Forth Corporation Public Company Limited

Name

Forth Corporation Public Company Limited

Legal name

บริษัท ฟอร์ท คอร์ปอเรชั่น จำกัด (มหาชน) (Forth Corporation Public Company Limited)

Website

https://forth.co.th

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Electronics Manufacturing & Smart Vending Solutions

NAICS

Computer and Peripheral Equipment Manufacturing (33411), Telephone Apparatus Manufacturing (33421), Commercial and Service Industry Machinery Manufacturing (333310), Other Communications Equipment Manufacturing (33429)

SIC

Computer Communications Equipment (3576), Telephone & Telegraph Apparatus (3661), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Industrial IoT/Edge Electronics Manufacturing (Gateways, Edge Controllers) (IMAGAGAC)

Keywords

• Electronics manufacturing services
• Robotic vending machines
• Smart payment kiosks
• Telecom network equipment
• EV charging stations

Headquarters

HQ city

Phaya Thai

HQ country

Thailand

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. EMS (Electronics Manufacturing Services): Design, development, and manufacturing of electronic components and assemblies (PCBs, power boards, telecom equipment) for third-party customers. FORTH EMS operates two factories in Nakhon Pathom with international quality certifications. Revenue from a major customer for power board production with a 2 billion THB order book (as of 2022).
2. Enterprise Solutions / System Integration (SI): Provision of integrated technology systems to government and corporate clients, including electronic monitoring, traffic systems, GPS tracking, smart grid, telecom infrastructure, and aviation systems. Backlog of approximately 900 million THB as of early 2022, with government project pipeline of ~9.7 billion THB.
3. Boonterm Top-up & Payment Kiosk Network: Operation of Thailand's largest kiosk network (129,000+ Boonterm machines) providing mobile top-up, e-wallet services, bill payment, and banking agent services. Revenue from transaction fees and service commissions.
4. Tao Bin Robotic Café (FORTH Vending): Automated 24/7 beverage vending network with 8,000+ Tao Bin machines nationwide and 5+ international markets. Revenue from beverage sales with gross margins of ~65%. Achieved 100 million THB monthly sales (May 2022). Average selling price 33 THB per cup; daily revenue 1.5–1.6 million THB. Tao Bin business preparing for IPO.
5. Financial Services / Credit Business: Credit and micro-lending services extended from the Boonterm financial platform and Banking Agent network, targeting community-based customers. Launched 2023; cumulative disbursement exceeded 1,000 million THB as of October 2025. Partnership with village health volunteers (อสม.) for distribution.
6. EV Charging (GINKA) and Smart Energy: Sale and deployment of GINKA EV charging stations and smart energy management products including digital meters and smart grid solutions. Positioned alongside EV market growth in Thailand.
7. Aviation Business: Sale and maintenance of Kodiak aircraft and related aviation services. Delivery of aircraft to the Department of Royal Rainmaking and Agricultural Aviation as a key government contract. Investment of 500 million THB planned for an aircraft maintenance center at Don Mueang Airport Terminal 3.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

Forth Corporation designs, manufactures, and deploys electronics, telecommunications, and smart-retail solutions across three segments: (1) Electronics Manufacturing Services (EMS) for third-party PCBs, power boards, and telecom assemblies via two certified factories in Nakhon Pathom; (2) Smart Services, including the 129,000+ Boonterm payment/top-up kiosk network, the 8,000+ Tao Bin robotic café machines, GINKA EV chargers, and community micro-lending; and (3) Enterprise Solutions covering electronic monitoring ankle bracelets, traffic signal systems, GPS tracking, smart grid/MSAN, digital meters, Kodiak aircraft sales and maintenance, and aviation services for Thai government clients.

Product overview

Forth Corporation operates as a diversified technology conglomerate offering integrated hardware and software solutions across three main business groups: Enterprise Solutions (including Electronic Monitoring, GPS tracking, traffic systems, and smart grid), Smart Services (comprising Tao-Bin robotic café, Boonterm payment kiosks, EV charging, and vending machines), and EMS (Electronic Manufacturing Services for assembly and production). The company functions as both a product manufacturer and system integrator, providing design, development, and manufacturing services for complex electronic products.

Differentiator

Problem solved

Functional benefit

Brands

• Tao Bin (เต่าบิน): Robotic barista automated cafe offering 170+ beverage options 24/7
• Boonterm (บุญเติม)
• GINKA
• Taglock EM

