Internet Thailand（INET）株式概要Internet Thailand Public Company Limitedは、その子会社とともにタイでICTインフラサービスを提供している。 詳細INET ファンダメンタル分析スノーフレーク・スコア評価5/6将来の成長3/6過去の実績2/6財務の健全性1/6配当金2/6報酬当社が推定した公正価値より76.3%で取引されている 収益は年間25.18%増加すると予測されています 同業他社や業界と比較して、良好な取引価格 リスク分析利払いは収益で十分にカバーされない 利益率(8.7%)は昨年より低い(13.9%) 意味のある時価総額がありません ( THB2B )すべてのリスクチェックを見るINET Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value฿Current Price฿3.9828.8% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture05b2016201920222025202620282031Revenue ฿5.1bEarnings ฿440.1mAdvancedSet Fair ValueView all narrativesInternet Thailand Public Company Limited 競合他社InfrasetSymbol: SET:INSETMarket cap: ฿2.6bG-AbleSymbol: SET:GABLEMarket cap: ฿2.8bMFECSymbol: SET:MFECMarket cap: ฿2.6bBluebik GroupSymbol: SET:BBIKMarket cap: ฿3.8b価格と性能株価の高値、安値、推移の概要Internet Thailand過去の株価現在の株価฿3.9852週高値฿4.3852週安値฿3.24ベータ0.121ヶ月の変化-1.00%3ヶ月変化15.03%1年変化-4.33%3年間の変化-18.44%5年間の変化1.02%IPOからの変化-6.57%最新ニュースMajor Estimate Revision • May 16Consensus EPS estimates fall by 39%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿3.34b to ฿3.26b. EPS estimate also fell from ฿1.04 per share to ฿0.63 per share. Net income forecast to grow 56% next year vs 11% growth forecast for IT industry in Thailand. Consensus price target of ฿5.48 unchanged from last update. Share price rose 4.0% to ฿4.18 over the past week.Upcoming Dividend • Apr 22Upcoming dividend of ฿0.13 per shareEligible shareholders must have bought the stock before 29 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%).New Risk • Mar 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.03b market cap, or US$62.5m).New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.5m).Reported Earnings • Mar 04Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ฿0.40 (down from ฿0.75 in FY 2024). Revenue: ฿3.14b (up 24% from FY 2024). Net income: ฿241.7m (down 37% from FY 2024). Profit margin: 7.7% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.New Risk • Mar 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.40b market cap, or US$76.4m).最新情報をもっと見るRecent updatesMajor Estimate Revision • May 16Consensus EPS estimates fall by 39%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿3.34b to ฿3.26b. EPS estimate also fell from ฿1.04 per share to ฿0.63 per share. Net income forecast to grow 56% next year vs 11% growth forecast for IT industry in Thailand. Consensus price target of ฿5.48 unchanged from last update. Share price rose 4.0% to ฿4.18 over the past week.Upcoming Dividend • Apr 22Upcoming dividend of ฿0.13 per shareEligible shareholders must have bought the stock before 29 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%).New Risk • Mar 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.03b market cap, or US$62.5m).New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.5m).Reported Earnings • Mar 04Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ฿0.40 (down from ฿0.75 in FY 2024). Revenue: ฿3.14b (up 24% from FY 2024). Net income: ฿241.7m (down 37% from FY 2024). Profit margin: 7.7% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.New Risk • Mar 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.40b market cap, or US$76.4m).Declared Dividend • Mar 01Dividend increased to ฿0.13Dividend of ฿0.13 is 5.9% higher than last year. Ex-date: 29th April 2026 Payment date: 22nd May 2026 Dividend yield will be 3.1%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Feb 28Internet Thailand Public Company Limited announces Annual dividend, payable on May 22, 2026Internet Thailand Public Company Limited announced Annual dividend of THB 0.1260 per share payable on May 22, 2026, ex-date on April 29, 2026 and record date on April 30, 2026.Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: ฿0.057 (vs ฿0.17 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.057 (down from ฿0.17 in 3Q 2024). Revenue: ฿798.3m (up 25% from 3Q 2024). Net income: ฿34.2m (down 59% from 3Q 2024). Profit margin: 4.3% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.New Risk • Oct 01New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (฿2.30b market cap, or US$71.0m).Price Target Changed • Aug 17Price target decreased by 7.2% to ฿5.48Down from ฿5.90, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ฿3.98. