FORTH profit surges on EMS recovery and smart-grid demand
Q2 profit jumps 92%, dividend paid FORTH's second-quarter 2026 net profit rose 92% to 234 million baht, helped by a 51% jump in electronics (EMS) revenue, and the board paid an interim dividend of 0.15 baht per share. Stronger earnings and cash returned to shareholders support the share price.
This is the core new earnings event that re-rates the stock.
Big order backlog points to future revenue Yuanta keeps a buy rating and 21.30 baht target, noting the systems-integration backlog hit 5.2 billion baht, well above the normal 2-3 billion. A large backlog means work already signed will turn into revenue later, supporting profit growth.
Backlog and broker target explain the forward earnings case behind the price.
Smart-grid budget names FORTH as winner The government plans a 10-20 billion baht first-phase smart-grid investment, and analysts name FORTH among beneficiaries in demand response and EV integration. New public spending on power networks could bring FORTH fresh project orders, lifting future revenue.
New government spending is a fresh demand driver for FORTH's businesses.
Some segments still weak, revenue delayed Enterprise Solution revenue fell 14% and Smart Service 5%, and some new project revenue recognition was delayed, making Q2 profit 21% below Yuanta's estimate. EMS margin also slipped. So the strong headline growth hides uneven segment performance.
It is the real counterweight: not all businesses are growing as fast as the headline.