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Ditto Thailand PCL: Enabling Thailand’s digital shift

  • End-to-end solution provider enabling the shift to digitization
  • A balanced portfolio of businesses
  • Many potential drivers of volume and value

We have initiated coverage on DITTO—the best DMS play in Thailand—with a BUY call and a YE22 target price of Bt26, pegged to 2022 PEG of 1.5x (forecast 2021-23 CAGR of 35% YoY). DMS lays the foundation for all other applications—no informatics-reliant app has any value if the raw data isn’t first digitalized. The market is expanding fast, so DITTO deserves a valuation premium.

End-to-end solution provider enabling the shift to digitization

The company has three businesses: 1) sales and total solutions for digital document management systems (DMS), 2) turnkey tech engineering services, including to state agencies, and 3) sales and total solutions for photocopiers, printers, and other tech products. 2020 was a year of dramatic changes for companies around the world. As organizations start planning for the post-COVID office era, many are getting serious about going paperless. As Thailand’s DMS service leader, DITTO will grow in tandem with the paperless/digitization trend.


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