Reported Earnings • May 17
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ฿0.054 (down from ฿0.056 in 1Q 2025). Revenue: ฿105.1m (up 2.1% from 1Q 2025). Net income: ฿22.6m (down 3.0% from 1Q 2025). Profit margin: 22% (down from 23% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿4.92, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Professional Services industry in Asia. Total returns to shareholders of 133% over the past three years. Ankündigung • Apr 21
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited Appoints Cash Dividend for the Operating Period from January 1, 2025, to December 31, 2025, Payable on May 8, 2026 Asia Medical and Agricultural Laboratory and Research Center Public Company Limited at its AGM held on April 20, 2026, resolved to appropriate THB 7.93 million as a legal reserve and approve to pay the annual dividend from 2025 net profit after deducting legal reserve at THB 0.25 per share amounting to THB 105.00 million and acknowledge the payment of an interim dividend to 420 million ordinary shares comprising payment NO.1/2025 at the rate of THB 0.10 per share on September 3, 2025 and NO.2/2025 at the rate of THB 0.05 per share on December 4, 2025, totaling THB 42.00 million. Therefore, the remaining dividend proposed to be paid to the Company's ordinary shares (excluding treasury shares as of the record date for determining the shareholders entitled to receive the dividend) for this period shall be at the rate of THB 0.10 per share. Such dividend was derived from the net profit entitled to BOI privilege. The record date for the right of shareholders to receive the dividend is scheduled to be 28 April 2026 and the dividend payment date is set to be on 8 May 202 6. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 6.5%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (7.5%). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.48, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Professional Services industry in Asia. Total returns to shareholders of 49% over the past three years. Reported Earnings • Feb 23
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿0.38 (up from ฿0.095 in FY 2024). Revenue: ฿494.7m (up 42% from FY 2024). Net income: ฿158.6m (up 297% from FY 2024). Profit margin: 32% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿505.0m to ฿525.0m. EPS estimate increased from ฿0.35 to ฿0.39 per share. Net income forecast to grow 3.3% next year vs 19% growth forecast for Professional Services industry in Thailand. Consensus price target up from ฿4.10 to ฿4.30. Share price rose 15% to ฿3.22 over the past week. Declared Dividend • Feb 20
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 27th April 2026 Payment date: 8th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 19% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 18
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited, Annual General Meeting, Apr 20, 2026 Asia Medical and Agricultural Laboratory and Research Center Public Company Limited, Annual General Meeting, Apr 20, 2026, at 10:00 SE Asia Standard Time. Location: grand fowing, Thailand Ankündigung • Jan 23
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited (SET:AMARC) announces an Equity Buyback for 25,000,000 shares, representing 5.95% for THB 70 million. Asia Medical and Agricultural Laboratory and Research Center Public Company Limited (SET:AMARC) announces a share repurchase program. Under the program, the company will repurchase up to 25,000,000 shares, representing 9.99% of its share capital, for TBH 70 million. The repurchase price must not exceed 115% of the average closing price of 5 business days prior to each repurchase date. The purpose of the program is to enhance the rate of return on equity and earning per share, and create revenues for the business in the future. The program will be valid till August 19, 2026. As of March 4, 2025, the company 420,000,000 shares issued Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.64, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Professional Services industry in Asia. Total returns to shareholders of 4.7% over the past three years. New Risk • Dec 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 6.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.05b market cap, or US$33.3m). Declared Dividend • Nov 14
Dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 25th November 2025 Payment date: 4th December 2025 Dividend yield will be 6.1%, which is higher than the industry average of 2.9%. Payout Ratios Payout ratio: 6%. Cash payout ratio: 16%. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.10 (up from ฿0.038 in 3Q 2024). Revenue: ฿128.5m (up 29% from 3Q 2024). Net income: ฿42.0m (up 164% from 3Q 2024). Profit margin: 33% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 09
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 21st August 2025 Payment date: 3rd September 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.9%. Payout Ratios Payout ratio: 13%. Cash payout ratio: 18%. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.18 (vs ฿0.019 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.18 (up from ฿0.019 in 2Q 2024). Revenue: ฿166.6m (up 99% from 2Q 2024). Net income: ฿77.5m (up ฿69.4m from 2Q 2024). Profit margin: 47% (up from 9.6% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ฿3.46, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Professional Services industry in Asia. Total returns to shareholders of 190% over the past year. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.68, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Professional Services industry in Asia. Total returns to shareholders of 111% over the past year. Major Estimate Revision • Jun 28
Consensus EPS estimates increase by 80% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿379.0m to ฿398.0m. EPS estimate increased from ฿0.10 to ฿0.18 per share. Net income forecast to grow 34% next year vs 18% growth forecast for Professional Services industry in Thailand. Consensus price target up from ฿2.00 to ฿2.70. Share price was steady at ฿2.16 over the past week. New Risk • Jun 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (฿890.4m market cap, or US$27.1m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.06, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 59% over the past year. Buy Or Sell Opportunity • May 19
