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RNET
1. Vishal Bhat | Matthew Rindelaub | Connor Ruddick
NASDAQ: RNET
The University of Texas at Austin
2. 2
NASDAQ: RNET
Investment Thesis
Thesis Company Industry Risks Valuation
1
2
3
RigNet shares punished by unfair industry
based sentiment
Recent favorable management changes have
driven down the stock
Misunderstood impacts from 2014 Inmarsat
acquisition
4. Company Overview
4
Business
Thesis Company Industry Risks Valuation
Pure-play remote
oil & gas
communications
Fully managed
voice and
broadband
services
Custom designed
solutions for each
application
5. Business
5
Installations
Thesis Company Industry Risks Valuation
Pure-play remote
oil & gas
communications
Fully managed
voice and
broadband
services
Custom designed
solutions for each
application
Over 1,100 remote sites
Six continents
45 countries
262
Offshore
266
Onshore
253
Strategic
Initiatives
346
Other
Sites
47%
Europe &
Russia
28.5%
Asia
Pacific
24.6%
United
States
Revenue FY2013
11. Competitors
11
Management
30+ years of experience in both telecom and
energy industries
Served on management of major players in oil
& gas markets
Strategic partnerships throughout industry
Progressive outlook on the increasing
technological focus of oil & gas industry
Mark Slaughter
CEO & President
Thesis Company Industry Risks Valuation
12. Management
12
Several new members of management from Harris CapRock, RigNet’s
primary competitor
Pal Jensen, Brian Keefover, Mauricio Rubinsztajn
Indicates general movement in market towards RigNet
Management brings unique perspectives and market knowledge
Recent Changes in Management
New core competencies and market insights
Many strategic leaders added from Inmarsat acquisition
Identifying areas with a greater need for hands-on management and
allocate talent accordingly
Rotation of management across the globe
Thesis Company Industry Risks Valuation
14. 14
Growth Prospects
Sources of Growth
Inmarsat Acquisition
Revenue Growth
Increased ARPU
Increased Rig Count
Increasing current margins
Knowledge of terrestrial wireless networks
Increased Microwave/WiMAX networks
Thesis Company Industry Risks Valuation
15. Other Growth Factors
15
Sources of Growth
“One Stop Shop”
Increase in
Unconventional Energy
Demands
Promising Revenue
Trajectory
Expand services to encompass
entire operation
Shale boom increases onshore
prospects
Deepwater rig demand necessitates
strong telecommunication infrastructure
Increased customer lock-in
Increased rig efficiency
Well poised for this advancement
Established Global
Network
Increasing
Digitalization of O/G
Record Revenue
& EBITDA
New Value-adding
Services in Pipeline
Projected Bandwidth
Demand Growth
Thesis Company Industry Risks Valuation
21. Risks & Mitigations
21
Risks & Mitigations
TSI helps make rigs
efficient; fight price drops
Less exposure to risks of
industry than O/G firms
Well-established network
(lock-in)
Room to expand market
share and market size
Nessco acquisition
Synergistic businesses
Subject to volatility of
energy markets
Oil & gas industry
currently in decline
Dilutive margins
GX is a risky endeavor
PE backed entrants
Possible market saturation
Thesis Company Industry Risks Valuation
Macro Trends
