Reported Earnings • 20h
Second quarter 2026 earnings released: EPS: ฿0.11 (vs ฿0.10 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.11 (up from ฿0.10 in 2Q 2025). Revenue: ฿233.8m (up 7.7% from 2Q 2025). Net income: ฿89.9m (up 7.8% from 2Q 2025). Profit margin: 39% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.091 (vs ฿0.084 in 1Q 2025) First quarter 2026 results: EPS: ฿0.091 (up from ฿0.084 in 1Q 2025). Revenue: ฿201.2m (up 10.0% from 1Q 2025). Net income: ฿75.1m (up 8.8% from 1Q 2025). Profit margin: 37% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Business Online Public Company Limited, Annual General Meeting, Mar 31, 2026 Business Online Public Company Limited, Annual General Meeting, Mar 31, 2026, at 14:00 SE Asia Standard Time. Location: no. 1023 ms siam tower, 31st floor (asic meeting room), rama iii road,chong nonsi, yannawa, bangkok 10120, Thailand New Risk • Feb 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 347% Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 347% High level of non-cash earnings (31% accrual ratio). Reported Earnings • Feb 13
Full year 2025 earnings released: EPS: ฿0.35 (vs ฿0.34 in FY 2024) Full year 2025 results: EPS: ฿0.35 (up from ฿0.34 in FY 2024). Revenue: ฿806.1m (up 11% from FY 2024). Net income: ฿291.0m (up 5.5% from FY 2024). Profit margin: 36% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 12
Dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 23rd February 2026 Payment date: 17th April 2026 Dividend yield will be 5.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (185% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 11% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Announcement • Feb 11
Business Online Public Company Limited Proposes Cash Dividend for the Operating Period from 01 July 2025 to 31 December 2025, Payable on 17 April 2026 Business Online Public Company Limited at the Annual General Meeting of Shareholders to be held on 31 March, 2026, proposed cash dividend payment for Common shareholders for the Operating period from 01 July 2025 to 31 December 2025 of THB 0.175 per share. The dividend will be payable on 17 April 2026 with Ex-dividend date 23 February 2026 and Record date for the right to receive dividends 24 February 2026. Announcement • Jan 21
BOL Announces Appointment Of Mr. Chanvit Nakburee As Independent Director, Audit Committee Member, And Member Of The Nomination And Remuneration Committee/Risk Management Committee, Effective January 21, 2026 BOL announced the appointment of Mr. Chanvit Nakburee as Independent Director, Audit Committee member, and member of the Nomination and Remuneration Committee/Risk Management Committee, effective January 21, 2026. The Audit Committee is responsible for reviewing the company's financial reports, internal control systems, compliance with securities laws, whistle-blowing procedures, conflict of interest transactions, and annual reporting requirements. The Audit Committee selects and nominates the company's auditor and reviews related transactions for conflicts of interest. The Audit Committee reviews the company's compliance with securities laws and regulations related to the company's business. The Audit Committee reviews the effectiveness of the company's internal control and internal audit systems. The Audit Committee reviews the company's whistle-blowing system, ensuring independent investigation and appropriate follow-up on complaints. The Audit Committee reports any transactions causing a conflict of interest to the Board for rectification. The Audit Committee prepares an annual report signed by its Chairman, disclosed in the company's annual report. The Audit Committee performs duties assigned by the Board, reviews policies against bribery and corruption, and ensures compliance with legal obligations. The Audit Committee has the authority to hire advisors and summon management for opinions or documents. The Audit Committee consists of Mr. Anant Tangtatswas (Chairman), Miss Manida Zimmerman, Miss Suteera Sripaibulya, Mr. Chanvit Nakburee, and Miss Tida Limthongvirat (Secretary). The determination/change of duties of the Audit Committee takes effect as of January 21, 2026. The date of board's resolution is January 20, 2026. New Risk • Nov 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (185% cash payout ratio). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.10 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.11 (up from ฿0.10 in 3Q 2024). Revenue: ฿244.7m (up 26% from 3Q 2024). Net income: ฿92.2m (up 9.7% from 3Q 2024). Profit margin: 38% (down from 43% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 07