Now 25% undervalued Over the last 90 days, the stock has risen 64% to ฿1.80. The fair value is estimated to be ฿2.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 13% in the next 2 years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.056 (vs ฿0.015 in 1Q 2024) First quarter 2025 results: EPS: ฿0.056 (up from ฿0.015 in 1Q 2024). Revenue: ฿102.9m (up 34% from 1Q 2024). Net income: ฿23.3m (up 282% from 1Q 2024). Profit margin: 23% (up from 8.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Professional Services industry in Asia. New Risk • May 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (฿558.6m market cap, or US$16.8m). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ฿1.73, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Professional Services industry in Asia. Total returns to shareholders of 27% over the past year. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿1.37, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Professional Services industry in Asia. Total returns to shareholders of 4.5% over the past year. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.3%). Declared Dividend • Feb 21
Dividend of ฿0.02 announced Shareholders will receive a dividend of ฿0.02. Ex-date: 28th April 2025 Payment date: 16th May 2025 Dividend yield will be 5.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ฿0.09 (up from ฿0.023 in FY 2023). Revenue: ฿349.1m (up 19% from FY 2023). Net income: ฿39.9m (up 314% from FY 2023). Profit margin: 11% (up from 3.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Professional Services industry in Asia. Price Target Changed • Feb 14
Price target decreased by 17% to ฿2.00 Down from ฿2.40, the current price target is provided by 1 analyst. New target price is 80% above last closing price of ฿1.11. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.09 for next year compared to ฿0.023 last year. Buy Or Sell Opportunity • Nov 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿1.42. The fair value is estimated to be ฿1.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Upcoming Dividend • Nov 19
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 26 November 2024. Payment date: 12 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (3.4%). Upcoming Dividend • Aug 13
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 06 September 2024. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (7.0%). Lower than average of industry peers (4.1%). Ankündigung • Aug 10
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited Announces Cash Dividend for Operating Period from 01 January 2024 to 30 June 2024, Payable on September 6, 2024 Asia Medical and Agricultural Laboratory and Research Center Public Company Limited announced Cash dividend of THB 0.02 per share for Operating Period from 01 January 2024 to 30 June 2024, Payable on September 6, 2024. Ex-dividend date: August 20,2024. Record date for the right to receive dividends: August 21, 2024. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.007 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.019 (up from ฿0.007 in 2Q 2023). Revenue: ฿83.9m (up 18% from 2Q 2023). Net income: ฿8.04m (up 192% from 2Q 2023). Profit margin: 9.6% (up from 3.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Professional Services industry in Asia. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.015 (vs ฿0.002 in 1Q 2023) First quarter 2024 results: EPS: ฿0.015 (up from ฿0.002 in 1Q 2023). Revenue: ฿76.9m (up 17% from 1Q 2023). Net income: ฿6.12m (up ฿5.14m from 1Q 2023). Profit margin: 8.0% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.039 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 17 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.4%). Declared Dividend • Feb 18
Dividend reduced to ฿0.039 Dividend of ฿0.039 is 61% lower than last year. Ex-date: 26th April 2024 Payment date: 17th May 2024 Dividend yield will be 2.6%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 6x earnings) and 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. The company's earnings per share (EPS) would need to grow by 601% to bring the payout ratio under control, which is more than the 4.3% EPS growth achieved over the last 5 years. Ankündigung • Feb 16
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited, Annual General Meeting, Apr 22, 2024 Asia Medical and Agricultural Laboratory and Research Center Public Company Limited, Annual General Meeting, Apr 22, 2024, at 10:00 SE Asia Standard Time. Location: on the 8th floor of the pavilion BCD the grand fourwings convention hotel 333 srinakarin road huamark bankapi Bang Kapi Thailand Agenda: To consider and certify the minutes of the Annual General Meeting of shareholders No. 19/2023;to consider to acknowledge the company's performance of 2023;to consider and approve the financial statements for year ended December 2023;To consider and approve the appropriation of a legal reserve and dividend payment for the year 2023; and to consider other matters. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: ฿0.02 (vs ฿0.044 in FY 2022) Full year 2023 results: EPS: ฿0.02 (down from ฿0.044 in FY 2022). Revenue: ฿293.9m (up 11% from FY 2022). Net income: ฿9.64m (down 34% from FY 2022). Profit margin: 3.3% (down from 5.5% in FY 2022). The decrease in margin was driven by higher expenses. Ankündigung • Feb 16
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited Proposes Special Dividend for the Year 2023, Payable on May 17, 2024 Asia Medical and Agricultural Laboratory and Research Center Public Company Limited at its board meeting held on February 15, 2024, approved to propose at Annual General Meeting of the Shareholders to be held on April 22, 2024, special dividend of THB 0.027 per share amounting to THB 11.34 million from unappropriated retained earnings as at December 31, 2023. The record date for the right of shareholders to receive the dividend is scheduled to be on April 29, 2024 and the dividend payment date shall be on May 17, 2024. Ex-dividend date is April 26, 2024. Buy Or Sell Opportunity • Feb 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ฿1.63. The fair value is estimated to be ฿1.36, 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 declined by 57%. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.014 (vs ฿0.016 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.014. Revenue: ฿80.9m (up 13% from 3Q 2022). Net income: ฿5.73m (up 23% from 3Q 2022). Profit margin: 7.1% (up from 6.5% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.007 (vs ฿0.022 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.007 (down from ฿0.022 in 2Q 2022). Revenue: ฿71.1m (up 5.8% from 2Q 2022). Net income: ฿2.76m (down 59% from 2Q 2022). Profit margin: 3.9% (down from 10.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Oct 21
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ฿0.022. Net income: ฿6.70m (up ฿6.70m from 2Q 2021). Ankündigung • Oct 20
Asia Medical and Agricultural Laboratory and Research Center Public Company Limited has completed an IPO in the amount of THB 348 million. Asia Medical and Agricultural Laboratory and Research Center Public Company Limited has completed an IPO in the amount of THB 348 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 120,000,000
Price\Range: THB 2.9 
