Tirathai Public Company Limited

Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities, said global AI investment is moving beyond chips to the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. As power per rack in data centres rises from several tens of kilowatts to roughly 600kW and could reach 1MW in the future, the key constraints are shifting to power delivery systems, cooling systems and data transmission. KKP sees two major technology shifts: 800VDC technology and the move to optical connectivity. KKP expects a new wave of FDI into Thailand in semiconductors, printed circuit boards, or PCBs, and advanced electronics, and estimates that major Thai industrial estate developers WHA and AMATA will see land sales rise by about 2,500 rai per year and 2,000 rai per year respectively. Several Thai listed companies are ready to meet this demand, including DELTA, which holds more than 50% of the overall market, as well as HANA, KCE, SMT, CCET, TRT, PSP and MGC.

The Thai stock market remains volatile, but several stocks on the mai market have seen net profit surge due to fundamentals and business trends. PSGC is expanding its coal energy business, recognizing revenue from long-term G2G contracts between Laos and Vietnam. UKEM benefits from chemical inventory management and expansion of its bio line. TRT gains from government and private project deliveries, as well as the growth of data centers. NDR posted profits of 8 million baht in 2024, 21 million baht in 2025, and 34 million baht in the first half of 2026, driven by premium products and recovering export markets. TRV has good cost management, higher margins, and is expanding into the medical industry. SICT, the developer of the SIC brand microchips, posted a first-half profit of 62 million baht and a full-year 2025 profit of 80 million baht. However, investors should be cautious about liquidity and short-term price fluctuations.

TRT has announced its move towards becoming a Global Energy Infrastructure Player, targeting 2026 revenue of 3.3 billion baht. The company is accelerating the delivery of transformer orders from Europe, Mexico, and the United States in the second half of the year, while partnering with key ally Siemens Energy to expand its export market. This is expected to increase the share of international revenue to 50%, up from the current 33%. Meanwhile, the domestic market accounts for 23% and the government sector 4.7%. The company is preparing to bid for new projects worth over 18 billion baht, comprising 3.652 billion baht in export work, 7.4 billion baht for MEA, 2.55 billion baht for domestic projects, 3.55 billion baht for PEA, and 750 million baht for EGAT. Currently, the backlog stands at approximately 3.433 billion baht. For the first half of the year, the company reported a net profit of 290.19 million baht, an increase of 259% from the same period last year, which saw a profit of 80.86 million baht.

Thira Thai Public Company Limited, or TRT, reported a first-half 2026 net profit of 290.19 million baht, up 259% from the same period last year. Sales revenue came in at 1.345 billion baht, an increase of 19.40%, and service revenue was 84.05 million baht, up 12.49%. Gross profit margin from sales rose to 40.01% from 23.54%, while gross profit margin from services increased to 48.01% from 36.07%. Backlog at the end of the second quarter stood at 3.066 billion baht, and the company is confident that full-year revenue will reach the target of 3 billion baht. The board approved an interim dividend of 0.17 baht per share, with the ex-dividend date set for 14 August 2026 and payment on 2 September 2026.