SET-listed digital solutions provider Turnkey Communication Services (TKC) has set a target of 15% annual revenue growth over the next five years, driven by an increase in digital adoption by enterprises in order to survive amid the economic slowdown.
The company expanded its core businesses last year from four to six pillars by adding EduTech and green solutions to capture business opportunities in the smart solution sphere, said Sayam Tiewtranon, chief executive and managing director of TKC.
These two new businesses have huge growth potential, he said.
The other four key businesses are telecoms, data communication, public safety and digital services.
Mr Sayam said EduTech includes learning platforms and e-sports, while green solutions involve solar business and electric vehicle (EV) chargers.
In 2023, a combined operation of telecoms, data communications, public safety and digital services is expected to generate 65% of the firm's total revenue, while EduTech and green solutions business are predicted to share the rest.
"Despite the economic slowdown, large corporations still continue to invest in digital transformation while medium-sized businesses need to count on the digital sphere to survive," said Mr Sayam.
He said Thailand's infrastructure investment is small when compared to neighbouring countries such as Singapore.
Thailand is still in the process of investing in infrastructure and digital platforms to move into the digital era.
According to Mr Sayam, state projects contribute 70% of TKC's total revenue, while the remainder is from the private sector; this proportion is forecast to be equal in two years.
TKC received more than 1.4 billion baht from its initial public offering last year, giving it a chance to secure bigger projects of up to 2 billion baht in value, from 500 million baht, he said.
The company has engaged in eight smart solution segments, comprising smart hospitals, smart building, smart farming, smart logistics, autonomous solutions, cybersecurity, smart learning and smart platforms.
Referring to the core business of EduTech, Mr Sayam said TKC had started providing training courses for cybersecurity and plans to offer training sessions for e-sports and coding, supported by its subsidiaries such as Exdream and Eastgate Tech.
TKC holds a 99% stake in Paradigm Technology Service, which owns 51% of Exdream and 48% of Eastgate Tech.
The green solutions will be provided by IBS Corporation, 99% owned by TKC, which will engage in the study and provide services in connection with clean energy and the EV business.
These two core segments will see revenue recognition this year, he noted.
According to Mr Sayam, TKC has partnered with King Mongkut's University of Technology Thonburi to develop a prototype for an electric unmanned bus that will be used to cater for travellers in Ayutthaya. This project, plus EV charging points, is expected to be completed next year.
The firm has a project backlog worth 5 billion baht in total, and the revenue recognition from these projects starts in the current quarter.