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Internet Thailand Public Company Limited

INET.BK
61
Information Technology Services · Technology
Price
3.82 THB
-0.04 (-1.04%)
Market Cap
2.28B THB
Exchange
Stock Exchange of Thailand
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Mixed
Cash Flow
Good
Stability
Mixed
Valuation
Strong
Dividends
Strong

Share count rising — dilution

+19.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 500.0M (2021) → 596.7M (2025)

§Winston Score History

The full picture

Internet Thailand Public Company Limited, together with its affiliated companies, provides a comprehensive array of internet access, information technology, and communication services tailored for both corporate clients and individual users across Thailand. The company structures its operations across two key divisions: Access Business and Business Solutions. INET's extensive portfolio features state-of-the-art data center solutions, including co-location services and robust business continuity/disaster recovery planning. Their cloud offerings are diverse, spanning virtual machine, backup, disaster recovery, and database as a service, complemented by hybrid cloud integration, SAP HANA as a service, and web hosting. To boost workplace productivity, they offer smart office solutions such as file sharing, desktop virtualization, and document management systems. Security remains a core focus, with services like INET VFW for network protection, INET iLog for secure traffic data logging, and INET Hybrid WAN for connecting geographically dispersed networks to a central infrastructure. Further enhancing connectivity and communication, INET provides WebEx for efficient online meetings, NET Cloud Connect for seamless network integration, and INET NODE for dedicated leased lines. They also secure e-commerce activities with INET SSL and optimize system performance while minimizing costs through INET Load Balance. Keeping pace with digital transformation, the company offers cutting-edge smart solutions, including artificial intelligence, chatbot, analytics, and big data as a service. This Bangkok-based company was established in 1995.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+45.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Cash Runway

~9 months

2.0B THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Internet Thailand Public Company Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
55.8%
Premium pricing power — 55.8% gross margin
Profit after running costs
Operating Margin
40.7%
Excellent — 40.7% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+18.7%
Fast-growing sales (+18.7% YoY)
Profit growth
EPS YoY
-24.6%
Earnings shrinking (-24.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
345%
Turns 345% of profit into real cash
Spare cash per sale
FCF Margin
-60.1%
Burning cash (-60.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.91
Elevated debt (1.91)
Covers its interest
Interest Cover
1.04x
Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
7.2x
Attractive valuation — P/E 7.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+2.3
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.30%
Moderate income — 3.30% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+23.1%
Dividend growing fast (23.1% YoY)

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