nPro Inside Public Company Limited (PIS), a subsidiary of Sky ICT Public Company limited (SKY),made its debut on the Market for Alternative Investment (mai) on January 20,2025. Trading under the ticker symbol PIS, the company specializes in providing integrated data technology and communications systems (ICT-Solutions), including consulting, planning, design, development, installation, and maintenance services.
PIS operates in three core areas: integrated physical security systems (Physical Security Solution), integrated information technology applications (ICT Application Solution), and information technology network system services (IT Integration Services). The company collaborates with global leaders in IT and CCTV products, such as Dahua, Hikvision, Huawei, Vmware, and Fortinet.As of september 30, 2024, PIS reported a revenue split of 59% from sales and 41% from service provision, with the majority of its clients being government agencies and state enterprises. The company also has a backlog of undelivered work valued at 2,102 million baht.
The IPO saw PIS raise 420 million baht by offering 140 million new shares at 3 baht per share, bringing its total paid-up capital to 270 million baht. The shares were allocated to various investor groups, including institutional investors, company benefactors, and directors and employees of the SKY Group.The IPO price was set at a P/E ratio of 18.75 times, based on net earnings of 87.13 million baht over the last four quarters.
Ms. Benyapa Chalermwat, CEO of PIS, expressed confidence in the company’s strong fundamentals and growth potential, stating, “This fundraising by PIS is considered an vital step in creating growth opportunities for the company. It increases the potential for bidding for more than 2,000 million baht from the current bidding for projects worth more than 200 – 1,000 million baht. We believe that the ICT industry trend still has a lot of growth potential. This is in line with government policy to drive the Thai economy into the digital economy.”
The funds raised will be used as collateral for issuing letters of guarantee (84 million baht) and as revolving capital for project work (336 million baht). Mr. Chosit Decwanitchayanumat, Managing Director of Siam Alpha Capital Company Limited, highlighted PIS as a Growth Stock, emphasizing its potential to grow alongside increased investments by government agencies.
Key Highlights of PIS IPO
| Aspect | Details |
|————————–|—————————————————————————–|
| IPO Date | January 20,2025 |
| Ticker Symbol | PIS |
| Parent Company | Sky ICT Public Company Limited (SKY) |
| IPO Price | 3 baht per share |
| Funds Raised | 420 million baht |
| P/E Ratio | 18.75 times |
| Revenue Split (2024) | 59% sales, 41% services |
| Backlog (2024) | 2,102 million baht |
| Key Partners | Dahua, Hikvision, Huawei, Vmware, Fortinet |
PIS’s listing marks a significant milestone in its journey, positioning it to capitalize on the growing demand for ICT solutions in Thailand’s digital economy.Pro Inside Public Company Limited (PIS) Drives Digital Change with Strategic IPO and Government Projects
Thailand’s push towards a digital economy is gaining momentum, and Pro Inside Public Company Limited (PIS) is positioning itself as a key player in this transformation. With a focus on government agencies and state enterprises,PIS is leveraging its expertise in ICT application Solutions and system maintenance to secure stable income streams and deliver robust returns for investors.
The company’s recent initial public offering (IPO) of 140 million additional common shares, priced at 3.00 baht per share, marks a significant milestone. This offering, representing 25.93% of the total issued shares,aims to raise capital for project work and working capital for government and state enterprise customers. The funds will also be used as collateral for issuing letters of guarantee, further solidifying PIS’s role in large-scale projects.
Strong Financial Performance and Growth Prospects
PIS’s operating results for the first nine months of 2024 highlight its resilience and growth potential. The company reported a total income of 988.97 million baht, a 20.38% increase compared to the same period in 2023, and a net profit of 67.88 million baht.
Analysts from Kingsford Securities and Beyond Securities have provided optimistic forecasts for PIS. Using the P/E method, Kingsford Securities valued PIS at 4.26 baht per share for 2025, based on a PER Multiple of 16.0 times and an EPS Growth (CAGR) of +18.16%. Beyond Securities, meanwhile, estimates the company’s appropriate value at 4.20 baht, with a CAGR growth rate of 21% from 2024 to 2026.
Key Growth Drivers
PIS’s growth is underpinned by several factors:
- Government Budget disbursement: The normalization of government budgets is expected to drive revenue growth, particularly in ICT Solutions and system maintenance projects.
- Recurring Income: Over 40% of PIS’s income is recurring, ensuring stability and reducing volatility.
- High-Profit Margins: The company’s focus on complex project work and high-margin services supports sustained profitability.
Strategic Focus on Digital transformation
PIS’s alignment with Thailand’s 20-year digital economy plan positions it to capitalize on opportunities in digital government initiatives. The company’s expertise in cloud systems,IoT platforms,and large database management makes it a preferred partner for government and state enterprise projects.
