Buy Or Sell Opportunity • May 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ฿0.85. The fair value is estimated to be ฿1.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Ankündigung • Apr 27
Dexon Technology Public Company Limited, Annual General Meeting, May 22, 2026 Dexon Technology Public Company Limited, Annual General Meeting, May 22, 2026, at 13:00 SE Asia Standard Time. Board Change • Apr 27
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. No experienced directors. 6 highly experienced directors. Independent Director Suchat Boonbanjerdsri 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. New Risk • Jan 09
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 7.0% 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: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 6.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (฿567.0m market cap, or US$18.1m). New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings have declined by 6.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 6.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿509.9m market cap, or US$15.7m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: ฿0.031 loss per share (vs ฿0.018 loss in 3Q 2024) Third quarter 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.018 loss in 3Q 2024). Revenue: ฿208.6m (up 13% from 3Q 2024). Net loss: ฿14.7m (loss widened 70% from 3Q 2024). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.055 loss per share (vs ฿0.046 profit in 2Q 2024) Second quarter 2025 results: ฿0.055 loss per share (down from ฿0.046 profit in 2Q 2024). Revenue: ฿184.4m (down 5.0% from 2Q 2024). Net loss: ฿26.1m (down 220% from profit in 2Q 2024). Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.044 loss per share (vs ฿0.013 loss in 1Q 2024) First quarter 2025 results: ฿0.044 loss per share (further deteriorated from ฿0.013 loss in 1Q 2024). Revenue: ฿153.2m (up 7.3% from 1Q 2024). Net loss: ฿20.8m (loss widened 246% from 1Q 2024). Ankündigung • Apr 26
Dexon Technology Public Company Limited Approves 2024 Dividend , Payable May 22, 2025 Dexon Technology Public Company Limited resolved, by majority votes of the shareholders who attended the meeting and cast votes, to approve 2024 dividend payment at the rate of THB 0.06 per share in the amount of THB 28,590,000. The company has set the record date for dividend entitlement on March 6, 2025, and scheduled the dividend payment to shareholders on May 22, 2025. Ankündigung • Apr 25
Dexon Technology Public Company Limited Approves Appointment of Suchat Boonbanjerdsri as Independent Director Dexon Technology Public Company Limited approved Suchat Boonbanjerdsri to be new independent director as proposed. Board Change • Apr 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. Independent Director Narongrit Tavornvisitporn was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 26
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 05 March 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.12 (vs ฿0.11 in FY 2023) Full year 2024 results: EPS: ฿0.12 (up from ฿0.11 in FY 2023). Revenue: ฿757.4m (up 17% from FY 2023). Net income: ฿57.0m (up 13% from FY 2023). Profit margin: 7.5% (down from 7.8% in FY 2023). The decrease in margin was driven by higher expenses. Ankündigung • Feb 21
Dexon Technology Public Company Limited Proposes Cash Dividend Payment for the Financial Year Ended December 31, 2024, Payable on May 22, 2025 Dexon Technology Public Company Limited at its Annual General Meeting of Shareholders to be held on April 24, 2025, recommended cash dividend payment for financial year ended December 31, 2024 at the rate of THB 0.060 per share, with a total payout not exceeding THB 28,590,00. The dividend will be distributed from net profits as per the separate financial statements for 2024. Shareholders eligible to receive the dividend shall be those whose names appear on the Record Date, set for March 6, 2025, with the dividend payment scheduled for May 22, 2025. The allocation of a legal reserve for 2025 in the amount of THB 12,391,004. The dividend payment will be made by the company after receiving approval from the shareholders' meeting. Ex-dividend date: 05 March 2025. Par value: THB 0.50. New Risk • Jan 15
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 6.2% 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: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿729.0m market cap, or US$21.0m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ฿0.018 loss per share (vs ฿0.043 loss in 3Q 2023) Third quarter 2024 results: ฿0.018 loss per share (improved from ฿0.043 loss in 3Q 2023). Revenue: ฿185.0m (up 58% from 3Q 2023). Net loss: ฿8.67m (loss narrowed 58% from 3Q 2023). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.46, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 13x in the Energy Services industry in Asia. Total loss to shareholders of 44% over the past year. New Risk • Aug 15
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 6.9% 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: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿648.0m market cap, or US$18.5m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.046 (vs ฿0.046 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.046 (up from ฿0.046 loss in 2Q 2023). Revenue: ฿194.1m (up 54% from 2Q 2023). Net income: ฿21.8m (up ฿43.7m from 2Q 2023). Profit margin: 11% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.48, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 15x in the Energy Services industry in Asia. Total loss to shareholders of 56% over the past year. Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.013 loss per share (vs ฿0.011 profit in 1Q 2023) First quarter 2024 results: ฿0.013 loss per share (down from ฿0.011 profit in 1Q 2023). Revenue: ฿142.8m (down 1.9% from 1Q 2023). Net loss: ฿6.02m (down 247% from profit in 1Q 2023). Ankündigung • Mar 26