Quantifiable outcome

• Revenue: 8,813 million THB (2021), 7,082 million THB (2020), 6,803 million THB (2019)
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Department of Internal Trade, Ministry of CommercecoreStrategic or Co-development Partner · 16 May 2025MOU between the Department of Internal Trade (Ministry of Commerce) and FORTH Vending for the 'Tao Pun' initiative. FORTH will purchase 1,000 tons of Thai fruits (mango, longan, pineapple, lychee, longkong, banana, guava) from local farmers to create smoothie and fresh fruit juice menu items sold through Tao Bin and Tao Pun vending machines. Government supports with management cost subsidies. Products sold at 25 Tao Pun locations in Bangkok malls (June 2025) expanding to 7,500 Tao Bin locations nationwide (July 2025).
• Central Group, Big C, Lotus (Retail Mall Partners)coreChannel Partner/ Reseller/ Distributor · 16 May 2025Major retail mall operators providing physical space for Tao Pun smoothie vending and Tao Bin automated café machines. 25 Tao Pun locations in Central, Big C, and Lotus stores in Bangkok (June 2025). Expansion to 7,500 Tao Bin locations nationwide through these partners.
• Jemila (เจมิล่า) / CollagelminorGTM or Marketing Partner · 8 October 2024Tao Bin x Jemila co-branded campaign featuring 10 collagen-infused beverage menu items. Customers who try 7 different Jemila menu items are eligible for a lottery for 1,000 boxes of Jemila collagen and 2,000 pH-sensitive lip blush products. Promotional period October 2024.
• JFIN CoinminorGTM or Marketing Partner · 13 April 2022JFIN Coin integration allowing users to exchange 1 JFIN token for 1 Tao Bin beverage (excluding toppings). Promoted via JFIN's J.ID app and wallet. Limited-time offer through December 2025. Positions Tao Bin in the cryptocurrency ecosystem.
• ShopeePaycoreGTM or Marketing Partner · 23 March 2022ShopeePay digital payment integration at all Tao Bin vending machines nationwide, enabling contactless QR code payment. Promotional vouchers offered (1 satang to get up to 25 THB discount on minimum 40 THB purchase) during promotional period. Strategic for digital lifestyle adoption and customer convenience.
• Honda Aircraft CompanycoreChannel Partner/ Reseller/ DistributorHonda Aircraft Company appointed FORTH as its Southeast Asia sales representative, expanding Honda Aircraft's footprint in the region. FORTH sells and supports Honda's Kodiak aircraft, an 8-seat, single-engine, turboprop aircraft, as a key component of its aviation business unit.
• ชุมชนอาสาสมัครสาธารณสุขประจำหมู่บ้าน (อสม.)coreChannel Partner/ Reseller/ DistributorPartnership with village health volunteer network (อสม.) to distribute credit/financial services products to community members. Collaboration launched with the credit business launched in 2023, helping promote financial inclusion in rural areas. Cumulative disbursement exceeded 1,000 million THB.
• ดร.ประสิทธิ์ กลิ่มจำปาminorOthersCSR partnership: recipient of donated electronic components from FORTH for a community vocational skills development program supporting persons with disabilities and general public.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• ZTE Corporation: Global telecommunications equipment manufacturer producing MSAN, switching, and network access equipment. Comparable to Forth's telecom equipment/MSAN business line, though at vastly greater scale and global footprint.
• Hon Hai Precision (Foxconn): World's largest EMS provider with massive scale in electronics contract manufacturing. Relevant as the structural ceiling/baseline competitor in the EMS category Forth competes within.
• Delta Electronics (Thailand): Subsidiary of Taiwan-based Delta Electronics, operating large-scale power electronics and EV charger manufacturing in Thailand. Comparable to Forth's GINKA EV charger and smart meter portfolio at much larger scale.

Direct peers

• Cal-Comp Electronics (Thailand): One of the largest EMS players in Thailand and the broader ASEAN region, with manufacturing scale that exceeds Forth EMS. Comparable on contract electronics manufacturing, OEM/ODM services, and consumer electronics assembly.
• SVI Public Company: Thai-listed EMS company providing integrated electronics manufacturing services for industrial, automotive, and telecommunications customers. Closely comparable to Forth EMS on customer profile and manufacturing scope.
• Hana Microelectronics: Thai-listed EMS provider serving global customers with PCB assembly and semiconductor packaging. Directly comparable to Forth EMS on electronics manufacturing services, third-party contract manufacturing, and exposure to Thai operating environment.
• KCE Electronics: Thai-listed electronics manufacturer specializing in printed circuit boards. Comparable as a domestic electronics manufacturing peer serving automotive, telecom, and industrial customers across Southeast Asia.

Regional players

• Rakuten Vending / Acure Vending: Japan-based automated vending and unattended retail operator with growing Asia footprint. Comparable to Tao Bin's expansion playbook for unattended beverage retail in Asian markets outside Thailand.

Emerging players

• True Money / Ascend Money: Major Thai e-wallet and payment service operating alongside Boonterm kiosks in the same consumer payments category. Comparable in mobile top-up, bill payment, and Banking Agent services within Thailand.
• Crown Coffee (Café X successor): Automated robotic coffee bar company with deployments in airports and commercial venues. Comparable to Tao Bin as a robotic barista concept; smaller scale but overlapping product category in automated beverage vending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCbcGl8A1QmfZ9B1HCIUDlLg
• Facebookth-th.facebook.com/Forth.Corporation.Public.Company.Limited
• LinkedInlinkedin.com/company/forth-corporation-public-company-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forth Corporation Public Company Limited