Major Estimate Revision • May 16
Consensus revenue estimates fall by 30% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿779.0m to ฿544.2m. EPS estimate fell from ฿1.36 to ฿0.75 per share. Net income forecast to shrink 44% next year vs 42% growth forecast for Software industry in Thailand . Consensus price target down from ฿15.00 to ฿8.20. Share price fell 32% to ฿10.40 over the past week. New Risk • May 15
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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 115% Minor Risk Market cap is less than US$100m (฿2.08b market cap, or US$63.8m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to ฿10.40, the stock trades at a trailing P/E ratio of 7.8x. Average forward P/E is 26x in the Software industry in Asia. Total loss to shareholders of 44% over the past three years. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 20 May 2026. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 10.0%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿15.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 24x in the Software industry in Asia. Total loss to shareholders of 19% over the past three years. New Risk • Apr 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.06b (US$94.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 115% Minor Risk Market cap is less than US$100m (฿3.06b market cap, or US$94.3m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿19.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 28x in the Software industry in Asia. Total loss to shareholders of 11% over the past three years. Declared Dividend • Feb 28
Final dividend of ฿0.80 announced Shareholders will receive a dividend of ฿0.80. Ex-date: 6th May 2026 Payment date: 20th May 2026 Dividend yield will be 5.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. EPS is expected to grow by 31% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Feb 27
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to ฿20.70. The fair value is estimated to be ฿26.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Price Target Changed • Oct 29
Price target decreased by 12% to ฿21.20 Down from ฿24.20, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿20.20. Stock is up 29% over the past year. The company is forecast to post earnings per share of ฿1.15 for next year compared to ฿1.08 last year. Upcoming Dividend • Aug 25
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 01 September 2025. Payment date: 11 September 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.38 (vs ฿0.27 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.38 (up from ฿0.27 in 2Q 2024). Revenue: ฿205.9m (up 42% from 2Q 2024). Net income: ฿75.6m (up 41% from 2Q 2024). Profit margin: 37% (in line with 2Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ฿20.90. The fair value is estimated to be ฿17.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 6.7% in the next 2 years. Board Change • May 15
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Chairman of the Board Chote Trachu was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.35 (vs ฿0.24 in 1Q 2024) First quarter 2025 results: EPS: ฿0.35 (up from ฿0.24 in 1Q 2024). Revenue: ฿180.5m (up 41% from 1Q 2024). Net income: ฿70.9m (up 49% from 1Q 2024). Profit margin: 39% (up from 37% 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 16% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to ฿20.30. The fair value is estimated to be ฿16.85, 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 3 years. Earnings per share has grown by 9.0%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings are also forecast to grow by 7.7% per annum over the same time period. Major Estimate Revision • May 02
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿634.8m to ฿655.7m. EPS estimate increased from ฿0.90 to ฿1.15 per share. Net income forecast to grow 6.6% next year vs 38% growth forecast for Software industry in Thailand. Consensus price target up from ฿20.50 to ฿25.30. Share price was steady at ฿20.60 over the past week. Upcoming Dividend • Apr 29
Upcoming dividend of ฿1.18 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 16 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (1.0%). New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.48b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 195% Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. High level of non-cash earnings (78% accrual ratio). Minor Risk Market cap is less than US$100m (฿3.48b market cap, or US$100.0m). New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. Payout ratio: 109% Cash payout ratio: 195% Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. High level of non-cash earnings (78% accrual ratio). Declared Dividend • Feb 24
Dividend increased to ฿1.18 Dividend of ฿1.18 is 31% higher than last year. Ex-date: 6th May 2025 Payment date: 16th May 2025 Dividend yield will be 7.2%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (149% cash payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 2.2% to bring the payout ratio under control. EPS is expected to grow by 6.6% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿1.08 (up from ฿0.90 in FY 2023). Revenue: ฿581.5m (up 19% from FY 2023). Net income: ฿215.9m (up 20% from FY 2023). Profit margin: 37% (in line with FY 2023). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Ankündigung • Feb 22