Dexon Technology Public Company Limited Announces Change in Dividend Payment Policy Dexon Technology Public Company Limited announced changes to the Company's Dividend Payment Policy as follows: Existing Policy Dexon Technology Public Company Limited (the "Company") and its subsidiaries have a policy to pay dividends of not less than 40% of the net profit after deduction of corporate income tax and legal reserve from the Company's Separated Financial Statements. Payment of dividends is subject to change according to company's earning results, balance sheets status, liquidity, investment plans, market conditions and other obligations as the company shall have sufficient cash to conduct its business and such operation shall bring maximum benefit to the shareholders as deemed appropriate by the Board of Directors and/or the Company's Shareholders. With respect to annual dividend, after the resolution of the Board of Directors to pay dividend, the Board shall submit to the shareholders for an approval at the Shareholders Annual General Meeting. Except the interim dividend, the Board can approve to pay an interim dividend and will report to the shareholders at the next Shareholders Meeting. New Policy: Dexon Technology Public Company Limited (the "Company") and its subsidiaries have a policy to pay dividends of not less than 40% of the net profit after deduction of corporate income tax and legal reserve from the Company's Consolidated Financial Statements. Payment of dividends is subject to change according to company's earnings results, balance sheets status, liquidity, investment plans, market conditions and other obligations as the company shall have sufficient cash to conduct its business and such operation shall bring maximum benefit to the shareholders as deemed appropriate by the Board of Directors and/or the Company's Shareholders. With respect to annual dividend, after the resolution of the Board of Directors to pay dividend, the Board shall submit to the shareholders for an approval at the Shareholders Annual General Meeting. Except for the interim dividend, the Board can approve to pay an interim dividend and will report to the shareholders at the next Shareholders Meeting. Dividend Payment Policy of Company's Subsidiary: For dividend payment policy of company's subsidiary, each subsidiary will consider to pay or not to pay according to its cash flow balance compare to its investment's budget. Payment of dividends is subject to change according to company's earning results, balance sheets status, liquidity, investment plans, market conditions and other obligations as the company shall have sufficient cash to conduct its business and such operation shall bring maximum benefit to the shareholders as deemed appropriate by the Board of Directors and/or the Company's Shareholders. With respect to annual dividend, after the resolution of the Board of Directors to pay dividend, the Board shall submit to the shareholders for an approval at the Shareholders Annual General Meeting. Except the interim dividend, the Board can approve to pay an interim dividend and will report to the shareholders at the next Shareholders Meeting. Ankündigung • Mar 02
Dexon Technology Public Company Limited, Annual General Meeting, Apr 26, 2024 Dexon Technology Public Company Limited, Annual General Meeting, Apr 26, 2024, at 13:30 SE Asia Standard Time. Location: Novotel Suvarnabhumi Hotel, 999 Suvarnabhumi Airport Moo 1, Nong Prue Subdistrict, Bang Phli District Bangkok Thailand Agenda: To consider Consideration and approval of the minutes of the annual general meeting of shareholders for 2023; to consider Report on the Company's Performance for the Year 2023; to consider Consideration and Approval of the Financial Statements for the Year 2023 Ended December 31, 2023; to consider the Dividend Payment and the Appropriation of Reserves; to Consider Appointment of Directors who retired by rotation; to consider the Appointment of Auditors and the Determination of Auditors' Remuneration for the Year 2024. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.11 (vs ฿0.43 in FY 2022) Full year 2023 results: EPS: ฿0.11 (down from ฿0.43 in FY 2022). Revenue: ฿647.7m (up 6.1% from FY 2022). Net income: ฿50.3m (down 52% from FY 2022). Profit margin: 7.8% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Ankündigung • Mar 01
Dexon Technology Public Company Limited Recommends for the Year 2023, Payable on May 24, 2024 The Board of Directors of Dexon Technology Public Company Limited recommended that the meeting of shareholders consider and approve the appropriation of legal reserves for the year 2023 in the amount of THB 1,612,543; and the payment of a dividend for the year 2023 for a total of THB 24,778,000 at a rate of THB 0.052 per share, to be paid out from the net profit of the Company's consolidated financial statements for the year 2023. The dividend will be paid to shareholders entitled to receive it as of the record date for dividend rights on May 8, 2024, and the payment date will be on May 24, 2024. The right to receive such dividends is still unsettled until the Annual General Meeting of Shareholders approves such allocation. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.36, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 14x in the Energy Services industry in Asia. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.04 loss per share (vs ฿0.095 profit in 3Q 2022) Third quarter 2023 results: ฿0.04 loss per share (down from ฿0.095 profit in 3Q 2022). Revenue: ฿116.9m (down 33% from 3Q 2022). Net loss: ฿20.5m (down 165% from profit in 3Q 2022). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.18, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 16x in the Energy Services industry in Asia. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.08, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 17x in the Energy Services industry in Asia. New Risk • Aug 16
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: 8.0% Last year net profit margin: 16% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (8.0% net profit margin). Market cap is less than US$100m (฿1.49b market cap, or US$41.9m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: ฿0.05 loss per share (vs ฿0.25 profit in 2Q 2022) Second quarter 2023 results: ฿0.05 loss per share (down from ฿0.25 profit in 2Q 2022). Revenue: ฿126.0m (down 20% from 2Q 2022). Net loss: ฿22.0m (down 158% from profit in 2Q 2022). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.04, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 15x in the Energy Services industry in Asia. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.32, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 15x in the Energy Services industry in Asia. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿3.32, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 16x in the Energy Services industry in Asia. 
