Daily Brief Thailand: Netbay Public Company Limited, Chamni’s Eye, Tpi Polene Public and more

Key points (machine generated)

• Netbay is a Thai SaaS company automating data transmission and form completion for businesses and government organizations.
• The company has achieved a 13% CAGR in revenue and EBITDA over the past three years and is trading at 14x its 2024 normalized P/FCF.
• Netbay’s e-Customs software facilitates B2G and B2B transactions, focusing on tax services for clients in 2024.

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• Chamni’s Eye is an established creative production company in Thailand, but it is facing significant financial headwinds, as evidenced by declining revenues, volatile profitability, and sharp dividend cuts over the past two years.
• The company operates in the dynamic Thai advertising market, which is rapidly shifting towards digital, video, and influencer-led content. This presents both a significant opportunity and a threat, requiring agile adaptation of its service offerings.
• A new strategic initiative, ‘The Profit Boot Camp,’ launched in August 2025, signals that management is proactively addressing profitability issues. The success of this 12-month program will be critical for the company’s medium-term outlook and shareholder returns.

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• TPI Polene (TPIPL) is Thailand’s third-largest cement manufacturer, with diversified operations in petrochemicals, energy, and agriculture. The company is strategically pivoting towards sustainability, emphasizing ‘green’ cement and expanding its waste-to-energy power generation, which is expected to improve margins and reduce environmental compliance risks.
• The company faces significant headwinds from a highly concentrated domestic cement market and intense competition in the regional petrochemical sector. Financial performance has deteriorated over the past three years, marked by declining revenues, shrinking profitability, and negative free cash flow, reflecting challenging market conditions and cost pressures.
• Forward-looking growth is contingent on the successful execution of its green transition strategy and the pace of Thailand’s public infrastructure spending, particularly in the Eastern Economic Corridor (EEC). While the valuation appears inexpensive on a price-to-book basis, significant uncertainty surrounds the timing and magnitude of an earnings recovery.

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