IPO Details and Capital Utilization
The IPO of 140 million shares, with a par value of 0.50 baht per share, will increase PIS’s issued and paid-up capital to 270 million baht. The funds will be allocated as follows:
- Collateral for letters of Guarantee: To support project work.
- Working Capital: For government and state enterprise projects.
Future Outlook
PIS’s net profit is projected to grow significantly, reaching 106.9 million baht in 2024, 143.9 million baht in 2025, and 196.3 million baht in 2026. This growth, driven by ICT Solutions valued at 2,102 million baht, underscores the company’s potential to deliver long-term value to investors.
Summary Table: Key Financial Metrics and Projections
| Metric | 2024 | 2025 | 2026 |
|————————–|—————-|—————-|—————-|
| Net Profit (Million Baht) | 106.9 | 143.9 | 196.3 |
| Revenue Growth (%) | +2.7 | +34.7 | +36.4 |
| CAGR (2024-2026) (%) | 23.6 | – | – |
Conclusion
As Thailand accelerates its transition to a digital economy, Pro Inside Public Company Limited (PIS) is well-positioned to thrive. With a strong focus on government projects, recurring income, and high-profit margins, PIS offers investors a compelling prospect to participate in the country’s digital transformation.
For more insights into Thailand’s digital economy initiatives,visit Thailand Digital Economy Promotion Agency.
Call to Action: Stay updated on PIS’s growth trajectory and investment opportunities by subscribing to our newsletter for the latest market insights.PIS Set to Revolutionize Thailand’s Digital Landscape with Strategic Government Partnerships and Upcoming IPO
Thailand’s digital transformation is gaining momentum, and PIS, a leading IT solutions provider, is at the forefront of this evolution. With a strong focus on government and state enterprise projects, PIS is poised to make significant strides in the tech sector. The company’s upcoming IPO on the Market for Alternative Investment (mai) in January 2025 marks a pivotal moment in its journey.
A Strong Foundation in Government projects
PIS has carved a niche in the IT sector by aligning its solutions with Thailand’s Digital Thailand policy. The company’s revenue is heavily reliant on government and state enterprise clients, accounting for a staggering 99.94% of total income. “PIS has strengths from government customers and state enterprises. This is an important income base,” the company stated.
One of its standout projects includes the development of an automatic license plate reading system, which covers the northern and northeastern regions of Thailand. This initiative underscores PIS’s commitment to leveraging technology for public sector efficiency.
Financial Outlook and Strategic Growth
PIS’s financial trajectory is equally impressive. At the end of 3Q24, the company reported a backlog of 2.1 billion baht, expected to be realized over the next 2-3 years. This backlog, coupled with Thailand’s 20-year strategic plan for digital government development, positions PIS for sustained growth.Liberator Securities Company Limited has pegged PIS’s reasonable price for 2025 at 4.10 baht, with a target P/E of 15.1x. This valuation reflects a 5% premium over the SI group average, attributed to PIS’s strong government customer base and low-risk profile. Additionally, recurring income from service work constitutes over 40% of total income, ensuring stable profits.
A Look Ahead: IPO and Market Potential
PIS is gearing up to list on the Market for Alternative Investment (mai) under the technology business category (TECH) on January 20, 2025. The IPO offering price is set at 3 baht per share, with a P/E ratio of 18.75x.This is notably lower than the mai market’s average P/E of 27.71x, making it an attractive investment opportunity.
The company’s net profit is projected to grow steadily, with estimates of 120 million baht in 2024, 146 million baht in 2025, and 171 million baht in 2026, reflecting an average annual growth rate of +17.9%.
PIS’s Core Expertise and Partnerships
Founded on January 12, 2012, PIS specializes in distribution business and IT system setup, offering services ranging from consulting and design to installation and maintenance.The company is also a trusted partner for global tech giants like Dahua, Hikvision, and Huawei, providing cutting-edge ICT solutions and closed-circuit television camera products.
Key Highlights at a Glance
| Aspect | Details |
|————————–|—————————————————————————–|
| IPO Date | January 20, 2025 |
| IPO Price | 3 baht/share |
| P/E Ratio | 18.75x (lower than mai market average of 27.71x) |
| Revenue Source | 99.94% from government and state enterprises |
| Backlog (3Q24) | 2.1 billion baht |
| Net Profit Projections| 120M baht (2024), 146M baht (2025), 171M baht (2026) |
| Annual Growth Rate | +17.9% |
Why PIS Stands Out
PIS’s strategic alignment with government initiatives, robust financials, and partnerships with global tech leaders make it a standout player in Thailand’s IT sector.As the country continues to invest in digital transformation, PIS is well-positioned to capitalize on these opportunities.
For investors eyeing the tech sector, PIS’s upcoming IPO offers a promising entry point. With its strong government ties and innovative solutions, the company is set to play a pivotal role in shaping Thailand’s digital future.
Stay tuned for more updates on PIS’s journey and explore how you can be part of this transformative story.
