Netbay Public Company Limited

NETBAY reported progress on its second case, valued at approximately 425 million baht, with the Central Administrative Court issuing a dismissal ruling on 17 July 2026. The case covers the period from 1 April 2024 to 25 April 2025 and is one of two disputes the company is facing. Although the case is not yet final as parties may appeal, this ruling helps ease pressure on investor confidence, given that both cases involve similar legal issues and contract characteristics. Analysts from Beyond Securities expect second-quarter 2026 performance to recover, forecasting a net profit of 40 million baht, down 47 percent year-on-year but up 19 percent quarter-on-quarter. They maintain a buy recommendation and raise the target price to 18.00 baht from 12.50 baht, based on a 2027 price-to-earnings ratio of 16 times, as the worst-case scenario assumption is removed following the case progress.

The Central Administrative Court has dismissed a lawsuit in which National Telecom Public Company Limited, or NT, sued Netbay Public Company Limited, or NETBAY, for 424,875,408.84 baht plus interest in National Single Window system service fees. The court ruled that NETBAY and NT have no contractual relationship. NETBAY's use of the NSW service was based on rights under a joint system development agreement with the Customs Department dating back to 2007, which ended on 25 April 2025, and predates the date when NT became entitled to collect fees from new system users. This judgment is not yet final, and NT may still appeal under the law.