Ditto (Thailand) Public Company LimitedDITTO
Mentioned
Impact on stocks 1
Carbon Removal (DAC)
Ditto (Thailand) Public Company LimitedTheme Impact
Off-coverage companies 1
BitkubPrivate± Mixed
relevance
Ditto (Thailand) Public Company LimitedKGI Securities Thailand has initiated coverage on DITTO with an Outperform recommendation and a target price of 26 baht, using a sum-of-the-parts valuation. The core business is valued at 18.6 baht per share, while the mangrove reforestation or blue carbon project contributes another 7.1 baht per share. DITTO holds a 30-year concession to plant mangroves on a total area of over 177,000 rai. Carbon credits from mangroves trade at a premium, but current trading is limited to voluntary markets, causing the project to be undervalued. KGI Securities sees two catalysts that could unlock value. The first is the start of trading of the BLU digital token on the Bitkub exchange on July 20, 2026, which will establish an official reference price for DITTO's blue carbon. The second is the enforcement of the Climate Change Act by 2027, which will shift carbon credit purchases from voluntary to mandatory. On the core business front, the backlog at the end of the first quarter of 2026 stood at a record high of 5.3 billion baht, with profit growing at an average of 36 percent per year from 2022 to 2025. KGI Securities estimates 2026 profit at 645 million baht, representing growth of around 8 percent from the previous year.