Capital Nomura Securities estimates a 55-per-cent rise in normalised net profit for last year in light of a full-year positive impact from merging into Samart Comtech - reflected via lower operating costs - and a 44-per-cent rise in revenues associated with SchoolNet, SoftSwitch and Samart Comtech projects.

Backlog as of last September leap-frogged to between Bt6 billion and Bt7 billion after acquiring Internet Tambol and PortalNet's ERP projects worth a total of Bt5.2 billion, regarded as considerably high. In effect, this guarded against last year's negative impact of the political coup and power vacuum and will mark another prosperous year this year for Samart Telcoms.

Samart Telcoms this year will secure continuing net-profit growth of 26 per cent, regarded as solid amid the negative impact of last year's political void, which will be reflected this year.

Such solid growth will be bolstered by new projects, including the Bt2.1-billion Internet Tambol and Bt3.1-billion PortalNet ERP projects, plus partial revenue recognition from Voice over Internet Protocol and Oasis Consulting.

Its price-to-equity premium should be well deserved, given its project backlog of Bt6 billion to Bt7 billion and strong and solid profitability gearing forwards in the next three years, as evidenced by a net-profit compounded annual growth rate of 27 per cent plus a quality management team with far-sighted vision.