First half dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 18th August 2025 Payment date: 2nd September 2025 Dividend yield will be 5.4%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (90.3% earnings payout ratio) nor is it covered by cash flows (150% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 11% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: ฿0.10 (vs ฿0.099 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.10 (up from ฿0.099 in 2Q 2024). Revenue: ฿217.1m (up 12% from 2Q 2024). Net income: ฿83.4m (up 2.3% from 2Q 2024). Profit margin: 38% (down from 42% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.084 (vs ฿0.079 in 1Q 2024) First quarter 2025 results: EPS: ฿0.084 (up from ฿0.079 in 1Q 2024). Revenue: ฿183.0m (flat on 1Q 2024). Net income: ฿69.0m (up 6.3% from 1Q 2024). Profit margin: 38% (up from 36% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 23
Now 22% overvalued Over the last 90 days, the stock has fallen 4.7% to ฿5.10. The fair value is estimated to be ฿4.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 5.2%. Declared Dividend • Feb 16
Final dividend reduced to ฿0.17 Dividend of ฿0.17 is 5.7% lower than last year. Ex-date: 27th February 2025 Payment date: 18th April 2025 Dividend yield will be 6.3%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (137% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.5% to bring the payout ratio under control, which is less than the 14% EPS growth achieved over the last 5 years. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿0.34 (vs ฿0.35 in FY 2023) Full year 2024 results: EPS: ฿0.34 (down from ฿0.35 in FY 2023). Revenue: ฿723.5m (down 7.6% from FY 2023). Net income: ฿275.7m (down 5.0% from FY 2023). Profit margin: 38% (up from 37% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.12 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.10 (down from ฿0.12 in 3Q 2023). Revenue: ฿194.4m (down 15% from 3Q 2023). Net income: ฿84.0m (down 15% from 3Q 2023). Profit margin: 43% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 09
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿6.95. The fair value is estimated to be ฿5.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 10%. Declared Dividend • Aug 10
First half dividend of ฿0.14 announced Dividend of ฿0.14 is the same as last year. Ex-date: 21st August 2024 Payment date: 5th September 2024 Dividend yield will be 5.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (149% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.0% to bring the payout ratio under control, which is less than the 18% EPS growth achieved over the last 5 years. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.099 (vs ฿0.10 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.099 (down from ฿0.10 in 2Q 2023). Revenue: ฿199.3m (down 8.6% from 2Q 2023). Net income: ฿81.5m (down 4.9% from 2Q 2023). Profit margin: 41% (up from 39% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Aug 08
Business Online Public Company Limited Announces Interim Dividend for the Operating Period from 1 January 2024 to 30 June 2024, Payable on September 5, 2024 Business Online Public Company Limited Announced Interim Dividend THB 0.145 per share for the Operating Period from 1 January 2024 to 30 June 2024, Payable on September 5, 2024. Ex-dividend date: 21 August 2024. Record date for the right to receive: August 22, 2024. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.079 (vs ฿0.083 in 1Q 2023) First quarter 2024 results: EPS: ฿0.079 (down from ฿0.083 in 1Q 2023). Revenue: ฿182.8m (down 3.9% from 1Q 2023). Net income: ฿64.9m (down 4.2% from 1Q 2023). Profit margin: 36% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿8.35, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 23x in the Professional Services industry in Thailand. Total returns to shareholders of 4.4% over the past three years. Upcoming Dividend • Feb 16
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 18 April 2024. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (2.9%). Announcement • Feb 14
Business Online Public Company Limited, Annual General Meeting, Apr 02, 2024 Business Online Public Company Limited, Annual General Meeting, Apr 02, 2024, at 14:00 SE Asia Standard Time. Location: No. 1023 MS SIAM Tower, 31st Floor (Asic Meeting Room) Rama III Road, Chong Nonsi, Yannawa Bangkok Thailand Agenda: To consider and approve the payment of cash dividend; to acknowledge the report of the company's operating results in 2023; to consider and approve the statement of financial position and the statement of comprehensive income for the year ended December 31, 2023; to consider the appointment of new director to replacing those retired by rotation; to consider and approve Director's remuneration; to consider and approve the appointment of the company's auditor and the audit fee for the year 2024; and to consider other matters. Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: ฿0.35 (vs ฿0.33 in FY 2022) Full year 2023 results: EPS: ฿0.35 (up from ฿0.33 in FY 2022). Revenue: ฿783.3m (up 12% from FY 2022). Net income: ฿290.3m (up 7.2% from FY 2022). Profit margin: 37% (down from 39% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 13