Pricing & Competition
Inmarsat
53. 53
Capital Structure Summary
Thesis Company Industry Risks Valuation
Capital Structure Data
For the Fiscal Period Ending
Units Millions % of Total Millions % of Total Millions % of Total Millions % of Total
Total Debt 54.2 31.6% 59.6 32.3% 82.5 38.8% 85.3 38.0%
Total Common Equity 117.2 68.4% 124.7 67.6% 130.0 61.2% 138.8 61.9%
Total Minority Interest 0.1 0.0% 0.1 0.1% 0.1 0.0% 0.2 0.1%
Total Capital 171.5 100.0% 184.4 100.0% 212.5 100.0% 224.3 100.0%
3 months Q3
Sep-30-2013
3 months Q4
Dec-31-2013
3 months Q1
Mar-31-2014
3 months Q2
Jun-30-2014
Debt Capitalization
FY 2013 (Dec-31-2013) Capital Structure As Reported Details
Description Type Principal Due (USD)
Coupon/Base
Rate Floating Rate Maturity Seniority Secured
Equipment
Notes
Bonds and Notes - 5.500% NA May-09-2011 Senior Yes
Revolving Loan Revolving Credit - 2.200% NA - Senior Yes
Term Loan Term Loans 59.5 2.200% LIBOR + 2.500% Oct-01-2018 Senior Yes
54. 54
Ratios & Growth
Thesis Company Industry Risks Valuation
Ratios
For the Fiscal Period Ending
3 months
Q1
Mar-31-2012
3 months
Q2
Jun-30-2012
3 months
Q3
Sep-30-2012
3 months
Q4
Dec-31-2012
3 months
Q1
Mar-31-2013
3 months
Q2
Jun-30-2013
3 months
Q3
Sep-30-2013
3 months
Q4
Dec-31-2013
3 months
Q1
Mar-31-2014
3 months
Q2
Jun-30-2014
Profitability
Return on Assets % 8.6% 8.2% 9.8% 9.0% 7.2% 8.9% 10.3% 10.2% 7.4% 8.9%
Return on Capital % 11.4% 10.7% 12.9% 11.8% 9.5% 11.7% 13.6% 13.3% 9.7% 11.9%
Return on Equity % 11.7% 12.9% 13.6% 14.1% 14.8% 18.8% 8.6% 18.0% 7.2% 17.1%
Return on Common Equity % 11.3% 12.9% 13.9% 13.6% 14.6% 18.6% 8.4% 17.8% 6.9% 16.9%
Margin Analysis
Gross Margin % 54.6% 54.4% 48.2% 45.5% 44.9% 49.5% 45.2% 45.2% 38.0% 43.4%
SG&A Margin % 26.3% 28.8% 23.6% 19.8% 23.8% 24.5% 19.7% 20.4% 18.7% 21.5%
EBITDA Margin % 28.3% 25.5% 24.6% 24.9% 21.1% 25.0% 25.6% 24.3% 19.3% 21.9%
EBIT Margin % 15.7% 14.1% 14.5% 15.5% 11.7% 14.8% 16.0% 15.9% 10.2% 12.9%
Earnings from Cont. Ops Margin % 8.0% 8.6% 6.6% 7.1% 7.1% 9.6% 4.2% 9.1% 3.1% 7.1%
Net Income Margin % 7.7% 8.6% 6.8% 6.9% 7.1% 9.5% 4.1% 9.0% 2.9% 7.0%
Growth Over Prior Year
Total Revenue 27.6% 26.9% 65.9% 65.4% 69.2% 54.4% 18.6% 21.2% 42.1% 57.1%
Gross Profit 28.1% 22.2% 44.8% 34.3% 39.2% 40.5% 11.4% 20.6% 20.4% 37.8%
EBITDA 34.4% 6.5% 33.8% 56.6% 26.3% 51.3% 23.5% 18.2% 29.9% 37.6%
EBITA 55.0% 6.6% 49.2% 92.4% 40.1% 72.5% 26.8% 22.2% 23.4% 34.9%
EBIT 60.4% 7.1% 36.4% 74.8% 26.2% 62.2% 31.0% 23.8% 24.4% 36.8%
Earnings from Cont. Ops. 10,743.5% 30.0% (42.0%) 70.1% 51.4% 71.8% (24.1%) 55.9% (38.9%) 16.9%
Net Income NM 34.6% (40.6%) 71.3% 54.9% 70.4% (27.5%) 59.6% (41.2%) 16.6%
Normalized Net Income 84.4% 19.0% 18.4% 52.6% 38.1% 54.4% 26.3% 25.5% 23.3% 30.7%
Diluted EPS before Extra NM 30.8% (40.6%) 65.3% 57.1% 64.7% (31.6%) 51.3% (45.5%) 10.7%
Accounts Receivable 49.4% 34.0% 107.3% 51.9% 64.5% 86.6% 8.2% 13.4% 62.1% 79.4%
Inventory NA NA NA NA NA NA NA NA NA NA
Net PP&E 27.6% 20.0% 46.7% 42.9% 38.9% 46.4% 26.3% 26.6% 50.3% 44.8%
Total Assets 5.1% 4.4% 52.9% 53.2% 48.9% 50.8% 7.9% 10.6% 33.4% 38.3%
Tangible Book Value 26.4% 24.9% (34.1%) (27.5%) (26.2%) (21.1%) 59.4% 57.4% 48.1% 48.5%
Common Equity 17.7% 16.5% 18.4% 22.4% 17.2% 19.2% 21.3% 22.4% 27.1% 29.6%