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ฿0.49 for next year compared to ฿0.75 last year.Reported Earnings • Aug 14Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.14 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.14 in 2Q 2024). Revenue: ฿775.7m (up 28% from 2Q 2024). Net income: ฿67.9m (down 1.2% from 2Q 2024). Profit margin: 8.8% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.Major Estimate Revision • May 24Consensus EPS estimates fall by 23%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.64 to ฿0.49. Revenue forecast unchanged from ฿2.88b at last update. Net income forecast to shrink 25% next year vs 31% growth forecast for IT industry in Thailand . Consensus price target down from ฿5.90 to ฿5.78. Share price fell 5.9% to ฿4.12 over the past week.Reported Earnings • May 16First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: EPS: ฿0.079 (down from ฿0.11 in 1Q 2024). Revenue: ฿729.2m (up 22% from 1Q 2024). Net income: ฿39.8m (down 28% from 1Q 2024). Profit margin: 5.5% (down from 9.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Price Target Changed • May 07Price target decreased by 9.9% to ฿5.90Down from ฿6.55, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.70. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of ฿0.70 for next year compared to ฿0.75 last year.お知らせ • Apr 24+ 1 more updateInternet Thailand Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 23, 2025Internet Thailand Public Company Limited at its AGM, held on April 24, 2025, approved paying the dividend from the 2024 operating profit to shareholders, shares at THB 0.119 per share, totaling 596,740,267 being up a total dividend payment of THB 71,012,091.773. The Company decided that the list of shareholders who are legible for the dividends shall be submitted by 2 May 2025, and the dividend payment shall be done on 23 May 2025.Upcoming Dividend • Apr 23Upcoming dividend of ฿0.12 per shareEligible shareholders must have bought the stock before 30 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (8.1%). Lower than average of industry peers (7.2%).Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to ฿3.84, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.48 per share.Major Estimate Revision • Mar 01Consensus EPS estimates increase by 10%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿2.69b to ฿2.88b. EPS estimate increased from ฿0.64 to ฿0.705 per share. Net income forecast to grow 7.0% next year vs 31% growth forecast for IT industry in Thailand. Consensus price target up from ฿5.75 to ฿6.55. Share price fell 11% to ฿5.05 over the past week.Declared Dividend • Mar 01Dividend increased to ฿0.12Dividend of ฿0.12 is 2.6% higher than last year. Ex-date: 30th April 2025 Payment date: 23rd May 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Feb 28+ 1 more updateInternet Thailand Public Company Limited Proposes Cash Dividend for the Year 2024, Payable on May 23, 2025Internet Thailand Public Company Limited, at the AGM to be held April 24, 2025 proposed cash dividend of THB 0.119 per share for the year 2024. Determining the date for eligible shareholders (record date) on May 2, 2025 and determining the date of dividend payment on May 23, 2025.Buy Or Sell Opportunity • Feb 07Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 6.6% to ฿5.20. The fair value is estimated to be ฿4.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years.お知らせ • Jan 31Internet Thailand Public Company Limited Announces Board AppointmentsInternet Thailand Public Company Limited informed that the Board of Directors' Meeting held on January 30, 2025 adopted a resolution to appoint Assoc. Prof. Pasu Decharin, Ph.D., an Independent Director to be a member of The Audit Committee which will be effective January 30, 2025. The audit committee is consisted of: Chairman of the audit committee Prof. Emeritus Dr.Achara Chandrachai, Member of the audit committee Ms.Narumol Wangsatorntanakun, Member of the audit committee Asst. Prof. Tippawan Pinvanichkul, Ph.D, Member of the audit committee Assoc. Prof. Pasu Decharin, Ph.D.Valuation Update With 7 Day Price Move • Jan 27Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿5.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.25 per share.Valuation Update With 7 Day Price Move • Jan 13Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿4.78, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share.Buy Or Sell Opportunity • Dec 02Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 41% to ฿6.25. The fair value is estimated to be ฿5.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years.Valuation Update With 7 Day Price Move • Nov 28Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿5.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the IT industry in Thailand. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share.New Risk • Nov 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (฿2.52b market cap, or US$71.8m).Buy Or Sell Opportunity • Nov 14Now 30% overvalued after recent price riseOver the last 90 days, the stock has risen 51% to ฿6.50. The fair value is estimated to be ฿4.