Business Online Public Company Limited Announces Cash Dividend for the Period from July 1, 2023 to December 31, 2023, Payment on April 18, 2024 Business Online Public Company Limited announced the cash dividend of THB 0.175 per share for the period from July 1, 2023 to December 31, 2023. Ex-dividend date of February 23, 2024 and the payment date is on April 18, 2024. The record date for the right to receive dividends of February 27, 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.11 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.11 in 3Q 2022). Revenue: ฿228.4m (up 15% from 3Q 2022). Net income: ฿98.4m (up 10% from 3Q 2022). Profit margin: 43% (down from 45% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Price Target Changed • Sep 19
Price target decreased by 15% to ฿12.00 Down from ฿14.09, the current price target is provided by 1 analyst. New target price is 20% above last closing price of ฿10.00. Stock is down 11% over the past year. The company posted earnings per share of ฿0.33 last year. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.14 per share at 3.0% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 05 September 2023. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (6.4%). In line with average of industry peers (3.0%). Announcement • Aug 10
Business Online Public Company Limited Announces Interim Dividend for the Operating Period from 1 January 2023 to 30 June 2023, Payable on September 5, 2023 Business Online Public Company Limited Announced Interim Dividend THB 0.145 per share for the Operating Period from 1 January 2023 to 30 June 2023, Payable on September 5, 2023. Ex-dividend date: 21 August 2023. Record date for the right to receive: August 22, 2023. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.095 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.10 (up from ฿0.095 in 2Q 2022). Revenue: ฿218.1m (up 17% from 2Q 2022). Net income: ฿85.7m (up 10% from 2Q 2022). Profit margin: 39% (down from 42% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 20
Upcoming dividend of ฿0.17 per share at 2.9% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 18 April 2023. Payout ratio and cash payout ratio are on the higher end at 85% and 78% respectively. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.4%). Board Change • Dec 31
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman Banyong Limprayoonwong was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. COO, Company Secretary & Director Mina Intanate was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. COO, Company Secretary & Director Mina Intanate was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 02 September 2022. Payout ratio and cash payout ratio are on the higher end at 90% and 82% respectively. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.2%). Announcement • Aug 07
Business Online Public Company Limited Announces Interim Dividend for the Operating Period from 1 January 2022 to 30 June 2022, Payable on 2 September 2022 Business Online Public Company Limited announced interim dividend of THB 0.13 per share for the Operating period from 1 January 2022 to 30 June 2022. Payment date is 2 September 2022, record date is 19 August 2022 and Ex-dividend date is 18 August 2022. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.095 (vs ฿0.082 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.095 (up from ฿0.082 in 2Q 2021). Revenue: ฿185.8m (up 8.0% from 2Q 2021). Net income: ฿77.7m (up 15% from 2Q 2021). Profit margin: 42% (up from 39% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 27%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.075 (up from ฿0.064 in 1Q 2021). Revenue: ฿167.0m (up 5.3% from 1Q 2021). Net income: ฿61.3m (up 17% from 1Q 2021). Profit margin: 37% (up from 33% in 1Q 2021). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 27%, compared to a 15% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Business Online Public Company Limited, Annual General Meeting, Mar 31, 2022 Business Online Public Company Limited, Annual General Meeting, Mar 31, 2022, at 07:00 Coordinated Universal Time. Upcoming Dividend • Feb 17
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 24 February 2022. Payment date: 18 April 2022. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 14
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.28 (up from ฿0.22 in FY 2020). Revenue: ฿649.3m (up 3.9% from FY 2020). Net income: ฿233.2m (up 31% from FY 2020). Profit margin: 36% (up from 29% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 21%, compared to a 15% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
Business Online Public Company Limited Proposes Final Dividend Payment for 2021 Business Online Public Company Limited announced that on 11 February 2022, the meeting of the Company’s Board of Directors approved to propose final dividend payment for 2021 of THB 0.145 per share, totaling THB 118.97 million. Thus, including the interim dividend of THB 0.110 per share, the total dividend payment for 2021 amounted to THB 0.255 per share. The Company will propose these matters for approval in the Annual General Meeting of the Company’s shareholders. Announcement • Jan 25
