TERA closed the first day of trading at 2.80 baht, an increase of 1.05 baht or +60.00% from the IPO price of 1.75 baht Trading value 1,216.16 million baht from the opening price of 3.90 baht, the highest price 4.04 baht, the lowest price 2.70 baht. .
TISCO Securities said in its analysis that Terabyte Plus Public Company Limited (TERA), a designer, installer and distributor of IT equipment. and provides integrated information technology infrastructure systems such as server systems, storage systems, network systems, and cyber security systems.
The company was appointed as an HPE (formerly HP) Platinum Partner, after which the company further distributed and provided Local Cloud services under the company brand “T.Cloud” and expanded its business to Public Cloud services such as Microsoft Azure from Microsoft and AWS from Amazon.
It also distributes and provides transportation, distribution and logistics management system (TMS) software through the “Skyfrog” application, including design, distribution, provision of installation and after-sales services in As for the integrated data center room, TERA has been a subsidiary of NEX since 2018 with a 51 percent share.
Prominent in providing Cloud services and income continuity, TERA is a distributor of IT equipment and provides many information technology systems in the market. There may also be related or similar products and services. which can partially replace each other, however, each operator has different strengths
TERA has strengths in services that meet customer needs. Important growth comes from providing Local Cloud services under the company’s own T.Cloud brand and Public Cloud services from Microsoft and AWS, focusing on services that generate recurring income, such as equipment maintenance and maintenance services (MA ) T.Support and T. Support Plus Services as well as being the owner of an application software under the trademark “Skyfrog”, a transport management system that meets the need for efficiency in managing transport costs. which accounted for around 49 per cent of total revenue in 2023
Service income helps support total income growth Income in 2024 is expected to grow mainly from service income. Especially Cloud services that follow the trend of transformation into the digital age. This is causing demand for cloud space to increase and the share of revenue from services is expected to increase to more than 50 percent, with the company focusing on expanding services and having a backlog waiting to be realized on for service revenue in 2024. It is approximately 171.36 million baht, representing 57 percent of service revenue in 2023.
Profits grow as service income increases. It is expected that the gross profit margin will increase from higher service income. which has a gross profit margin higher than the gross profit margin from sales combined with efficient management of sales and administrative costs Not including any one-time costs for company registration. It is a factor that supports the net profit rate in 2024 to expand continuously from 2023.
Raising money to invest in the new T.Cloud version and related businesses. and to finance the bidding of the project this time appropriately. Factors that need to be monitored include 1) future provision of new services 2) investment in related businesses. This will be a positive factor for future operating results.
Important risks include 1) changes in technology, 2) high competition, 3) value and number of jobs added each year. The preliminary assessment is based on the average PER of similar business operators at 10.9x times The value is considered appropriate at the IPO price and already has a premium.
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