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 7.3% in a year. Earnings are forecast to decline by 11% in the next year.Reported Earnings • Aug 15Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: EPS: ฿0.14 (up from ฿0.089 in 2Q 2023). Revenue: ฿603.4m (up 19% from 2Q 2023). Net income: ฿68.7m (up 54% from 2Q 2023). Profit margin: 11% (up from 8.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 71%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.06 in 1Q 2023)First quarter 2024 results: EPS: ฿0.11 (up from ฿0.06 in 1Q 2023). Revenue: ฿600.4m (up 22% from 1Q 2023). Net income: ฿55.2m (up 83% from 1Q 2023). Profit margin: 9.2% (up from 6.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.お知らせ • Apr 26+ 1 more updateInternet Thailand Public Company Limited Announces Board ChangesAccording to the 2024 Annual General Meeting of Shareholders of Internet Thailand Public Company Limited held on April 25, 2024, the Meeting approved the appointment of Mr. Aekkachai Kongkerd as a director, effective from April 25, 2024 to fill the vacancy after the resignation of Mr. Thinnakorn Nathonglie.お知らせ • Mar 02Internet Thailand Public Company Limited Proposes Dividend Payment for 2023, Payable on May 23, 2024Internet Thailand Public Company Limited 2024 Annual General Meeting of Shareholders be held on 25 April 2024 proposed Paying the dividend from the 2023 operating profit to shareholders, shares at THB 0.116 per share, totaling 500,967,207 being up a total dividend payment of THB 53,054,411.11. Determining the date for eligible shareholders (record date) on May 7, 2024 and determining the date of dividend payment on May 23, 2024.Declared Dividend • Mar 01Dividend of ฿0.12 announcedShareholders will receive a dividend of ฿0.12. Ex-date: 3rd May 2024 Payment date: 23rd May 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.4% over the next year, which should provide support to the dividend and adequate earnings cover.お知らせ • Feb 29Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: INET Hall Meeting Room, IT Floor, Thai Summit Tower, No. 168 New Petchaburi Road, Bangkapi Sub-district, Huai Khwang District, Bangkok Metropolis Thailand Agenda: To certify the minutes of the Extraordinary General Meeting of Shareholders No. 2/2023 held on July 2 , 2023; to acknowledge the Board of Director's Report regarding to the Company's Operating Results for the year 2023; to consider and approve the Financial Statements and Auditor's Report for the year ended December 31, 2023, audited by the Certified Public Accountant; to consider and approve the allocation of Net Profit to be a reserve fund and 2023 dividend payment; and to discuss other matters.Major Estimate Revision • Feb 06Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.32 to ฿0.39. Revenue forecast unchanged at ฿2.08b. Net income forecast to shrink 13% next year vs 24% growth forecast for IT industry in Thailand . Consensus price target up from ฿4.30 to ฿4.76. Share price was steady at ฿4.78 over the past week.New Risk • Nov 15New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 24% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.05b market cap, or US$57.9m).Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.084 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.084 in 3Q 2022). Revenue: ฿522.5m (up 1.1% from 3Q 2022). Net income: ฿58.4m (up 39% from 3Q 2022). Profit margin: 11% (up from 8.1% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 19% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.New Risk • Nov 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.99b market cap, or US$55.2m).Upcoming Dividend • Apr 25Upcoming dividend of ฿0.11 per share at 2.1% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.8%).Board Change • Nov 16High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Aug 16Second quarter 2022 earnings released: EPS: ฿0.051 (vs ฿0.021 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.051 (up from ฿0.021 in 2Q 2021). Revenue: ฿488.5m (up 24% from 2Q 2021). Net income: ฿25.7m (up 150% from 2Q 2021). Profit margin: 5.3% (up from 2.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to ฿4.96, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 55% over the past three years.Valuation Update With 7 Day Price Move • Jun 16Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to ฿5.50, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 76% over the past three years.Board Change • Jun 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • May 19First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: ฿0.051 (up from ฿0.029 in 1Q 2021). Revenue: ฿485.1m (up 18% from 1Q 2021). Net income: ฿25.5m (up 76% from 1Q 2021). Profit margin: 5.3% (up from 3.5% in 1Q 2021). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • May 02Upcoming dividend of ฿0.042 per shareEligible shareholders must have bought the stock before 09 May 2022. Payment date: 26 May 2022. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.6%).Board Change • Apr 27High number of new directorsIndependent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022.Board Change • Apr 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.Valuation Update With 7 Day Price Move • Mar 08Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿6.60, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 109% over the past three years.Reported Earnings • Feb 27Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: ฿0.33 (up from ฿0.20 in FY 2020). Revenue: ฿1.87b (up 1.7% from FY 2020). Net income: ฿162.9m (up 59% from FY 2020). Profit margin: 8.7% (up from 5.6% in FY 2020). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Jan 28Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿7.70, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 23x in the IT industry in Thailand. Total returns to shareholders of 152% over the past three years.Valuation Update With 7 Day Price Move • Jan 04Investor sentiment improved over the past weekAfter last week's 18% share price gain to ฿5.40, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 87% over the past three years.Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.10 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿531.7m (up 19% from 3Q 2020). Net income: ฿102.3m (up 97% from 3Q 2020). Profit margin: 19% (up from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.Board Change • Oct 07Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Tippawan Pinvanichkul was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.Executive Departure • Oct 06Director Natnatcha Chaiprasert has left the companyOn the 1st of October, Natnatcha Chaiprasert's tenure as Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Natnatcha's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years.Executive Departure • Oct 06Director Tanwadee Wongterarit has left the companyOn the 1st of October, Tanwadee Wongterarit's tenure as Director ended after 12.4 years in the role. We don't have any record of a personal shareholding under Tanwadee's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years.Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿4.56, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 28% over the past three years.Reported Earnings • May 16First quarter 2021 earnings released: EPS ฿0.029 (vs ฿0.021 in 1Q 2020)The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿410.6m (down 14% from 1Q 2020). Net income: ฿14.6m (up 40% from 1Q 2020). Profit margin: 3.5% (up from 2.2% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.20 (vs ฿0.34 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.83b (down 2.5% from FY 2019). Net income: ฿102.5m (down 39% from FY 2019). Profit margin: 5.6% (down from 9.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Is New 90 Day High Low • Jan 14New 90-day high: ฿4.46The company is up 21% from its price of ฿3.70 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 1.0% over the same period.Is New 90 Day High Low • Dec 30New 90-day high: ฿4.16The company is up 32% from its price of ฿3.16 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 4.0% over the same period.Valuation Update With 7 Day Price Move • Dec 28Investor sentiment improved over the past weekAfter last week's 20% share price gain to ฿4.02, the stock is trading at a trailing P/E ratio of 13.2x, up from the previous P/E ratio of 11x. This compares to an average P/E of 13x in the IT industry in Thailand. Total returns to shareholders over the past three years are 3.3%.Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.10The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿448.5m (down 6.4% from 3Q 2019). Net income: ฿51.8m (up 189% from 3Q 2019). Profit margin: 12% (up from 3.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Oct 12New 90-day high: ฿4.06The company is up 45% from its price of ฿2.80 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 11% over the same period.Valuation Update With 7 Day Price Move • Oct 12Market bids up stock over the past weekAfter last week's 26% share price gain to ฿4.06, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 13x in the IT industry in Thailand. Total return to shareholders over the past three years is a loss of 4.0%.