Cash from Ops. 57.6% 47.2% (39.0%) 847.9% (49.7%) (7.8%) 60.4% (14.2%) 287.0% NM
Capital Expenditures 137.3% (41.5%) 3.1% 21.6% (21.2%) 165.5% 16.3% 54.8% 68.4% (33.5%)
55. 55
Solvency
Thesis Company Industry Risks Valuation
Ratios
For the Fiscal Period Ending
3 months
Q1
Mar-31-2012
3 months
Q2
Jun-30-2012
3 months
Q3
Sep-30-2012
3 months
Q4
Dec-31-2012
3 months
Q1
Mar-31-2013
3 months
Q2
Jun-30-2013
3 months
Q3
Sep-30-2013
3 months
Q4
Dec-31-2013
3 months
Q1
Mar-31-2014
3 months
Q2
Jun-30-2014
Asset Turnover
Total Asset Turnover 0.9x 0.9x 1.1x 0.9x 1.0x 1.0x 1.0x 1.0x 1.1x 1.1x
Fixed Asset Turnover 3.7x 3.7x 4.7x 4.3x 4.4x 4.0x 4.1x 4.1x 4.5x 4.3x
Accounts Receivable Turnover 4.9x 5.4x 5.6x 4.7x 5.3x 4.7x 4.9x 5.2x 5.4x 4.4x
Inventory Turnover NA NA NA NA NA NA NA NA NA NA
Short Term Liquidity
Current Ratio 3.0x 3.1x 2.6x 2.5x 2.6x 2.6x 2.6x 2.8x 2.5x 2.6x
Quick Ratio 2.8x 2.9x 2.5x 2.4x 2.3x 2.4x 2.3x 2.5x 2.2x 2.4x
Cash from Ops. to Curr. Liab. 1.1x 0.9x 0.4x 1.4x 0.4x 0.6x 0.6x 1.2x 1.0x NM
Avg. Days Sales Out. 74.0 67.4 65.7 78.1 68.3 76.7 75.6 71.3 66.3 83.6
Avg. Days Payable Out. 35.7 34.8 30.1 37.8 38.9 48.1 39.0 36.7 34.1 37.8
Long Term Solvency
LT Debt/Equity 14.4% 11.6% 56.0% 50.9% 48.4% 44.0% 38.2% 41.0% 56.9% 55.4%
LT Debt/Capital 11.6% 9.5% 33.8% 31.8% 30.7% 28.8% 26.1% 27.8% 34.9% 34.3%
Total Liabilities/Total Assets 38.8% 37.0% 53.9% 52.8% 51.9% 50.3% 48.2% 47.7% 54.2% 53.4%
EBITDA / Interest Exp. 47.2x 65.8x 19.3x 19.7x 22.0x 29.2x 33.6x 16.1x 30.1x 31.3x
(EBITDA-CAPEX) / Interest Exp. 9.4x 37.8x 9.6x 11.3x 11.0x 7.4x 17.7x 7.1x 10.6x 20.0x
Total Debt/EBITDA 0.6x 0.6x 1.3x 1.2x 1.3x 1.1x 0.9x 1.0x 1.4x 1.2x
Net Debt/EBITDA NM NM 0.2x 0.0x 0.1x 0.2x 0.1x NM 0.3x 0.3x
56. 56
Long-Term Historical Growth
Thesis Company Industry Risks Valuation
Ratios
For the Fiscal Period Ending
3 months
Q1
Mar-31-2012
3 months
Q2
Jun-30-2012
3 months
Q3
Sep-30-2012
3 months
Q4
Dec-31-2012
3 months
Q1
Mar-31-2013
3 months
Q2
Jun-30-2013
3 months
Q3
Sep-30-2013
3 months
Q4
Dec-31-2013
3 months
Q1
Mar-31-2014
3 months
Q2
Jun-30-2014
Compound Annual Growth Rate Over Two Years
Total Revenue 19.6% 21.4% 40.6% 42.4% 46.9% 40.0% 40.2% 41.6% 55.1% 55.8%
Gross Profit 21.4% 22.3% 29.7% 30.9% 33.5% 31.0% 27.0% 27.3% 29.4% 39.1%
EBITDA 23.2% 12.9% 25.7% 14.0% 30.3% 26.9% 28.5% 36.1% 28.1% 44.3%
EBITA 66.9% 14.2% 35.3% 16.1% 47.3% 35.6% 37.5% 53.3% 31.5% 52.5%
EBIT 62.0% 28.8% 33.5% 14.7% 42.3% 31.8% 33.7% 47.1% 25.3% 49.0%
Earnings from Cont. Ops. NM NM 156.6% NM 1,181.1% 49.4% (33.7%) 62.9% (3.8%) 41.7%
Net Income NM NM 173.5% NM NM 51.4% (34.4%) 65.4% (4.6%) 40.9%
Normalized Net Income 98.3% 46.3% 42.4% 9.0% 59.6% 35.5% 22.3% 38.4% 30.5% 42.1%
Diluted EPS before Extra NM NM NM NM NM 46.8% (36.3%) 58.1% (7.4%) 35.0%
Accounts Receivable NA 21.9% 65.3% 58.3% 56.7% 58.2% 49.8% 31.2% 63.3% 83.0%
Inventory NA NA NA NA NA NA NA NA NA NA
Net PP&E NA 17.1% 32.5% 33.0% 33.1% 32.5% 36.1% 34.5% 44.5% 45.6%
Total Assets NA 28.7% 50.0% 29.0% 25.1% 25.5% 28.4% 30.2% 40.9% 44.4%
Tangible Book Value NM NM NM (1.0%) (3.4%) (0.8%) 2.5% 6.8% 4.6% 8.2%
Common Equity NM NM NM 22.7% 17.4% 17.8% 19.9% 22.4% 22.0% 24.3%
Cash from Ops. 29.9% 23.2% (23.3%) 70.6% (11.0%) 16.5% (1.1%) 185.1% 39.5% NM
Capital Expenditures 33.5% 17.8% 40.1% 16.2% 36.8% 24.7% 9.5% 37.2% 15.2% 32.9%
