The share price of Pro Inside Public Company Limited (mai: PIS) in Wednesday’s session has soared 30.16% to THB 4.92 per share. The lowest price during the session was THB 3.88 and the highest was THB 4.92, with a total trading value of THB 940.27 million.
TISCO Securities has estimated PIS value based on the average price-to-earnings ratio (PER) of a similar business in the Stock Exchange of Thailand (SET) and Market for Alternative Investment (mai) at 10 times. The firm viewed it as a fair value for PIS business operation in 2025 as the company has pursued contracts with high-profit margin.
The securities company believed that after the completion of capital raise through IPO to expand the working capital for bigger contracts, the company would be able to increase its profit margin, while the expanded revenue share from services would also decrease fluctuation and reinforce profit growth.
Kingsford Securities expected PIS’ 2024 net profit at THB 106.9 million, a 2.7% growth from the previous year, which is minuscule due to a delay in the government fiscal budget.
However, the securities anticipated a 34.7% continuous growth in 2025 to THB 143.9 million from last year, and a 36.4% growth to THB 196.3 million in 2026, or a 23.6% compound annual growth rate (CAGR) for 2024-2026, due to supporting factors from the normalized government disbursement, and improving chance for entries into contract biddings for the government and state-enterprises. Nevertheless, the securities analyst has chosen to use the PER method to maintain PIS’ appropriate target price for 2025 at THB 4.26.