株主還元INETTH ITTH 市場7D-3.9%3.2%-0.4%1Y-4.3%7.6%38.6%株主還元を見る業界別リターン: INET過去 1 年間で7.6 % の収益を上げたTH IT業界を下回りました。リターン対市場: INETは、過去 1 年間で38.6 % のリターンを上げたTH市場を下回りました。価格変動Is INET's price volatile compared to industry and market?INET volatilityINET Average Weekly Movement4.5%IT Industry Average Movement4.1%Market Average Movement4.4%10% most volatile stocks in TH Market10.4%10% least volatile stocks in TH Market2.2%安定した株価: INET 、 TH市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: INETの 週次ボラティリティ ( 4% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト1995n/aMorragot Kulatumyotinwww.inet.co.thインターネット・タイランド・パブリック・カンパニー・リミテッド（Internet Thailand Public Company Limited）は、子会社とともにタイでICTインフラサービスを提供している。アクセス・ビジネスとビジネス・ソリューションの2つのセグメントで事業を展開している。同社は、コロケーションや事業継続計画センターなどのINETデータセンター・ソリューションや、サービスとしての仮想マシン、サービスとしてのバックアップ、サービスとしてのディザスタリカバリ、サービスとしてのデータベース、ハイブリッド・クラウド、サービスとしてのSAP HANA、サービスとしてのコンテナ、INETS3、ウェブ・ホスティング・サービスなどのクラウド・ソリューションを提供している。また、異なる拠点のネットワークを中央のインフラに接続する「INET Cloud Connect」、無駄なコストを最小限に抑えるシステム管理「INET NODE」、専用線「INET Load Balance」、オンライン会議を管理するeMeetingシステム「INET WebEx」を提供している。さらに、コンピュータ・ネットワーク・セキュリティ・システム「INET Virtual Firewall」、トラフィック・データ記録サービス「INET iLog」、異なる拠点からセンター・インフラへのネットワーク接続「INET Hybrid WAN」などのサイバーセキュリティ製品も提供している。さらに、スマート・ビジネス・ソリューション、クライアント・タッチポイント・ソリューション、革新的テクノロジー、コーポレート・コマース・ソリューション、デジタル・ヘルスケア・サービス、EdTechソリューション、デジタル製造ソリューション、ローカル・ビジネス・サービス、サービス・デザイン・サポートなどのeサービスとデジタル・プラットフォームを提供している。同社は1995年に設立され、タイのバンコクを拠点としている。もっと見るInternet Thailand Public Company Limited 基礎のまとめInternet Thailand の収益と売上を時価総額と比較するとどうか。INET 基礎統計学時価総額฿2.38b収益（TTM）฿284.22m売上高(TTM)฿3.26b8.4xPER（株価収益率0.7xP/SレシオINET は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計INET 損益計算書（TTM）収益฿3.26b売上原価฿1.55b売上総利益฿1.71bその他の費用฿1.43b収益฿284.22m直近の収益報告Mar 31, 2026次回決算日該当なし一株当たり利益（EPS）0.48グロス・マージン52.50%純利益率8.71%有利子負債／自己資本比率181.8%INET の長期的なパフォーマンスは？過去の実績と比較を見る配当金3.0%現在の配当利回り22%配当性向View Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/09 20:36終値2026/06/09 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Internet Thailand Public Company Limited 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Phatipak NavawatanaKrungsri Securities Public Company LimitedSupachai WattanavitheskulYuanta Securities (Thailand) Company Limited
Major Estimate Revision • May 16Consensus EPS estimates fall by 39%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿3.34b to ฿3.26b. EPS estimate also fell from ฿1.04 per share to ฿0.63 per share. Net income forecast to grow 56% next year vs 11% growth forecast for IT industry in Thailand. Consensus price target of ฿5.48 unchanged from last update. Share price rose 4.0% to ฿4.18 over the past week.
Upcoming Dividend • Apr 22Upcoming dividend of ฿0.13 per shareEligible shareholders must have bought the stock before 29 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%).
New Risk • Mar 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.03b market cap, or US$62.5m).
New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.5m).
Reported Earnings • Mar 04Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ฿0.40 (down from ฿0.75 in FY 2024). Revenue: ฿3.14b (up 24% from FY 2024). Net income: ฿241.7m (down 37% from FY 2024). Profit margin: 7.7% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
New Risk • Mar 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.40b market cap, or US$76.4m).
Major Estimate Revision • May 16Consensus EPS estimates fall by 39%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿3.34b to ฿3.26b. EPS estimate also fell from ฿1.04 per share to ฿0.63 per share. Net income forecast to grow 56% next year vs 11% growth forecast for IT industry in Thailand. Consensus price target of ฿5.48 unchanged from last update. Share price rose 4.0% to ฿4.18 over the past week.
Upcoming Dividend • Apr 22Upcoming dividend of ฿0.13 per shareEligible shareholders must have bought the stock before 29 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%).
New Risk • Mar 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.03b market cap, or US$62.5m).
New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.5m).
Reported Earnings • Mar 04Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2025 results: EPS: ฿0.40 (down from ฿0.75 in FY 2024). Revenue: ฿3.14b (up 24% from FY 2024). Net income: ฿241.7m (down 37% from FY 2024). Profit margin: 7.7% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
New Risk • Mar 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.40b market cap, or US$76.4m).