Compound Annual Growth Rate Over Three Years
Total Revenue 15.2% 17.6% 33.8% 34.9% 34.3% 31.5% 32.9% 34.9% 45.3% 45.5%
Gross Profit 13.8% 16.1% 25.9% 26.4% 27.1% 28.1% 23.3% 27.4% 29.0% 33.2%
EBITDA 5.5% 4.2% 19.6% 32.9% 24.2% 24.5% 25.0% 15.4% 30.2% 30.4%
EBITA 1.8% 0.3% 23.8% 49.9% 57.4% 31.0% 32.4% 18.1% 38.9% 35.4%
EBIT 4.2% 2.6% 24.0% 49.7% 49.0% 39.1% 32.7% 17.7% 36.0% 33.4%
Earnings from Cont. Ops. NM NM NM NM NM NM 70.9% NM 364.7% 37.7%
Net Income NM NM NM NM NM NM 75.7% NM NM 38.8%
Normalized Net Income 26.9% 29.4% 25.9% 53.6% 75.8% 48.9% 36.8% 14.3% 46.5% 33.9%
Accounts Receivable NA NA NA 46.5% NA 40.5% 43.5% 41.6% 58.5% 65.0%
Net PP&E NA NA NA 20.0% NA 26.2% 30.4% 30.8% 38.6% 36.5%
Total Assets NA NA NA 34.5% NA 35.7% 34.4% 22.5% 27.8% 29.6%
Tangible Book Value 160.6% NA NA NM NM NM NM 15.5% 11.4% 13.5%
Common Equity 183.6% NA NA NM NM NM NM 22.6% 20.6% 21.6%
Cash from Ops. 1.6% (6.4%) (22.6%) 61.0% (5.3%) 11.9% (2.0%) 35.7% 45.3% NM
Capital Expenditures 48.5% 18.7% 29.1% 19.3% 12.0% 54.5% 31.7% 27.8% 46.6% 1.1%
61. 61
Offshore Rig Utilization by Type
Thesis Company Industry Risks Valuation
Drillship fleet >80(2013) more than double the size of the fleet in 2009
69. 69
Brad Alexander
Thesis Company Industry Risks Valuation
Corporate Development
Focuses on new growth opportunities and potential
acquisitions
Spent past decade with Texas based energy banks
Brought in 2011
70. 70
Jim Crenshaw
Thesis Company Industry Risks Valuation
Manages RigNet’s offshore and onshore business segments in Western
Hemisphere
Previous
Region engineering manager, North America for Weatherford Secure
Drilling Services
Halliburton
Baker Hughes
Joined in 2013
71. 71
Chad Winkle
Thesis Company Industry Risks Valuation
Enterprise experience with CenturyLink
Works to provide customized communications
Joined in 2011
72. 72
Pal Jensen
Thesis Company Industry Risks Valuation
Headed the Maritime division of Harris CapRock
Worked at Harris CapRock for over a decade
Left Harris CapRock for RigNet in September 2014
73. 73
Brian Keefover
Thesis Company Industry Risks Valuation
20+ years of Oil & Gas experience serving telecom and satellite
industry
Worked for Schlumberger
Left Harris CapRock for RigNet in 2008
75. 75
Alert Logic
Thesis Company Industry Risks Valuation
Network security monitor for external and internal vulnerabilities
Collects and manages log data
Eliminate subcontractor network integration issues
77. 77
MetOcean Systems
Thesis Company Industry Risks Valuation
Accurate, reliable weather measurement and processing
Turnkey Meteorological and Oceanographic Monitoring system
Chosen by UK O/G industry to operate Helimet system
78. 78
SnapTV
Thesis Company Industry Risks Valuation
Leading vendor of IPTV solutions within managed networks
IP-based infotainment and video management solutions
IPTV, video on demand, recording services, and subscription services
Crew Morale Health & Safety
Management &
Monitoring
79. 79
TurboNet (Riverbed SteelHead)
Thesis Company Industry Risks Valuation
WAN accelerator
Reduces communication “chatter” between server locations
Accelerates data communication over a WAN
Lowers bandwidth usage
Traditional
Client
Server
SteelHead
