Benyapa Chalermwat, CEO of Pro Inside Public Company Limited (mai: PIS) revealed that today (20 January 2025) is the first day of the company’s being traded in the Market for Alternative Investment (mai) under the technology sector (TECH), with huge confidence to gain positive response from investors.
A strong business foundation, proficiency in all-in-one IT solutions, and longtime connections with the government and state enterprises make the company a favorite pick for government contracts. THB 84 million of the company’s proceeds would be used as collateral with financial institutions to produce performance bonds for its projects, and THB 336 million would be used as working capital for customers from the government and state enterprises.
This funding by PIS would be a key step in creating growth opportunities for the company, increasing contract bidding value to more than THB 2,000 million from the current THB 200-1,000 million contract value. The company sees that the ICT industry still has room for growth following the government’s drive to bring the Thai economy into the digital economy, said Benyapa.
Sky ICT Public Company Limited (SET: SKY) is PIS’s post-IPO major shareholder, holding 67.70% of the company’s stake. According to the company’s report, PIS has a policy of paying a dividend of at least 40% of net profit after allocating a reserve fund as stated in the law and the company guidelines.
PIS is a leader in the smart technologies business, the company provides a design, development, installation, and maintenance service in all ICT solutions. The company’s business is divided into three groups as follows:
- Physical security solutions such as CCTV solutions and license plate identification systems.
- ICT application solutions
- IT integration service, which covered services of procurement and distribution of products and IT-related equipment.
Chosit Dechavanishyanumat, Managing Director of Siam Alpha Capital as PIS financial advisor, said that PIS is considered a growth stock, and has a continuous growth opportunity from the government and state enterprises increasing investment, which set to drive the economy into the digital economy in accordance to the 20 years strategy, and digitalizing the government. Making it crucial to allocate a budget to upgrade government agencies into a digitalized entity, and create opportunity for PIS to receive new contracts, maintaining a steady revenue growth and positive yield to its investors.
The company also stands out for its strength by emphasizing customers from the government and state enterprises, making it a stable source of income and less fluctuation in profit, as 40% of PIS income is recurring income.
PIS’s performance in the nine months of 2024 has a total income of THB 988.97 million, a 20.38% increase from the same period of the previous year, and a net profit of THB 67.88 million. However, PIS has sold 140 million initial public offering (IPO) at THB 3 per share at a par value of THB 0.50 per share, representing 25.93% of the company’s paid-up shares after the offering.
Kingsford Securities has estimated the PIS target price in 2025 at THB 4.26 per share.
Beyond Securities has put the PIS target price at THB 4.20 per share.
Liberator Securities suggests the 2025 target price for PIS at 4.10 per share.