Declared Dividend • Mar 01Dividend increased to ฿0.13Dividend of ฿0.13 is 5.9% higher than last year. Ex-date: 29th April 2026 Payment date: 22nd May 2026 Dividend yield will be 3.1%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Feb 28Internet Thailand Public Company Limited announces Annual dividend, payable on May 22, 2026Internet Thailand Public Company Limited announced Annual dividend of THB 0.1260 per share payable on May 22, 2026, ex-date on April 29, 2026 and record date on April 30, 2026.
Reported Earnings • Nov 15Third quarter 2025 earnings released: EPS: ฿0.057 (vs ฿0.17 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.057 (down from ฿0.17 in 3Q 2024). Revenue: ฿798.3m (up 25% from 3Q 2024). Net income: ฿34.2m (down 59% from 3Q 2024). Profit margin: 4.3% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
New Risk • Oct 01New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (฿2.30b market cap, or US$71.0m).
Price Target Changed • Aug 17Price target decreased by 7.2% to ฿5.48Down from ฿5.90, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ฿3.98. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ฿0.49 for next year compared to ฿0.75 last year.
Reported Earnings • Aug 14Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.14 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.14 in 2Q 2024). Revenue: ฿775.7m (up 28% from 2Q 2024). Net income: ฿67.9m (down 1.2% from 2Q 2024). Profit margin: 8.8% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
Major Estimate Revision • May 24Consensus EPS estimates fall by 23%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.64 to ฿0.49. Revenue forecast unchanged from ฿2.88b at last update. Net income forecast to shrink 25% next year vs 31% growth forecast for IT industry in Thailand . Consensus price target down from ฿5.90 to ฿5.78. Share price fell 5.9% to ฿4.12 over the past week.
Reported Earnings • May 16First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: EPS: ฿0.079 (down from ฿0.11 in 1Q 2024). Revenue: ฿729.2m (up 22% from 1Q 2024). Net income: ฿39.8m (down 28% from 1Q 2024). Profit margin: 5.5% (down from 9.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Price Target Changed • May 07Price target decreased by 9.9% to ฿5.90Down from ฿6.55, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.70. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of ฿0.70 for next year compared to ฿0.75 last year.
お知らせ • Apr 24+ 1 more updateInternet Thailand Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 23, 2025Internet Thailand Public Company Limited at its AGM, held on April 24, 2025, approved paying the dividend from the 2024 operating profit to shareholders, shares at THB 0.119 per share, totaling 596,740,267 being up a total dividend payment of THB 71,012,091.773. The Company decided that the list of shareholders who are legible for the dividends shall be submitted by 2 May 2025, and the dividend payment shall be done on 23 May 2025.
Upcoming Dividend • Apr 23Upcoming dividend of ฿0.12 per shareEligible shareholders must have bought the stock before 30 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (8.1%). Lower than average of industry peers (7.2%).
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to ฿3.84, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.48 per share.
Major Estimate Revision • Mar 01Consensus EPS estimates increase by 10%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿2.69b to ฿2.88b. EPS estimate increased from ฿0.64 to ฿0.705 per share. Net income forecast to grow 7.0% next year vs 31% growth forecast for IT industry in Thailand. Consensus price target up from ฿5.75 to ฿6.55. Share price fell 11% to ฿5.05 over the past week.
Declared Dividend • Mar 01Dividend increased to ฿0.12Dividend of ฿0.12 is 2.6% higher than last year. Ex-date: 30th April 2025 Payment date: 23rd May 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Feb 28+ 1 more updateInternet Thailand Public Company Limited Proposes Cash Dividend for the Year 2024, Payable on May 23, 2025Internet Thailand Public Company Limited, at the AGM to be held April 24, 2025 proposed cash dividend of THB 0.119 per share for the year 2024. Determining the date for eligible shareholders (record date) on May 2, 2025 and determining the date of dividend payment on May 23, 2025.
Buy Or Sell Opportunity • Feb 07Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 6.6% to ฿5.20. The fair value is estimated to be ฿4.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years.
