Ditto (Thailand) Public Company Limited

DITTO, or Ditto (Thailand) Public Company Limited, reported that its backlog has risen to approximately 5 billion baht, up from 4.8 billion baht in the second quarter, after securing additional new work in the third quarter. Chief Executive Officer Thakorn Rattanakamonporn told Stock Vision that the company expects to take on several new projects worth hundreds of millions of baht each, with a combined value of nearly 1 billion baht, on top of its current backlog. The focus will be on infrastructure, information technology, cybersecurity, public-sector investment, and the development of platforms for data exchange between government agencies. In the fourth quarter of 2026, the company will begin recognising revenue from the Phase 2 zoo project, valued at 4.335 billion baht, in which the DITTO group holds a 55% stake, while TEAMG and partners from a group of construction companies hold 45%. For its 2026 growth target, the company is keeping its original plan of 15-20% and has no plans to raise it, since the government budget came out late in the year, meaning most new work will only start contributing revenue in 2027. The company sees that year as one with outstanding growth potential, driven by clearer large-scale public investment projects, political stability, and a continued flow of foreign capital into the Thai stock market.

Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.

DITTO reports that digital projects from both the public and private sectors are accelerating as fiscal year 2570 begins, with new contracts being secured since October. The backlog as of early September 2569 has increased to 5,400 million baht, up from 4,825.29 million baht at the end of Q2/2569. Meanwhile, the company is set to recognize revenue from the second phase of the zoo project at Khlong 6 by the end of this year, and Blu Green Token has achieved ICMA standards, underscoring its credibility.

Siam TC Technology Company Limited (Siam TC), a wholly-owned subsidiary of Ditto (Thailand) Public Company Limited, together with Token X Company Limited (Token X), announced the launch of Blu Green Token, Thailand's first digital token for environmental conservation under the supervision of the Securities and Exchange Commission (SEC). SBI Digital Markets (SBIDM) in Singapore has joined as a partner to expand investment in the Asia-Pacific region. Blu Green Token is backed by 17,531.04 rai of mangrove forest projects registered with the Thailand Greenhouse Gas Management Organization (TGO) under the T-VER and Premium T-VER standards. Each token represents rights to 1 kilogram of carbon dioxide equivalent, totaling 400,000 tonnes of carbon dioxide equivalent over the project's lifetime. DITTO will provide financial support equal to the initial investment plus compound returns of 3 percent per year if revenue from carbon credit sales is insufficient. The tokens will be offered through Token X and Bitkub Exchange.

DITTO is in talks with several new partners, including a major European cybersecurity company, another European document management firm, and a Singapore-based company interested in bringing Blu Green Token onto a digital asset trading platform. The company expects to reach conclusions within the third quarter, with the Singapore deal likely to be completed in September. For the second quarter of 2026, total net profit was 189.71 million baht, a new high, up 13 percent from the same period last year. First-half net profit was 349.08 million baht, up 11 percent. As of June 30, the backlog of signed work not yet recognized as revenue was worth 4.825 billion baht. The company targets revenue growth of 15 to 20 percent in 2026 from last year's total revenue of 3.189 billion baht.

Ditto Thailand reported second-quarter net profit for fiscal 2026 of 189.71 million baht, up 13% from the same period last year, with sales and service revenue of 1.009 billion baht, up 33%. For the first six months, net profit was 349.08 million baht, up 11%, and revenue was 1.928 billion baht, up 28%. Chief Executive Officer Thakorn Rattanakamonporn said the company received a contract for a data integration upgrade project for the Ministry of Social Development and Human Security worth 98 million baht, and a document and data management project for the Department of Land Transport worth 50 million baht. Meanwhile, subsidiary Siam TC Technology offered 400 million digital tokens at 1.20 baht each, worth 480 million baht, with a mangrove forest project for carbon credit benefits as the underlying asset. As of June 30, the group had signed projects not yet recognized as revenue worth a combined 4.825 billion baht, including the new zoo construction project phase 2 at Khlong 6 with a contract value of 4.335 billion baht, in which the group holds a 55% stake. Thakorn said major European cybersecurity firms and a Singapore company interested in bringing Blu Green Token onto a digital asset trading platform are in talks, with a conclusion expected within the third quarter of this year.