Netbay Public Company Limited, Annual General Meeting, Apr 24, 2025 Netbay Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Ankündigung • Feb 21
Netbay Public Company Limited Proposes Dividend from 01-January-2024 to 31-December-2024, Payable on May 16, 2025 Netbay Public Company Limited at its Annual General Meeting of Shareholders to be held on 24 April 2025 proposed cash dividend of THB 1.1793 per share Par value (baht) 1.00 for Operating period from 01-January-2024 to 31-December-2024. Record date for the right to receive dividends 07-May-2025, Ex-dividend date 06-May-2025 and Payment date 16-May-2025. New Risk • Dec 02
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 7.8% 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. Payout ratio: 92% Cash payout ratio: 214% High level of non-cash earnings (73% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿17.60, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 32x in the Software industry in Asia. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿15.73 per share. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: ฿0.26 (vs ฿0.21 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.26 (up from ฿0.21 in 3Q 2023). Revenue: ฿137.5m (up 18% from 3Q 2023). Net income: ฿51.3m (up 19% from 3Q 2023). Profit margin: 37% (in line with 3Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Asia. 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 13% per year, which means it is significantly lagging earnings. Board Change • Oct 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Somsri Ruchdaponkul was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Oct 08
Netbay Public Company Limited Announces Board Changes Netbay Public Company Limited at the Board of Director's Meeting No. 5/2024, held on October 8, 2024, were as follows: Acknowledge the resignation of 1 director, effective from October 7, 2024, are as follows: Mr. Suvit Arunanondchai Independent Director/Chairman of the Audit Committee; Approval of the appointment of 1 director (replacement), effective from October 8, 2024, are as follows: Appointed Mr. Chote Trachu to serve as a director in place of Mr. Suvit Arunanondchai for the remaining term, and assigned as a Chairman of the Board. Appointed Ms. Somsri Rachdapornkul as a Chairman of the Audit Committee/Nomination and Remuneration Committee. New Risk • Aug 21
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 7.1% 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. Payout ratio: 96% Cash payout ratio: 292% High level of non-cash earnings (86% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿17.20, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 22x in the Software industry in Asia. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿16.41 per share. Major Estimate Revision • Aug 21
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿547.1m to ฿487.0m. EPS estimate fell from ฿0.95 to ฿0.93 per share. Net income forecast to grow 4.7% next year vs 39% growth forecast for Software industry in Thailand. Consensus price target down from ฿25.25 to ฿18.00. Share price rose 12% to ฿15.70 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.27 (vs ฿0.24 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.27 (up from ฿0.24 in 2Q 2023). Revenue: ฿144.9m (up 15% from 2Q 2023). Net income: ฿53.8m (up 13% from 2Q 2023). Profit margin: 37% (in line with 2Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ฿12.60. The fair value is estimated to be ฿16.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 6.3%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Price Target Changed • Jul 27
Price target decreased by 7.7% to ฿25.25 Down from ฿27.35, the current price target is an average from 2 analysts. New target price is 79% above last closing price of ฿14.10. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿0.95 for next year compared to ฿0.90 last year. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ฿13.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 24x in the Software industry in Asia. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿21.22 per share. Buy Or Sell Opportunity • Jul 16
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ฿15.90. The fair value is estimated to be ฿21.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 6.3%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. New Risk • Jun 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.64b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 127% Minor Risk Market cap is less than US$100m (฿3.64b market cap, or US$99.5m). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.23 in 1Q 2023) First quarter 2024 results: EPS: ฿0.24 (up from ฿0.23 in 1Q 2023). Revenue: ฿128.2m (up 3.9% from 1Q 2023). Net income: ฿47.5m (up 1.5% from 1Q 2023). Profit margin: 37% (in line with 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • May 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. 2 experienced directors. 4 highly experienced directors. Independent Director Somsri Ruchdaponkul was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 27