お知らせ • Jan 31Internet Thailand Public Company Limited Announces Board AppointmentsInternet Thailand Public Company Limited informed that the Board of Directors' Meeting held on January 30, 2025 adopted a resolution to appoint Assoc. Prof. Pasu Decharin, Ph.D., an Independent Director to be a member of The Audit Committee which will be effective January 30, 2025. The audit committee is consisted of: Chairman of the audit committee Prof. Emeritus Dr.Achara Chandrachai, Member of the audit committee Ms.Narumol Wangsatorntanakun, Member of the audit committee Asst. Prof. Tippawan Pinvanichkul, Ph.D, Member of the audit committee Assoc. Prof. Pasu Decharin, Ph.D.
Valuation Update With 7 Day Price Move • Jan 27Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿5.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.25 per share.
Valuation Update With 7 Day Price Move • Jan 13Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿4.78, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share.
Buy Or Sell Opportunity • Dec 02Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 41% to ฿6.25. The fair value is estimated to be ฿5.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years.
Valuation Update With 7 Day Price Move • Nov 28Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿5.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the IT industry in Thailand. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share.
New Risk • Nov 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (฿2.52b market cap, or US$71.8m).
Buy Or Sell Opportunity • Nov 14Now 30% overvalued after recent price riseOver the last 90 days, the stock has risen 51% to ฿6.50. The fair value is estimated to be ฿4.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 7.3% in a year. Earnings are forecast to decline by 11% in the next year.
Reported Earnings • Aug 15Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: EPS: ฿0.14 (up from ฿0.089 in 2Q 2023). Revenue: ฿603.4m (up 19% from 2Q 2023). Net income: ฿68.7m (up 54% from 2Q 2023). Profit margin: 11% (up from 8.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 71%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.06 in 1Q 2023)First quarter 2024 results: EPS: ฿0.11 (up from ฿0.06 in 1Q 2023). Revenue: ฿600.4m (up 22% from 1Q 2023). Net income: ฿55.2m (up 83% from 1Q 2023). Profit margin: 9.2% (up from 6.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
お知らせ • Apr 26+ 1 more updateInternet Thailand Public Company Limited Announces Board ChangesAccording to the 2024 Annual General Meeting of Shareholders of Internet Thailand Public Company Limited held on April 25, 2024, the Meeting approved the appointment of Mr. Aekkachai Kongkerd as a director, effective from April 25, 2024 to fill the vacancy after the resignation of Mr. Thinnakorn Nathonglie.
お知らせ • Mar 02Internet Thailand Public Company Limited Proposes Dividend Payment for 2023, Payable on May 23, 2024Internet Thailand Public Company Limited 2024 Annual General Meeting of Shareholders be held on 25 April 2024 proposed Paying the dividend from the 2023 operating profit to shareholders, shares at THB 0.116 per share, totaling 500,967,207 being up a total dividend payment of THB 53,054,411.11. Determining the date for eligible shareholders (record date) on May 7, 2024 and determining the date of dividend payment on May 23, 2024.
Declared Dividend • Mar 01Dividend of ฿0.12 announcedShareholders will receive a dividend of ฿0.12. Ex-date: 3rd May 2024 Payment date: 23rd May 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.4% over the next year, which should provide support to the dividend and adequate earnings cover.
お知らせ • Feb 29Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: INET Hall Meeting Room, IT Floor, Thai Summit Tower, No. 168 New Petchaburi Road, Bangkapi Sub-district, Huai Khwang District, Bangkok Metropolis Thailand Agenda: To certify the minutes of the Extraordinary General Meeting of Shareholders No. 2/2023 held on July 2 , 2023; to acknowledge the Board of Director's Report regarding to the Company's Operating Results for the year 2023; to consider and approve the Financial Statements and Auditor's Report for the year ended December 31, 2023, audited by the Certified Public Accountant; to consider and approve the allocation of Net Profit to be a reserve fund and 2023 dividend payment; and to discuss other matters.
Major Estimate Revision • Feb 06Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.32 to ฿0.39. Revenue forecast unchanged at ฿2.08b. Net income forecast to shrink 13% next year vs 24% growth forecast for IT industry in Thailand . Consensus price target up from ฿4.30 to ฿4.76. Share price was steady at ฿4.78 over the past week.
New Risk • Nov 15New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 24% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.05b market cap, or US$57.9m).
Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.084 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.084 in 3Q 2022). Revenue: ฿522.5m (up 1.1% from 3Q 2022). Net income: ฿58.4m (up 39% from 3Q 2022). Profit margin: 11% (up from 8.1% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 19% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
New Risk • Nov 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.99b market cap, or US$55.2m).
