Earth Tech Environment Public Company Limited (ETC.BK)
ValueMarkers Composite Index
36% below intrinsic value ($0)
Earth Tech Environment Public Company Limited (ETC.BK) — VMCI valuation read
Headline read on ETC.BK: VMCI of 63/100 versus a Utilities sector median of 50. The 13-point above-median position is what makes Earth Tech Environment Public Company Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on ETC.BK: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on ETC.BK: value (ETC.BK trades at 27.0x earnings, 50% above the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 1.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.
ETC.BK fell 1.4% over the trailing 7 days, with a -15.0% read on a 30-day basis.
Earth Tech Environment Public Company Limited generates and distributes electricity using industrial and processed waste in Thailand. The company operates power plants with an installed capacity of 9.4 MW located in Kaeng Khoi industrial estate, Kaeng Khoi district; 7.0 MW installed capacity in NakornLuang industrial estate, Nakhon Luang district; and 5.5 MW located in Phra Nakhon Si Ayutthaya. It is also involved in the procurement of machinery and equipment, and integrated plant construction, as well as provision of engineering design services. The company was incorporated in 2004 and is headquartered in Kaeng Khoi, Thailand.
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