DITTO and GABLE are in agreement that the cybersecurity business is seeing high demand and is becoming the new heart of the digital era. Mr. Thakorn Rattanakamonporn, Chief Executive Officer of DITTO, revealed that the company is fully pursuing this business through its investment in Growpro, which operates a 24-hour CSOC monitoring center and provides end-to-end services for both public and private sectors. He views cybersecurity systems as becoming a fundamental requirement for every organization, no different from accounting systems, and the arrival of AI is further accelerating the need for continuous improvements in defense systems. Meanwhile, Dr. Chaiyuth Chunnahacha, Chief Executive Officer of GABLE, stated that cybersecurity is one of the company's five core portfolios, with this business unit spun off under CyberGenic to create advanced solutions covering monitoring, consulting, and AI-driven penetration testing. Key clients are financial institutions and banks, which are subject to regulations from the Bank of Thailand. This business generates recurring revenue and has a higher profit margin than GABLE's average, which will help lift the company's overall margin as it grows in proportion.

Analysts at Yuanta Securities Thailand, or YUANTA, say the formation of five working groups under the Joint Public-Private Sector Consultative Committee, or Krung-Or, will boost money circulating in the economy by as much as 600 billion to 800 billion baht per year if the country's investment ratio can be lifted from the current 22 to 23 percent to 30 percent of gross domestic product as targeted. The plan is divided into three phases: a short-term phase of six months, a medium-term phase of two years, and a long-term phase of four years, covering strategies in investment, artificial intelligence and digital technology, the green economy, finance, and healthcare. Stocks expected to benefit directly include GULF, GUNKUL, KTB, STECON, CK, FORTH, SKY, PIS, DITTO, SAMART, and TASCO, especially power-plant operators and companies likely to win project work from the public sector. Analysts recommend closely monitoring progress in the first six months, because if the plan is executed as scheduled it will help restore confidence and support long-term earnings growth.

Siam TC Technology, a subsidiary of DITTO, has issued and sold Thailand's first digital environmental token under the name Blue Green Token, or BLU, with approval from the Securities and Exchange Commission. The 400 million tokens, with a total value of 480 million baht and an offering price of 1.20 baht per token, were oversubscribed and began trading on Monday, July 20. The first-day closing price was 1.30 baht, over 8% above the subscription price, and during the day it reached a high of 1.44 baht. In the first four days of trading, the lowest price did not fall below 1.20 baht, with an average trading value of about 11 million baht. This project raises funds to plant and care for mangrove forests on an area of 17,500 rai. The return rates for token holders are set in three scenarios: a base case of 10.35%, a best case of 20.04%, and a worst case of 3.0%. Returns will begin in the fifth year, with principal and returns repaid at the end of the seventh year. The reference carbon credit price in the best case will increase from 1,200 baht per ton at the fundraising date to 3,221 baht in 2030, and further to 4,038 and 4,240 baht in 2031 and 2032, respectively. Jirayut Srupsrisopa, founder and CEO of Bitkub Capital Group Holdings, commented that fundraising through digital tokens is becoming an important alternative linking the digital economy, environmental conservation, and financial opportunities for the new generation of investors, who number more than 5.3 million. Meanwhile, the CP Group has launched the Reforest Tokenization project in collaboration with the Mae Fah Luang Foundation to restore 10,000 rai of forest in Chiang Mai, Chiang Rai, and Tak, reflecting the power of the private sector in driving the green economy and new digital investment markets.

Token X, as an ICO portal under the SCB group, has supported the listing of Blu Green Token, Thailand’s first digital token for environmental investment, on the Bitkub digital asset exchange. The token is issued by Siam TC Technology Company Limited, a subsidiary of DITTO, and began trading at 1.30 baht per token, up 0.10 baht from the subscription price of 1.20 baht per token. This success reflects investor confidence in digital assets that link environmental goals with modern investment opportunities.

DITTO is preparing to bid for government and state enterprise projects worth a combined 1 billion baht in the third quarter of 2026. The work covers digital data and document management as well as IoT for water resources. Results and contract signings are expected within the same quarter. If the company secures the targeted contracts, the share of revenue from the public sector will rise to 70 percent from 65 percent, while the private-sector portion will drop to 30 percent from 35 percent. In addition, the company is expanding its cybersecurity business, joining virtual bank initiatives with two major banks, and developing a digital platform for licensing systems in the public health sector. For 2026, DITTO aims to maintain average growth of 15 to 20 percent, driven by the country's digital infrastructure investments. Meanwhile, Blu Green Token, Thailand's first digital token for environmental conservation backed by carbon credits from mangrove forests, began trading on Bitkub at 1.30 baht, up 8.33 percent from the subscription price of 1.20 baht. DITTO raised 480 million baht to plant and care for mangroves on 17,531.04 rai and to develop technology for measuring and certifying carbon credits. Jirayut Srupsrisopa, founder of Bitkub Capital Group, said Thailand is the first country in the world to tokenize carbon credits and list them on an exchange, broadening investment opportunities and supporting the nation's net-zero goal.