Business Online Public Company Ordinary Shares to Be Deleted from Other OTC Business Online Public Company Limited's Ordinary Shares will be deleted from other OTC effective from January 25, 2022 due to Inactive Security. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.093 (vs ฿0.075 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿185.4m (up 4.3% from 3Q 2020). Net income: ฿76.4m (up 24% from 3Q 2020). Profit margin: 41% (up from 35% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 18% share price gain to ฿13.60, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 25x in the Professional Services industry in Asia. Total returns to shareholders of 729% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.87 per share. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 17% share price gain to ฿11.50, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 26x in the Professional Services industry in Asia. Total returns to shareholders of 601% over the past three years. Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 18 August 2021. Payment date: 03 September 2021. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ฿0.082 (vs ฿0.062 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿172.0m (up 4.3% from 2Q 2020). Net income: ฿67.6m (up 33% from 2Q 2020). Profit margin: 39% (up from 31% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.064 (vs ฿0.049 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿158.5m (up 7.0% from 1Q 2020). Net income: ฿52.6m (up 32% from 1Q 2020). Profit margin: 33% (up from 27% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 17
Upcoming Dividend of ฿0.12 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 24th of February. The trailing yield of 2.1% is below the top quartile of Thai dividend payers (6.2%), but it is higher than industry peers (0.8%). Announcement • Feb 16
Business Online Public Company Limited, Annual General Meeting, Mar 30, 2021 Business Online Public Company Limited, Annual General Meeting, Mar 30, 2021, at 07:00 Coordinated Universal Time. Location: No.1023 MS SIAM Tower, 31st Floor(Asic Meeting Room) Rama III Road, Chong Nonsi, Yannawa, Bangkok 10120 Yannawa Thailand Analyst Estimate Surprise Post Earnings • Feb 12
Revenue behind estimates Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 9.2% growth forecast for the Professional Services industry in Thailand. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS ฿0.22 (vs ฿0.17 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿624.7m (up 16% from FY 2019). Net income: ฿178.5m (up 24% from FY 2019). Profit margin: 29% (up from 27% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: ฿9.50 The company is up 53% from its price of ฿6.20 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 22% share price gain to ฿7.95, the stock is trading at a trailing P/E ratio of 37.3x, up from the previous P/E ratio of 30.5x. This compares to an average P/E of 23x in the Professional Services industry in Asia. Total returns to shareholders over the past three years are 333%. Is New 90 Day High Low • Jan 19
New 90-day high: ฿7.95 The company is up 43% from its price of ฿5.55 on 21 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 16% share price gain to ฿6.85, the stock is trading at a trailing P/E ratio of 32.1x, up from the previous P/E ratio of 27.7x. This compares to an average P/E of 24x in the Professional Services industry in Asia. Total returns to shareholders over the past three years are 308%. Is New 90 Day High Low • Dec 01
New 90-day high: ฿6.65 The company is up 55% from its price of ฿4.30 on 02 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 8.0% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS ฿0.08 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿178.0m (up 11% from 3Q 2019). Net income: ฿61.7m (up 20% from 3Q 2019). Profit margin: 35% (up from 32% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 18
Min Intanate and CTOS Holdings Sdn Bhd completed the acquisition of 24.01% stake in Business Online Public Company Limited (SET:BOL) from Keppel Communications Pte Ltd. Min Intanate and CTOS Holdings Sdn Bhd agreed to acquire 24.01% stake in Business Online Public Company Limited (SET:BOL) from Keppel Communications Pte Ltd. for approximately THB 830 million on October 12, 2020. CTOS Holdings Sdn Bhd will acquire 20% stake and Min Intanate will acquire 4.01% stake. The transaction is expected to take place in the fourth quarter of 2020.
Min Intanate and CTOS Holdings Sdn Bhd completed the acquisition of 24.01% stake in Business Online Public Company Limited (SET:BOL) from Keppel Communications Pte Ltd. on November 16, 2020. Valuation Update With 7 Day Price Move • Oct 16
Market pulls back on stock over the past week After last week's 16% share price decline to ฿5.25, the stock is trading at a trailing P/E ratio of 26.1x, down from the previous P/E ratio of 31.1x. This compares to an average P/E of 21x in the Professional Services industry in Asia. Total returns to shareholders over the past three years are 178%. Is New 90 Day High Low • Sep 29
New 90-day high: ฿5.30 The company is up 49% from its price of ฿3.56 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 15% over the same period. 
