ITD Jumps 17% to New High in 2-Year Ahead of a Robust 2Q21 Outlook

The share price of Italian-Thai Development Public Company Limited (ITD) rose ฿0.40/share or 16.95% to ฿2.76/share on May 28, 2021, with a trading value of 2,464 million baht.

The 1Q21 earnings of ITD turned to book a net profit of 247 million baht, compared to a net loss of 330 million baht in the same period of last year. In 1Q21, revenues from construction work, sales and services were 15,070 million baht, representing an increase of 498 million baht from the same period of last year, mainly from the increase of revenue from overseas subsidiaries and joint ventures as well as from the progress of local projects.

Meanwhile, the company had a gain on exchange rate of 163 million baht, an increase of 215 million baht compared to 1Q20.

According to a source close to the matters, CH. Karnchang (CK), Italian-Thai (ITD), Sino-Thai (STEC), and Nawarat Patanakarn (NWR) have submitted a tender for a double-track railway connecting Den Chai, Chiang Rai, and Chiang Khong through an E-bidding auction. ITD and NWR initially won one contract by offering the lowest bid of 26,568 million baht. Meanwhile, CK acquired two contracts worth a total of 46.2 billion baht in partnership with STEC. The winner will be officially announced on July 9, 2021.