Equity Analysis /
Thailand

Humanica PCL: Individually they are one drop; but together they form an ocean

  • A month of consolidation with DataOn in 2Q22

  • Unlocking their full potential

  • BE8 vs. HUMAN—same story but different price action

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
9 June 2022

HUMAN already has the biggest market share among HR solution providers in Thailand. DataOn has the biggest market share in Indonesia. HUMAN’s acquisition of DataOn will make it an ASEAN leader. We see this deal as an important step in propagating and sustaining growth over the long haul. BUY!

A month of consolidation with DataOn in 2Q22

We believe that HUMAN’s numbers bottomed out in 1Q22. Many projects have resumed, particularly for big enterprises. Its existing tourism-related clients have started to recover in 2Q22. YTD, HUMAN has sealed 12 deals (Bt18m for implement revenue and Bt2m/month for recurring revenue)—i.e., PTG, Siam Piwat, SCBx and DHL eCommerce. We forecast HUMAN’s earnings (excluding DataOn) at Bt42m in 2Q22, down 23% YoY but up 25% QoQ.