Board Change • Jun 25
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 Director Ballang Uppapong was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 24
MEDEZE Public Company Limited Announces Board and Committee Changes, Effective June 23, 2026 MEDEZE Public Company Limited had Mr. PIYAWAT RATCHAPOLSITTE resign from the positions of Independent Director and Audit Committee member due to expired rotation and reclassification from Independent Director to Non-Executive Director. The effective date for the resignation was June 23, 2026. Dr. BALLANG UPPAPONG was elected as Audit Committee member effective June 23, 2026. The board resolution was dated June 23, 2026. The Audit Committee consisted of Mrs. WATCHAREE TINTANI as Chairman of the Audit Committee with a remaining term in office of 2 years 10 months, Mrs. SUPHAWADEE KONGTAVEE as Audit Committee member with a remaining term in office of 1 year 10 months, Dr. BALLANG UPPAPONG as Audit Committee member with a remaining term in office of 2 years 10 months, and Dr. RACHANEE O-CHAROEN as Secretary of the Audit Committee. Board Change • Jun 02
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. 7 non-independent directors. Independent Director Ballang Uppapong was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ฿6.00. The fair value is estimated to be ฿7.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Announcement • Apr 22
Medeze Group Public Company Limited Appoints Dr. Ballang Uppapong as an Independent Director Medeze Group Public Company Limited approved appointment of Dr. Ballang Uppapong as an independent director. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 19 May 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (4.4%). New Risk • Mar 03
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 Profit margins are more than 30% lower than last year (25% net profit margin). New Risk • Mar 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 25% Last year net profit margin: 39% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 01
Final dividend of ฿0.08 announced Dividend of ฿0.08 is the same as last year. Ex-date: 29th April 2026 Payment date: 19th May 2026 Dividend yield will be 2.4%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 111% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Medeze Group Public Company Limited Proposes Dividend for the Year 2025, Payable on 19 May 2026 Medeze Group Public Company Limited at the AGM to be held on 21 April 2026 proposed the payment of cash dividends at a rate of THB 0.08 per share for the existing 1,068,000,000 shares, totaling a cash dividend payment of THB 85,440,000 for the year 2025. The company has set the list of shareholders entitled to attend the Annual General Meeting of Shareholders (Record Date) on 11 March 2026 and the right to receive dividends on 30 April 2026, and set the dividend payment date on 19 May 2026. The company's dividend entitlement is uncertain, as it is subject to approval from the 2026 Annual General Meeting of Shareholders. Announcement • Feb 25
Medeze Group Public Company Limited, Annual General Meeting, Apr 21, 2026 Medeze Group Public Company Limited, Annual General Meeting, Apr 21, 2026, at 13:30 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.25, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 17x in the Healthcare industry in Thailand. Total loss to shareholders of 13% over the past year. Price Target Changed • Nov 25
Price target decreased by 19% to ฿9.75 Down from ฿12.00, the current price target is an average from 2 analysts. New target price is 54% above last closing price of ฿6.35. Stock is down 19% over the past year. The company is forecast to post earnings per share of ฿0.41 for next year compared to ฿0.39 last year. Declared Dividend • Nov 12
Dividend of ฿0.08 announced Dividend of ฿0.08 is the same as last year. Ex-date: 21st November 2025 Payment date: 9th December 2025 Dividend yield will be 2.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 41% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.12 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (down from ฿0.12 in 3Q 2024). Revenue: ฿181.3m (down 21% from 3Q 2024). Net income: ฿30.5m (down 68% from 3Q 2024). Profit margin: 17% (down from 41% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Healthcare industry in Thailand. Buy Or Sell Opportunity • Oct 29
Now 28% overvalued Over the last 90 days, the stock has fallen 2.7% to ฿7.30. The fair value is estimated to be ฿5.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 47% in the next year. Buy Or Sell Opportunity • Oct 09
Now 21% overvalued Over the last 90 days, the stock has fallen 3.5% to ฿6.90. The fair value is estimated to be ฿5.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 47% in the next year. Buy Or Sell Opportunity • Sep 02
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ฿6.85. The fair value is estimated to be ฿5.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 47% in the next year. Board Change • Sep 01
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. 10 experienced directors. 1 highly experienced director. Director Anchisa Lekphet was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Aug 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to ฿6.85. The fair value is estimated to be ฿5.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 47% in the next year. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.11 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.05 (down from ฿0.11 in 2Q 2024). Revenue: ฿197.6m (down 11% from 2Q 2024). Net income: ฿54.8m (down 37% from 2Q 2024). Profit margin: 28% (down from 39% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Healthcare industry in Thailand. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.091 in 1Q 2024) First quarter 2025 results: EPS: ฿0.07 (down from ฿0.091 in 1Q 2024). Revenue: ฿216.2k (down 100% from 1Q 2024). Net income: ฿74.6k (down 100% from 1Q 2024). Profit margin: 35% (down from 36% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Healthcare industry in Thailand. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿6.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Healthcare industry in Thailand. Reported Earnings • Mar 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.39. Revenue: ฿874.3m (up 24% from FY 2023). Net income: ฿338.7m (up 41% from FY 2023). Profit margin: 39% (up from 34% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Healthcare industry in Thailand. Announcement • Mar 01
Medeze Group Public Company Limited, Annual General Meeting, Apr 25, 2025 Medeze Group Public Company Limited, Annual General Meeting, Apr 25, 2025, at 13:30 SE Asia Standard Time. Location: 28/9 moo 8, phutthamonthon sai 4 road, krathum lom sub-district, sam phran district, nakhon pathom province 73220, Thailand New Risk • Jan 25
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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿8.90, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿8.45, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Healthcare industry in Thailand. Reported Earnings • Oct 15
Second quarter 2024 earnings released Second quarter 2024 results: EPS: ฿0.11. Net income: ฿86.9m (up ฿86.9m from 2Q 2023). 