New Risk • Apr 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.1m). Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 10 March 2026. Payment date: 15 May 2026. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (7.3%). Lower than average of industry peers (6.4%). Reported Earnings • Feb 13
Full year 2025 earnings released Full year 2025 results: Revenue: ฿1.17b (down 41% from FY 2024). Net income: ฿35.3m (down 60% from FY 2024). Profit margin: 3.0% (down from 4.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 13
Dividend reduced to ฿0.04 Dividend of ฿0.04 is 50% lower than last year. Ex-date: 10th March 2026 Payment date: 15th May 2026 Dividend yield will be 1.6%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is not covered by earnings (152% earnings payout ratio). However, it is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 3.9% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 69% to bring the payout ratio under control. However, EPS is expected to remain steady over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 12
Infraset Public Company Limited announces Annual dividend, payable on May 15, 2026 Infraset Public Company Limited announced Annual dividend of THB 0.0400 per share payable on May 15, 2026, ex-date on March 10, 2026 and record date on March 11, 2026. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ฿2.54, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the IT industry in Thailand. Total loss to shareholders of 24% over the past three years. Announcement • Feb 12
Infraset Public Company Limited, Annual General Meeting, Apr 21, 2026 Infraset Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time. Location: infraset public company limited, meeting room 2 floor, 165/37-39 ram intra road, anusawari, bang khen, bangkok 10220, bangkok Thailand New Risk • Feb 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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: Minor Risks Dividend is not well covered by earnings (152% payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (฿1.74b market cap, or US$56.2m). Major Estimate Revision • Feb 10
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿1.60b to ฿1.32b. EPS estimate fell from ฿0.075 to ฿0.055 per share. Net income forecast to grow 124% next year vs 3.0% growth forecast for IT industry in Thailand. Consensus price target of ฿3.20 unchanged from last update. Share price was steady at ฿2.00 over the past week. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.86, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 41% over the past three years. Price Target Changed • Nov 23
Price target increased by 72% to ฿3.20 Up from ฿1.86, the current price target is provided by 1 analyst. New target price is 93% above last closing price of ฿1.66. Stock is down 51% over the past year. The company is forecast to post earnings per share of ฿0.075 for next year compared to ฿0.11 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.015 (vs ฿0.048 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.015 (down from ฿0.048 in 3Q 2024). Revenue: ฿213.7m (down 72% from 3Q 2024). Net income: ฿12.4m (down 69% from 3Q 2024). Profit margin: 5.8% (up from 5.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year. Announcement • Aug 06
Infraset Public Company Limited (SET:INSET) announces an Equity Buyback for 40,000,000 shares, representing 4.92% for THB 78 million. Infraset Public Company Limited (SET:INSET) announces a share repurchase program. Under the program, the company will repurchase up to 40,000,000 shares, representing 4.92% of its issued share capital, for THB 78 million. The repurchase price must not exceed 115% of the average closing share price of 5 business days prior to each share repurchase date. The purpose of the program is to efficiently manage the company’s excess liquidity, enhance the returns on equity and earnings per share and build confidence among shareholders and investors regarding the company’s positive performance
outlook in the future. The program is valid till February 12, 2026. As of March 12, 2025, the company had 812,773,031 shares issued. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.026 in 2Q 2024). Revenue: ฿227.5m (down 28% from 2Q 2024). Net income: ฿8.46m (down 59% from 2Q 2024). Profit margin: 3.7% (down from 6.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to ฿1.43. The fair value is estimated to be ฿1.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.021 in 1Q 2024) First quarter 2025 results: EPS: ฿0.013 (down from ฿0.021 in 1Q 2024). Revenue: ฿297.7m (up 5.8% from 1Q 2024). Net income: ฿10.5m (down 39% from 1Q 2024). Profit margin: 3.5% (down from 6.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿1.97b to ฿1.90b. EPS estimate also fell from ฿0.14 per share to ฿0.125 per share. Net income forecast to grow 17% next year vs 30% growth forecast for IT industry in Thailand. Consensus price target down from ฿3.80 to ฿2.67. Share price rose 7.3% to ฿1.92 over the past week. Announcement • Apr 24
