Italian Thai Development PCL
Italian Thai Development PCL operates in the construction and engineering industry, primarily generating revenue through infrastructure and industrial projects.
Business. Italian Thai Development PCL (ITD.BK) is a construction and engineering company operating within the Industrial & Commercial Services sector. The firm is headquartered in Thailand and is primarily listed on the Stock Exchange of Thailand (SET). Specific details regarding its operating segments and geographic revenue mix are not available.
Analyst recommendations
1 analysts · consensus BuyAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Italian Thai Development PCL (ITD.BK) is a construction and engineering company operating within the Industrial & Commercial Services sector. The firm is headquartered in Thailand and is primarily listed on the Stock Exchange of Thailand (SET). Specific details regarding its operating segments and geographic revenue mix are not available.
The company's capital structure is highly leveraged, with a debt-to-equity ratio of 6.62, indicating a significant reliance on debt financing. Despite a current ratio of 0.87, which suggests potential liquidity constraints, the firm maintains a free cash flow of 1.25 billion THB, supporting operational flexibility. However, the negative net cash position after subtracting total debt raises concerns about short-term liquidity risk.
Profitability metrics reveal a weak return on equity of 1.68% and an even weaker return on assets of 0.10%, both significantly below the industry median for construction and engineering firms. The operating margin of 7.6% is in line with the sector average, but the net margin of 0.66% is notably low, indicating high operating costs or competitive pressures.
Geographically, the firm's revenue is concentrated in Thailand, with no disclosed international segments. This concentration increases exposure to local economic and regulatory risks. The firm's segmental breakdown is not available in the latest financials, but the lack of diversification is a key risk factor.
The company's growth trajectory is modest, with no disclosed revenue growth in the latest period. Analysts have assigned a mean recommendation of 2.00, indicating a neutral outlook, with only one "buy" rating and no "strong buy" or "sell" ratings. The absence of strong analyst sentiment suggests limited upside potential in the near term.
The risk assessment highlights medium liquidity risk and low dilution risk. The firm's high debt load and weak net cash position contribute to liquidity concerns, while the absence of dilutive events in the latest filings supports the low dilution risk rating. The firm has not disclosed any recent share issuance or ATM programs that would suggest dilution pressure.
Recent filings and transcripts do not indicate any material events or strategic shifts. The firm's capital expenditure of -411.8 million THB suggests a reduction in investment activity, which may reflect a strategic shift or financial constraints. No recent earnings calls or investor presentations have been disclosed that would provide additional insight into the firm's strategic direction.
- The company is highly leveraged, with a debt-to-equity ratio of 6.62, indicating significant financial risk.
- Return on equity and return on assets are below industry medians, suggesting weak profitability.
- Revenue is concentrated in Thailand, increasing exposure to local economic and regulatory risks.
- Analysts have assigned a neutral outlook, with no strong buy or sell ratings.
- The firm has not disclosed any recent strategic shifts or material events.
Bull / Bear case
Generated · model-assistedOperating income surged 493.3% year-over-year to THB 4.57 billion, signaling a strong operational turnaround.
Free cash flow jumped 926.8% to THB 9.11 billion, demonstrating exceptional cash generation capabilities.
Cash conversion ratio of 17.67 is best-in-class compared to the cohort median of 0.66.
The single analyst recommendation is a buy, suggesting positive sentiment from market professionals.
Debt-to-equity ratio of 6.62 is in the bottom quartile, indicating extreme leverage risk.
High credit risk flag suggests potential difficulties in meeting financial obligations or servicing debt.
Net margin of 0.66% is well below the cohort median of 3.81%, showing weak profitability.
In focus — financials by report
Revenue THB 70.67B, +10,9% YoY; Operating income −134,7% YoY.
- ▍Revenue THB 70.67B, +10,9% YoY
- ▍Operating income −134,7% YoY
- ▍Net income −438,6% YoY
- ▍Free cash flow −196,3% YoY
- ▍Net margin -8.2%
Revenue THB 63.74B, −5,0% YoY; Operating income +2 426,2% YoY.
- ▍Revenue THB 63.74B, −5,0% YoY
- ▍Operating income +2 426,2% YoY
- ▍Net income +77,5% YoY
- ▍Free cash flow +209,9% YoY
- ▍Net margin -1.7%
Revenue THB 67.07B, +14,2% YoY; Operating income −104,5% YoY.
- ▍Revenue THB 67.07B, +14,2% YoY
- ▍Operating income −104,5% YoY
- ▍Net income −2 958,0% YoY
- ▍Free cash flow −187,4% YoY
- ▍Net margin -7.1%
Revenue THB 58.74B; Operating income THB 3.19B.
- ▍Revenue THB 58.74B
- ▍Operating income THB 3.19B
- ▍Net margin -0.3%
Valuation FY
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consensus EPS · 26-week trendSell-side observations
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Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
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Derivatives & instruments
Physical assets
23 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Dawei power station | Power | Power | Myanmar | Parent |
| Dawei power station | Power | Power | Myanmar | Parent |
| Dawei power station | Power | Power | Myanmar | Registered owner |
| Dawei power station | Power | Power | Myanmar | Parent |
| Dawei power station | Power | Power | Myanmar | Registered owner |
| Dawei power station | Power | Coal | Myanmar | Parent |
| Dawei power station | Power | Coal | Myanmar | Registered owner |
| Dawei power station | Power | Power | Myanmar | Registered owner |
| Dawei power station | Power | Coal | Myanmar | Parent |
| Dawei power station | Power | Coal | Myanmar | Registered owner |
| Dawei power station | Power | Coal | Myanmar | Parent |
| Dawei power station | Power | Coal | Myanmar | Registered owner |
| Dawei power station | Power | Coal | Myanmar | Parent |
| Dawei power station | Power | Coal | Myanmar | Registered owner |
| Dawei power station | Power | Power | Myanmar | Parent |
| Dawei power station | Power | Power | Myanmar | Registered owner |
| Macuse Port Coal Terminal | Coal terminal | Coal | Mozambique | Registered owner |
| Mai Khot power station | Power | Power | Myanmar | Parent |
| Mai Khot power station | Power | Power | Myanmar | Registered owner |
| Mai Khot power station | Power | Coal | Myanmar | Parent |
| Mai Khot power station | Power | Coal | Myanmar | Registered owner |
| Nam Theun 2 hydroelectric plant | Power | Power | Laos | Registered owner |
| Thai Pride Hin Son Cement Plant | Cement plant | Cement | Thailand | Parent |
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- Italian Thai Development PCL Market data — financials · 2026-05-28
- Italian Thai Development PCL Market data — analyst estimates · 2026-05-28
Ownership & reference
Leadership
- Kriengsak KovadchanaExecutive Vice President
- Piyachai KarnasutaExecutive Vice President
- Prasart KosarussawadeeExecutive Vice President
- Prasert SanorSenior Vice President
- Prasit RatanaramigExecutive Vice President
- Premchai KarnasutaPresident, Director
- Sakchai PuetpaiboonExecutive Vice President
- Sompop PinijchaiExecutive Vice President
- Sumate SurabotsoponExecutive Vice President
- Wichien RoongrujiratSenior Vice President