Netbay Public Company Limited Approves Dividend for the Year 2023, Payable on May 21, 2024 Netbay Public Company Limited announced that at its AGM held on April 25, 2024, approved to pay dividend from the company's performance of the year 2023 by cash at the rate of at THB 0.8983 per share which the total amount was calculated to be approximately THB 179,660,000, or at payout ratio of 99.99% of net profit according to the separate financial statement. Notwithstanding, for this dividend payment, By specifying the list of shareholders who are entitled to receive the dividend on May 3, 2024 (Record Date), (XD or the Exclude Dividends Symbol will appear on May 2, 2024), and specifying the date of dividend payment to be within May 21, 2024. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.90 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 21 May 2024. Payout ratio and cash payout ratio are on the higher end at 100% and 84% respectively. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 24
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ฿0.90 (up from ฿0.85 in FY 2022). Revenue: ฿487.4m (up 6.6% from FY 2022). Net income: ฿180.3m (up 6.2% from FY 2022). Profit margin: 37% (in line with FY 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Software industry in Asia. 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 2% per year, which means it is significantly lagging earnings. Ankündigung • Feb 22
Netbay Public Company Limited Proposes Dividend for the Year 2023, Payable on May 21, 2024 Netbay Public Company Limited Board of Director's Meeting held on February 22, 2024, approved to propose the Annual General Meeting of Shareholders (AGM) for the year 2024 to consider the dividend payment from net profit, operating results of the year 2023. The dividend shall be paid by cash at the rate of THB 0.8983 per share which the total amount was calculated to be approximately THB 179,660,000 or at payout ratio of 99.99% of net profit according to the separate financial statement. Notwithstanding, for this dividend payment, the withholding tax scheme shall be applied. However, individual shareholder is enable to obtain tax credit. Specifying the list of shareholders who are entitled the right to receive the dividend (Record Date) is on May 3, 2024, ("XD" or the Exclude Dividends Symbol will appear on May 2, 2024), and the date of dividend payment is on May 21, 2024. However, the right to receive dividend is not confirmed until the approval is granted by AGM for the year 2024 resolution on April 25, 2024. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿26.25, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 27x in the Software industry in Asia. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿14.84 per share. Ankündigung • Jan 17
Origin Property Public Company Limited (SET:ORI) acquired 2.94% stake in Netbay Public Company Limited (SET:NETBAY) from Pichit Viwatrujirapong for THB 99.9 million. Origin Property Public Company Limited (SET:ORI) acquired 2.94% stake in Netbay Public Company Limited (SET:NETBAY) from Pichit Viwatrujirapong for THB 99.9 million on January 12, 2024. Origin Property Public Company Limited (SET:ORI) completed the acquisition of 2.94% stake in Netbay Public Company Limited (SET:NETBAY) from Pichit Viwatrujirapong on January 12, 2024. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿23.10, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 27x in the Software industry in Asia. Total loss to shareholders of 8.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿14.86 per share. Price Target Changed • Dec 08
Price target decreased by 16% to ฿19.00 Down from ฿22.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿18.50. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.89 for next year compared to ฿0.85 last year. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.22 (vs ฿0.19 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.22 (up from ฿0.19 in 3Q 2022). Revenue: ฿116.8m (up 12% from 3Q 2022). Net income: ฿43.1m (up 14% from 3Q 2022). Profit margin: 37% (in line with 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 21% growth forecast for the Software industry in Asia. 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 12% per year, which means it is significantly lagging earnings. New Risk • Nov 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.54b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Market cap is less than US$100m (฿3.54b market cap, or US$98.5m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.18 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.24 (up from ฿0.18 in 2Q 2022). Revenue: ฿125.6m (up 26% from 2Q 2022). Net income: ฿47.8m (up 32% from 2Q 2022). Profit margin: 38% (up from 36% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Ankündigung • Aug 10