Upcoming Dividend • Apr 25Upcoming dividend of ฿0.11 per share at 2.1% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.8%).
Board Change • Nov 16High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Aug 16Second quarter 2022 earnings released: EPS: ฿0.051 (vs ฿0.021 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.051 (up from ฿0.021 in 2Q 2021). Revenue: ฿488.5m (up 24% from 2Q 2021). Net income: ฿25.7m (up 150% from 2Q 2021). Profit margin: 5.3% (up from 2.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to ฿4.96, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 55% over the past three years.
Valuation Update With 7 Day Price Move • Jun 16Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to ฿5.50, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 76% over the past three years.
Board Change • Jun 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • May 19First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: ฿0.051 (up from ฿0.029 in 1Q 2021). Revenue: ฿485.1m (up 18% from 1Q 2021). Net income: ฿25.5m (up 76% from 1Q 2021). Profit margin: 5.3% (up from 3.5% in 1Q 2021). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • May 02Upcoming dividend of ฿0.042 per shareEligible shareholders must have bought the stock before 09 May 2022. Payment date: 26 May 2022. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.6%).
Board Change • Apr 27High number of new directorsIndependent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022.
Board Change • Apr 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
Valuation Update With 7 Day Price Move • Mar 08Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿6.60, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 109% over the past three years.
Reported Earnings • Feb 27Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: ฿0.33 (up from ฿0.20 in FY 2020). Revenue: ฿1.87b (up 1.7% from FY 2020). Net income: ฿162.9m (up 59% from FY 2020). Profit margin: 8.7% (up from 5.6% in FY 2020). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Jan 28Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿7.70, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 23x in the IT industry in Thailand. Total returns to shareholders of 152% over the past three years.
Valuation Update With 7 Day Price Move • Jan 04Investor sentiment improved over the past weekAfter last week's 18% share price gain to ฿5.40, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 87% over the past three years.
Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.10 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿531.7m (up 19% from 3Q 2020). Net income: ฿102.3m (up 97% from 3Q 2020). Profit margin: 19% (up from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.
Board Change • Oct 07Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Tippawan Pinvanichkul was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.
Executive Departure • Oct 06Director Natnatcha Chaiprasert has left the companyOn the 1st of October, Natnatcha Chaiprasert's tenure as Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Natnatcha's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years.
Executive Departure • Oct 06Director Tanwadee Wongterarit has left the companyOn the 1st of October, Tanwadee Wongterarit's tenure as Director ended after 12.4 years in the role. We don't have any record of a personal shareholding under Tanwadee's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years.
Valuation Update With 7 Day Price Move • Jul 15Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿4.56, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 28% over the past three years.
Reported Earnings • May 16First quarter 2021 earnings released: EPS ฿0.029 (vs ฿0.021 in 1Q 2020)The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿410.6m (down 14% from 1Q 2020). Net income: ฿14.6m (up 40% from 1Q 2020). Profit margin: 3.5% (up from 2.2% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.20 (vs ฿0.34 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.83b (down 2.5% from FY 2019). Net income: ฿102.5m (down 39% from FY 2019). Profit margin: 5.6% (down from 9.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Is New 90 Day High Low • Jan 14New 90-day high: ฿4.46The company is up 21% from its price of ฿3.70 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 1.0% over the same period.
Is New 90 Day High Low • Dec 30New 90-day high: ฿4.16The company is up 32% from its price of ฿3.16 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 4.0% over the same period.
Valuation Update With 7 Day Price Move • Dec 28Investor sentiment improved over the past weekAfter last week's 20% share price gain to ฿4.02, the stock is trading at a trailing P/E ratio of 13.2x, up from the previous P/E ratio of 11x. This compares to an average P/E of 13x in the IT industry in Thailand. Total returns to shareholders over the past three years are 3.3%.
Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.10The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿448.5m (down 6.4% from 3Q 2019). Net income: ฿51.8m (up 189% from 3Q 2019). Profit margin: 12% (up from 3.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Oct 12New 90-day high: ฿4.06The company is up 45% from its price of ฿2.80 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 11% over the same period.
Valuation Update With 7 Day Price Move • Oct 12Market bids up stock over the past weekAfter last week's 26% share price gain to ฿4.06, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 13x in the IT industry in Thailand. Total return to shareholders over the past three years is a loss of 4.0%.
