Share price of Ditto (Thailand) Public Company Limited (SET: DITTO) rose as much as 5.7% during the morning session before paring gains to close for the mid-day break at THB 10.70 with a gain of 1.60%.
On Monday, Liberator Securities released an analysis highlighting two core business areas for DITTO: comprehensive document and data management services, accounting for 29% of revenue, and Innovation Technology Engineering Projects, comprising 51%.
Currently, DITTO is executing significant projects such as the first phase of a new zoo worth THB 5.3 billion and the Precious Wood Museum project worth THB 2 billion. The company holds a 25-30% stake in the consulting of each project, while the focus on the printing business has diminished, reducing its revenue share to 0%.
In 2024, DITTO reported a net profit of THB 458 million, marking a 36.7% increase compared to last year, aligning with a 33.9% revenue growth reaching THB 2.4 billion.
However, the gross profit margin decreased from 29.8% the previous year to 27.1% due to the expansion of the Innovation Technology Engineering Projects to 49.4%, which affects profit margins during construction phases. Nevertheless, maintenance work, making up 20% of the project value, is expected to support future profit margins.
As of December 31, 2024, DITTO had a backlog of THB 4.1 billion, consisting of THB 2.3 billion in projects and THB 1.8 billion in document management services, with expected revenue recognition of approximately 3 billion baht in 2025.
The management targets an additional THB 1 billion in mid-year bids. Within 1-2 years, DITTO is expected to secure approximately THB 7 billion in new projects, with THB 4 billion attributed to the second phase of the new zoo project, anticipated for bidding by year-end.
Progress on the first phase stands at 46%; however, project design revisions have extended completion to 2026.