Infraset Public Company Limited Approves Cash Dividend for the Period from 1 January 2024 to 31 December 2024, Payable on 16 May 2025 Infraset Public Company Limited at its AGM held on April 23, 2025 approved the cash dividend payment for the 12-month period operating result from 1 January 2024 to 31 December 2024 to shareholders is determined to not exceed THB 65,021,842.48 at the rate of THB 0.08 per share. Such dividend payment equals 72.98% of net profit for the year 2024 which is in accordance with the Company's dividend payment policy. Determining shareholders who own the shares to receive the dividend (Record Date): 12 March 2025; Determination of dividend payment to shareholders: 16 May 2025. New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.0% 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 Risk High level of non-cash earnings (54% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (฿1.19b market cap, or US$34.3m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.71, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.36 per share. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 11 March 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (7.6%). Lower than average of industry peers (6.8%). New Risk • Feb 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 54% 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 Risk High level of non-cash earnings (54% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (฿1.98b market cap, or US$58.9m). Reported Earnings • Feb 19
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: ฿0.11 (down from ฿0.14 in FY 2023). Revenue: ฿1.97b (up 19% from FY 2023). Net income: ฿88.9m (down 19% from FY 2023). Profit margin: 4.5% (down from 6.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 20% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 14
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ฿1.76b to ฿1.97b. EPS estimate unchanged from ฿0.14 at last update. IT industry in Thailand expected to see average net income growth of 30% next year. Consensus price target down from ฿4.39 to ฿3.80. Share price fell 3.3% to ฿2.34 over the past week. Declared Dividend • Feb 13
Dividend of ฿0.08 announced Shareholders will receive a dividend of ฿0.08. Ex-date: 11th March 2025 Payment date: 16th May 2025 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.36, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the IT industry in Thailand. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.37 per share. New Risk • Dec 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿2.62b market cap, or US$76.1m). Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ฿0.05 (up from ฿0.047 in 3Q 2023). Revenue: ฿766.8m (up 160% from 3Q 2023). Net income: ฿39.4m (up 9.5% from 3Q 2023). Profit margin: 5.1% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 61%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 25
Price target increased by 11% to ฿3.15 Up from ฿2.85, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿3.22. Stock is up 76% over the past year. The company is forecast to post earnings per share of ฿0.12 for next year compared to ฿0.14 last year. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿2.92, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.36 per share. Major Estimate Revision • Sep 27
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿1.85b to ฿1.63b. EPS estimate fell from ฿0.145 to ฿0.13 per share. Net income forecast to grow 47% next year vs 26% growth forecast for IT industry in Thailand. Consensus price target down from ฿2.97 to ฿2.85. Share price fell 6.6% to ฿2.26 over the past week. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ฿0.03 (down from ฿0.055 in 2Q 2023). Revenue: ฿317.5m (down 55% from 2Q 2023). Net income: ฿20.8m (down 50% from 2Q 2023). Profit margin: 6.6% (up from 5.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 35% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.08, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the IT industry in Thailand. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.95 per share. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.48, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.90 per share. Buy Or Sell Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to ฿2.30. The fair value is estimated to be ฿2.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 32% in the next year. Buy Or Sell Opportunity • May 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ฿2.26. The fair value is estimated to be ฿2.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 31% in the next year. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.032 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (down from ฿0.032 in 1Q 2023). Revenue: ฿281.3m (down 38% from 1Q 2023). Net income: ฿17.2m (down 29% from 1Q 2023). Profit margin: 6.1% (up from 5.4% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.28, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 39% over the past three years. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (3.7%). New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (฿2.11b market cap, or US$58.5m). Declared Dividend • Feb 15
Final dividend of ฿0.05 announced Dividend of ฿0.05 is the same as last year. Ex-date: 11th March 2024 Payment date: 16th May 2024 Dividend yield will be 3.4%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Feb 14
Infraset Public Company Limited, Annual General Meeting, Apr 22, 2024 Infraset Public Company Limited, Annual General Meeting, Apr 22, 2024, at 14:00 SE Asia Standard Time. Location: Infraset Public Company Limited (Head Office), 2 nd Floor, No. 165/37-39 Ram Intra Road, Anusawari, Bang Khen, Bangkok Thailand Agenda: To certify the Minutes of the Annual General Meeting of Shareholders No.1/2023 held on April 5, 2023; to consider and acknowledge the Company's operating result for the year 2023; to consider and approve the Company's financial statements as of December 31, 2023 to consider and approve the appropriation of net profit, the dividend payment for the year 2023 and acknowledge the interim dividend payment; to consider the election of directors in replacement of those retiring by rotation; and to consider other matters. Reported Earnings • Feb 14
