of 3,200 million baht by 2028, driven by three main strategies: expanding AI Transformation business, penetrating the government sector, and forming strategic partnerships or joint ventures. In AI Transformation, the company has partnered with an overseas AI platform provider and secured exclusive distribution rights in Thailand for three years, with automatic renewal. It has already started its first project for a customer, worth about 10 million baht. Meanwhile, the company is developing the Postman Cloud project with Thailand Post to build a platform connecting logistics services, survey work, express delivery, and business matching, using a nationwide network of about 25,000 postal workers as a key strength. The platform can support various services such as asset surveys for asset management companies, vehicle condition inspections for insurance companies, and product sampling and order taking for consumer goods operators. The company expects to begin recognizing some revenue from September 2026, before completing the platform in November, and then gradually generate revenue from sales and services. As for gross margin, which was 14.53 percent in the second quarter of 2026 and still below the normal level of more than 25 percent, the company expects a gradual recovery from AI Transformation work, strategic joint venture projects, Postman Cloud, and new platforms. Revenue from government expansion is expected to become more visible in 2027. Government work currently accounts for about 30 percent of the total portfolio, partially offsetting the slowdown in the private sector. However, more cautious private-sector IT investment has reduced the number of projects in the market and intensified price competition. BE8 will continue to control costs and expenses while using AI to improve efficiency, supporting the period of gradual revenue recovery and pushing margins back to normal levels going forward.

Beryl 8 Plus Public Company Limited, or BE8, has announced a partnership with Lyzr, developer of the Lyzr AI platform for building, developing, and managing enterprise-grade AI agents, to support Thai organizations in moving from AI adoption to deploying AI agents in real business workflows efficiently, securely, and with tangible business results. Mr. Apisek Tewinpunt, Director and Chief Executive Officer of BE8, said the platform is designed for enterprise use, connecting with enterprise workflows while prioritizing security, AI governance, defining controls for AI agent operations, monitoring and auditing, and managing AI usage costs to support long-term scaling. Under this partnership, Lyzr will bring its platform technology for developing and managing AI agents together with BE8's expertise in digital transformation, system architecture design, and enterprise technology strategy, helping organizations develop and deploy AI agents quickly, efficiently, and in line with business goals. Mr. Siddharth Asokan, Chief Business Officer of Lyzr Inc., said BE8 is a partner whose expertise strengthens Lyzr's capabilities. Lyzr has strength in agentic AI platforms, while BE8 brings deep understanding of the domestic market, business networks, and experience in deploying technology in real enterprise environments. This partnership will bring world-class AI technology to meet the needs of Thai and regional organizations, so that the benefits of agentic automation are not limited to large enterprises but can reach more of the businesses that are key drivers of Southeast Asia's growth.

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.

Digital transformation stocks rose sharply, with BE8 closing at 6.70 baht, up 5.51%, and BBIK closing at 23.10 baht, up 5.00%, driven by a positive outlook on earnings and AI adoption. Krungsri Securities noted that most digital tech consulting stocks are still trading more than one standard deviation below their long-term averages, making them attractive on valuation. The firm recommends buying BBIK with a target price of 24.30 baht, citing stable profit trends and strong AI adaptation. For BE8, it recommends speculative trading, as the recovery is expected to be gradual.