Pro Inside Public Company Limited

Pro Inside Public Company Limited, or PIS, is launching an aggressive second-half push in 2026, moving ahead with gradual revenue recognition from large-scale projects for government agencies and state enterprises that are already underway, while accelerating its pursuit of new bids. It holds a backlog of more than 6,096 million baht to support revenue recognition over the next three to four years. The backlog is mostly made up of Application Solutions work at 58%, followed by IT Integration Services at 31% and Physical Security at 11%. The key turning point is the acquisition of a 50% stake in Energy Max Company Limited, or Energy Max, which manufactures, assembles and distributes electronic electricity meters as well as smart energy management systems in Thailand. This investment builds on PIS's IT expertise by combining it with Energy Max's energy technology, opening the door to the Smart Grid market across smart meters, smart transmission lines and rooftop solar, in line with government policy on the energy transition. It also serves as a mechanism to create a new S-Curve, transforming the company from a contractor for IT systems into a provider of Technology Solutions spanning Application, IT Integration, Physical Security, AI, Cloud, ERP, Digital Banking and Energy Technology.

Bualuang Securities released an analysis stating that the development of Thailand's smart grid is nearing a turning point, moving from a phase focused on long-term roadmaps toward rule-setting, pilot project implementation, and greater private-sector participation. The medium-term smart grid drive plan for 2022-2031 comprises 5 pillars: Demand Response and Energy Management Systems, or DR & EMS, which accounts for roughly 30% of the budget; Renewable Energy Forecasting, or RE Forecasting, about 10%; Microgrid and Prosumer, about 20%; Energy Storage Systems, or ESS, about 25%; and EV Integration, about 15%. The analysis states that stocks that could benefit under the DR & EMS pillar include SKY, PIS, FORTH, PCC and ALT, while the RE Forecasting pillar includes TKC and SAMART. The Microgrid & Prosumer pillar includes BGRIM, the ESS pillar includes EA, GPSC, GULF and EGCO, and the EV Integration pillar includes FORTH and EA. Bualuang Securities takes the view that heavy investment in ESS and Microgrid should not be rushed from the early stage, because committing large amounts of capital to batteries, hardware and EPC work before pricing mechanisms and service markets are clear carries the risk of assets being underutilized. Meanwhile, DR/EMS forecasting and EV Integration require less capital and open up opportunities to generate revenue from platforms, service fees and recurring income.

PIS, or PIS, disclosed that it currently has a backlog of more than 6,096 million baht awaiting revenue recognition. Its strategy for the second half of the year includes preparing to bid on new government projects, while also aiming to expand its business base into new segments. It sees opportunities in government support policies across Cloud, AI, Enterprise Resource Planning (ERP), Banking, as well as the energy sector related to Smart Grids. The company is therefore focused on developing software and employee skills to raise its operational capabilities and drive revenue in 2026 to grow in line with its targets.

Pro Inside Public Company Limited, or PIS, is pressing ahead to accelerate revenue recognition from large-scale projects in the second half of 2026, with a backlog worth more than 6,096 million baht that will be gradually recognized over the next three to four years. This breaks down into Application Solutions at 58%, IT Integration Services at 31%, and Physical Security systems at 11%. Ms. Benyapa Chalermwat, Chief Executive Officer of PIS, disclosed that the operating outlook for the second half of the year remains positive, driven by the gradual revenue recognition of large projects and deliveries proceeding according to plan. At the same time, the company has set a growth target of 10-15% for 2026, and has recently acquired a 50% stake in Energy Max Company Limited, or Energy Max, which manufactures, assembles, and distributes electronic electricity meters as well as smart energy management systems in Thailand, in order to extend into the Smart Meter and Smart Grid businesses and create a new S-Curve over the long term.

Pro Inside Public Company Limited (PIS) has unveiled its plan for the second half of the year, preparing to bid for state projects worth a total of over 5 billion baht. The company is confident of pushing its cumulative contract value for the year to 10 billion baht. So far, it has secured contracts worth approximately 4 billion baht, with another 6 billion baht worth of projects pending bidding in the third and fourth quarters, especially large-scale projects at the end of the year with a total value exceeding 5 billion baht. Meanwhile, the company has adjusted its strategy towards developing large platforms and solutions, particularly ERP systems, which have accumulated contracts of over 5.4 billion baht, led by projects from the Provincial Electricity Authority (PEA) and projects from Airports of Thailand Public Company Limited (AOT) worth approximately 3.2 billion baht. Revenue from the AOT project will begin to be recognized in the second half of the year. The company has also invested in Energy Max Management Company Limited to support the transition of over 28 million automated meters, expecting a market share of 30-40%. It is also preparing cybersecurity measures to comply with the PDPA law.

Pro Inside Public Company Limited, or PIS, reported first-half 2026 net profit of 164 million baht, up 8% from the same period last year. Total revenue was 1.531 billion baht, up 6% from 1.439 billion baht. The company has a backlog of 6.096 billion baht, which will be recognised as revenue over the next three to four years. It targets 2026 revenue growth of 10 to 15% from the previous year, supported by public-sector investment megatrends in digital government, cloud first, smart security, and smart grid.

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.

Pro Inside Public Company Limited, or PIS, is preparing to bid for more government and state enterprise projects after the cabinet acknowledged the draft Big Data Strategic Plan for 2025 to 2027. This is the first national strategy aimed at using big data and AI to drive the Thai economy. The government targets accelerating the development of Government Cloud, a National Big Data Platform, and Thai-language AI, while pushing the economic value from big data to grow by no less than 35 percent by 2027. Currently, PIS has a backlog of up to 4.358 billion baht and aims to push it to 5 billion baht within this year. Revenue for 2026 is expected to grow 10 to 15 percent and has a chance to reach a new record high. In addition, the investment in Siam Deep Tech Company Limited, an ERP system specialist, is helping expand the service scope and create a new S-curve to support long-term growth.

PIS expects normalised profit in 2026 to grow 17% to 320 million baht, and accelerate 30% to 415 million baht in 2027, according to analysis by Yuanta Securities Thailand. The growth is driven by an overflowing pipeline of government auction work, with backlog at the end of the first quarter of 2026 standing at 4.4 billion baht, up 25% from the same period last year. The company targets 15% revenue growth in 2026 and plans to bid for several billion baht more in contracts in the second half of the year. In addition, PIS has begun expanding its customer base to the private sector, particularly financial institutions, through ERP project bids. If successful, this will add new revenue streams and reduce long-term reliance on government work.