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿0.14. Revenue: ฿1.66b (up 27% from FY 2022). Net income: ฿109.2m (up 3.4% from FY 2022). Profit margin: 6.6% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 7.7%. Announcement • Feb 13
Infraset Public Company Limited Proposes Dividend for the Period from July 1, 2023 to December 31, 2023, Payable on 16 May 2024 Infraset Public Company Limited announced that at its AGM will be held on April 5, 2024, proposed cash dividend payment for the 6-month period operating results from 1st July 2023 to 31st December 2023 to shareholders is determined to not exceed THB 40,638,652 at the rate of THB 0.05 per share. For the operating result period during 1st January 2023 and 30th June 2023, the Company has paid an interim cash dividend according to the resolution of the Board of Directors' Meeting No. 3/2566 held on 10th August 2023, at the rate of THB 0.04 per share or not exceed THB 30,353,588.04. Totaling dividend payment for the 12-month period operating result from 1st January 2023 to 31st December 2023 to shareholders is determined to not exceed THB 70,992,240 at the rate of THB 0.09 per share. Such dividend payment equals 65.04% of net profit for the year 2023 which is in accordance with the Company's dividend payment policy. Determination of shareholders who own the shares to receive the dividend (Record Date) is 12th March 2024. Determination of dividend payment to shareholders is 16th May 2024. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.62, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the IT industry in Thailand. Total loss to shareholders of 12% over the past three years. Buy Or Sell Opportunity • Feb 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ฿2.60. The fair value is estimated to be ฿2.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 15% in the next year. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.047 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.05 (up from ฿0.047 in 3Q 2022). Revenue: ฿294.9m (down 27% from 3Q 2022). Net income: ฿36.0m (up 4.6% from 3Q 2022). Profit margin: 12% (up from 8.6% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 21% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. New Risk • Oct 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.0% net profit margin). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (฿1.49b market cap, or US$41.2m). Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.04 per share at 4.9% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (2.8%). Announcement • Aug 11
Infraset Public Company Limited Announces Payment of Interim Dividend for the First Half Ended June 30, 2023, Payable on September 8, 2023 Infraset Public Company Limited announced cash dividend of THB 0.04 per share for the period from January 1, 2023 to June 30, 2023. Ex-dividend date is August 24, 2023, Record date for the right to receive dividends is August 25, 2023. Payment date is September 8, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.056 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.05. Revenue: ฿710.7m (up 64% from 2Q 2022). Net income: ฿41.7m (up 1.1% from 2Q 2022). Profit margin: 5.9% (down from 9.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 23% growth forecast for the IT industry in Thailand. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.038 in 1Q 2022) First quarter 2023 results: EPS: ฿0.03. Revenue: ฿452.8m (up 80% from 1Q 2022). Net income: ฿24.3m (up 2.6% from 1Q 2022). Profit margin: 5.4% (down from 9.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 37% growth forecast for the IT industry in Thailand. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.48, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the IT industry in Thailand. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.05 per share at 2.7% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 18
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: ฿0.15 (down from ฿0.28 in FY 2021). Revenue: ฿1.31b (flat on FY 2021). Net income: ฿105.5m (down 38% from FY 2021). Profit margin: 8.1% (down from 13% in FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 36% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Chairman of the Board Kampanart Lohacharoenvanich was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: ฿0.05 (vs ฿0.12 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.05 (down from ฿0.12 in 3Q 2021). Revenue: ฿402.3m (up 6.0% from 3Q 2021). Net income: ฿34.4m (down 51% from 3Q 2021). Profit margin: 8.6% (down from 19% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 30% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 01 September 2022. Payout ratio and cash payout ratio are on the higher end at 77% and 98% respectively. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.06 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.06 (vs ฿0.06 in 2Q 2021). Revenue: ฿434.0m (up 9.6% from 2Q 2021). Net income: ฿41.2m (up 11% from 2Q 2021). Profit margin: 9.5% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 21%, compared to a 42% growth forecast for the industry in Thailand. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.98, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 40% over the past year. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.04 (up from ฿0.037 in 1Q 2021). Revenue: ฿251.7m (up 7.2% from 1Q 2021). Net income: ฿23.7m (up 3.7% from 1Q 2021). Profit margin: 9.4% (in line with 1Q 2021). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 19%. Price Target Changed • Apr 27