Client
Server
80. 80
IP/MPLS
IP (Internet Protocol)
Data broken into packets and sent through routers to destination
where they are reassembled
Each router makes own calculations to determine the next router in
chain
MPLS (Multiprotocol Label Switching)
First router determines entire path to destination through specific
routers
Attaches a “label” with path for each router to read
“Label is removed at destination and packets are reassembled
Advantages
Frees up processing time on core router
More efficient and cost effective
Can route packets around highly trafficked routers to speed up
communication
Thesis Company Industry Risks Valuation
Internet Protocol/Multiprotocol Label Switching
83. 83
MSS
Thesis Company Industry Risks Valuation
Versatile
Highly mobile
Voice, internet access, and file transfer
Designed to withstand adverse conditions
Use of Ku, C, and L-band terminals
Inmarsat distribution deal
L-band
Global Handheld Satellite Phone
(IsatPhone Pro)
BGAN
FleetBroadband
Mobile Satellite Services
84. 84
M2M
Thesis Company Industry Risks Valuation
Machine to Machine
Internet of things
Communication between technology regardless of wired or
wireless connection
Allows less support infrastructure requirements on pipelines
85. 85
SCADA
Thesis Company Industry Risks Valuation
Supervisory Control and Data Acquisition
Type of Industrial Control System (ICS) that monitors and controls industrial operations
Provides sensory data acquisition and remote control operations
Uses M2M to share information across long distances of connected operations
Ex. Pipelines
Connects to communication networks with VSAT in remote locations
87. 87
Oil Segment Performance
Thesis Company Industry Risks Valuation
RigNet Inc (RNET US) - By Segment
In Millions of USD except Per Share Q1 2012 Q2 2012 Q3 2012 Q1 2014 Q2 2014
3 Months Ending 2012-03-31 2012-06-30 2012-09-30 2014-03-31 2014-06-30
Western Hemisphere
Revenue 6.7 7.2 22.0 21.4 30.1
Operating Income 1.4 1.3 4.0 3.7 6.8
Assets 59.0 64.1 168.5 123.8 135.3
Depreciation and Amortization 1.4 1.2 1.8 2.8 2.7
Capital Expenditures -2.4 -1.3 -0.7 -3.7 -5.1
Gross Profit 3.5 3.8 8.4 8.7 13.5
Cost of Revenue 3.2 3.4 13.5 12.7 16.6
SG&A 0.7 1.2 2.7 2.3 4.0
Eastern Hemisphere
Revenue 19.4 21.1 12.9 38.0 39.8
Operating Income 7.9 8.0 6.2 13.6 13.5
Assets 42.8 44.4 38.9 130.6 142.0
Depreciation and Amortization 2.0 2.1 1.2 2.7 3.4
Capital Expenditures -3.0 -3.2 -1.7 -5.2 -5.7
Gross Profit 11.8 12.4 8.4 19.3 20.6
Cost of Revenue 7.6 8.7 4.5 18.7 19.2
SG&A 1.8 2.4 1.1 3.0 3.8
Corporate and Eliminations
Revenue -- -- -- 0.0 0.0
Operating Income -- -- -- -12.9 -12.0
Assets 14.0 7.0 -87.7 -36.1 -40.7
Depreciation and Amortization -- -- -- 0.3 0.3
Capital Expenditures -- 0.0 -0.1 -0.7 -0.5
Cost of Revenue -- -- -- 2.2 2.4
SG&A -- -- -- 10.4 9.3
Telecom Systems
Revenue -- -- -- 15.6 10.8
Operating Income -- -- -- 1.0 1.5
Assets -- -- -- 65.5 61.6
Depreciation and Amortization -- -- -- 1.1 1.0
Capital Expenditures -- -- -- 0.0 -0.4
Gross Profit -- -- -- 2.7 3.3
Cost of Revenue -- -- -- 12.9 7.5
SG&A -- -- -- 0.7 0.8
U.S. Land
Revenue 5.1 5.0 13.1 -- --
Operating Income 1.3 1.4 3.4 -- --
Assets 27.2 27.5 90.1 -- --
Depreciation and Amortization 0.5 0.5 1.9 -- --