Price target decreased to ฿6.10 Down from ฿8.15, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ฿5.15. Stock is up 19% over the past year. The company is forecast to post earnings per share of ฿0.20 for next year compared to ฿0.28 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Chairman of the Board Kampanart Lohacharoenvanich was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (6.4%). Reported Earnings • Feb 22
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.28 (up from ฿0.22 in FY 2020). Revenue: ฿1.32b (down 12% from FY 2020). Net income: ฿170.5m (up 26% from FY 2020). Profit margin: 13% (up from 9.0% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 30%, compared to a 18% growth forecast for the industry in Thailand. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿5.45, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 45x in the IT industry in Thailand. Total returns to shareholders of 70% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿10.85 per share. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿5.95, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 42x in the IT industry in Thailand. Total returns to shareholders of 83% over the past year. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.084 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿379.5m (down 28% from 3Q 2020). Net income: ฿70.8m (up 36% from 3Q 2020). Profit margin: 19% (up from 9.8% in 3Q 2020). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿6.35, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 25x in the IT industry in Asia. Total returns to shareholders of 99% over the past year. Price Target Changed • Sep 16
Price target increased to ฿8.15 Up from ฿4.16, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿7.85. Stock is up 170% over the past year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 25% share price gain to ฿8.30, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 26x in the IT industry in Asia. Total returns to shareholders of 185% over the past year. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿6.55, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the IT industry in Asia. Total returns to shareholders of 122% over the past year. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.049 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿396.0m (up 28% from 2Q 2020). Net income: ฿37.2m (up 24% from 2Q 2020). Profit margin: 9.4% (in line with 2Q 2020). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 36% share price gain to ฿5.30, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 25x in the IT industry in Asia. Total returns to shareholders of 84% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.033 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿235.1m (up 6.4% from 1Q 2020). Net income: ฿22.8m (up 14% from 1Q 2020). Profit margin: 9.7% (in line with 1Q 2020). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.82, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 25x in the IT industry in Asia. Total returns to shareholders of 95% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿2.02 per share. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.081 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 20 May 2021. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to ฿4.14, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 24x in the IT industry in Asia. Total returns to shareholders of 109% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿1.96 per share. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.24 (vs ฿0.27 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿1.50b (up 23% from FY 2019). Net income: ฿135.5m (up 13% from FY 2019). Profit margin: 9.0% (in line with FY 2019). Analyst Estimate Surprise Post Earnings • Feb 20
Revenue beats expectations Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 1.4%, compared to a 14% growth forecast for the IT industry in Thailand. Is New 90 Day High Low • Feb 18
New 90-day high: ฿3.76 The company is up 4.0% from its price of ฿3.60 on 20 November 2020. The Thai market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.70 per share. Price Target Changed • Jan 21
Price target raised to ฿4.23 Up from ฿3.90, the current price target is provided by 1 analyst. The new target price is 16% above the current share price of ฿3.66. As of last close, the stock is up 40% over the past year. Is New 90 Day High Low • Jan 11
New 90-day low: ฿3.36 The company is down 8.0% from its price of ฿3.64 on 12 October 2020. The Thai market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 4.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.093 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿530.1m (up 24% from 3Q 2019). Net income: ฿52.0m (up 3.5% from 3Q 2019). Profit margin: 9.8% (down from 12% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Nov 02
New 90-day high: ฿3.86 The company is up 10.0% from its price of ฿3.50 on 04 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 5.0% over the same period. 