Capital Expenditures -0.6 -0.2 -2.6 -- --
88. 88
Exit Multiple Comps
Thesis Company Industry Risks Valuation
Company Name Exchange:Ticker Industry Classifications
Market Capitalization [Latest]
($USDmm, Historical rate)
TEV/LTM EBITDA
[Latest] (x)
Total Revenues, 1
Yr Growth % [LTM]
(%) Business Description
Intelsat S.A. (NYSE:I) NYSE:I Telecommunication Services
(Primary)
1,699.7 8.46 (3.68)
Provides satellite communications services w orldw ide, including transponder services;
managed services that combine satellite capacity, teleport facilities, satellite
communications hardw are, and other ground facilities to provide managed and monitored
broadband, Internet, video, and private netw ork services to customers
Enventis Corporation
(NasdaqGS:ENVE)
NasdaqGS:ENVE Telecommunication Services
(Primary)
263.5 8.45 (0.559)
Provides integrated communication services to business and residential customers. It
operates through three segments: Fiber and Data, Equipment, and Telecom. Its operations
include Ethernet, private line, multiprotocol label sw itching netw orking, data center, Internet,
and hosted VoIPSingleLink services
Asia Satellite
Telecommunications
Holdings Limited
(SEHK:1135)
SEHK:1135 Telecommunication Services
(Primary)
1,309.3 7.14 (6.54)
Engaged in the operation, maintenance, and provision of satellite telecommunication
systems for broadcasting and telecommunication applications in Hong Kong and
internationally. The company offers a range of telecommunication services, such as voice
netw orks, private VSAT netw orks, and broadband multimedia services to
telecommunications operators and end users. It also provides satellite capacity leasing
services that support broadcast, occasional service, telecommunications, and broadband
service applications; and satellite transmission services comprising space segment, fiber
links, signal dow nlink and turnaround, uplink, conditional access, and playout services in C
or Ku-band, as w ell as back up services
Inmarsat Plc (LSE:ISAT) LSE:ISAT Satellite Communication
Services (Primary);
Telecommunication Services
(Primary)
3,065.7 10.9 (1.55)
Provides mobile satellite communications services on land, at sea, and in the air w orldw ide.
The company supplies advanced mobile and fixed-site remote telecommunications
services; and provides customized turnkey remote telecommunications solutions, value-
added services, equipment, and engineering services to service providers and end-users
Samart Telcoms Public
Company Limited
(SET:SAMTEL)
SET:SAMTEL Telecommunication Services
(Primary)
400.4 8.54 2.63 Operates as a fully-integrated information and communication technology (ICT) services
provider in Thailand. It offers telecommunications, communication netw ork, and information
technology services on a range of netw ork, including the rental of high-speed, and satellite-
based communication netw ork iPSTAR and very small aperture terminal; high-speed
multimedia communication netw orks comprising leased line, frame relay, ATM, and w ireless
communication services; installation and maintenance services for telecommunication
netw ork system; and repair services for telecommunication and related electronic
equipment.
Mean 8.7
Adjusted Mean 8.48
Median 8.46