Netbay Public Company Limited Announces Audit Committee Changes The Resolutions of the Board of Director of Netbay Public Company Limited Meeting No. 3/2023, held on August 9, 2023, with the details accordingly: To Acknowledge the resignation of the Audit Committee Member of Mr. Vichit Yanamorn. However, he still normally holds the position of the Independent Director, and Nomination and Remuneration Committee Member. The resignation will be officially effective from August 9, 2023 onwards. To appoint Miss Somsri Ruchdaponkul to be the Audit Committee Member who replaced Mr. Vichit Yanamorn, the appointment will be officially effective from August 9, 2023 onwards. As of the effective date, the names of Board of Directors shall be as follows: Prof. Dr. Pairash Thajchayapong-Chairman, Mr. Pichit Viwatrujirapong-Vice Chairman/Chief Executive Officer, Mrs. Kobkanjana Veerapongpradit-Director/Nomination and Remuneration Committee Member/Managing Director, Mr. Vichit Yanamorn-Independent Director/Nomination and Remuneration Committee, Mr. Suvit Arunanondchai-Independent Director/Chairman of the Audit Committee, Mrs. Suwipa Wanasathop-Independent Director/Audit Committee /Chairman of the Nomination and Remuneration Committee, Miss Somsri Ruchdaponkul-Independent Director/Audit Committee. Price Target Changed • May 12
Price target decreased by 17% to ฿25.60 Down from ฿31.00, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿21.10. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.03 for next year compared to ฿0.85 last year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.82 per share at 3.8% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 17 May 2023. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (0.7%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.19 (vs ฿0.19 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.19 (in line with 3Q 2021). Revenue: ฿104.8m (up 3.2% from 3Q 2021). Net income: ฿37.9m (flat on 3Q 2021). Profit margin: 36% (down from 38% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Software industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Aug 13
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿99.7m (up 5.4% from 2Q 2021). Net income: ฿36.2m (down 7.9% from 2Q 2021). Profit margin: 36% (down from 42% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 27% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.79 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 24 May 2022. Payout ratio and cash payout ratio are on the higher end at 96% and 77% respectively. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.1%). Price Target Changed • Apr 27
Price target increased to ฿30.90 Up from ฿27.60, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿29.75. Stock is up 8.2% over the past year. The company is forecast to post earnings per share of ฿0.85 for next year compared to ฿0.83 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.83 (up from ฿0.78 in FY 2020). Revenue: ฿400.5m (up 3.1% from FY 2020). Net income: ฿165.6m (up 5.8% from FY 2020). Profit margin: 41% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 12%, compared to a 29% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.19 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿101.6m (up 2.9% from 3Q 2020). Net income: ฿38.1m (up 2.0% from 3Q 2020). Profit margin: 38% (in line with 3Q 2020). 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 5% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 08
Price target decreased to ฿27.00 Down from ฿29.35, the current price target is an average from 2 analysts. New target price is 8.9% above last closing price of ฿24.80. Stock is down 2.7% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.17 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿96.5m (up 2.2% from 2Q 2020). Net income: ฿39.3m (up 16% from 2Q 2020). Profit margin: 41% (up from 36% 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 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 01
First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.20 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿99.7m (up 6.4% from 1Q 2020). Net income: ฿43.1m (up 5.6% from 1Q 2020). Profit margin: 43% (in line with 1Q 2020). 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 12% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.20 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿99.7m (up 6.4% from 1Q 2020). Net income: ฿43.1m (up 5.6% from 1Q 2020). Profit margin: 43% (in line with 1Q 2020). 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 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improved over the past week After last week's 17% share price gain to ฿31.00, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 28x in the Software industry in Asia. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿17.16 per share. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.78 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 20 May 2021. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (0.7%). Is New 90 Day High Low • Mar 10
New 90-day high: ฿28.75 The company is up 3.0% from its price of ฿28.00 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 8.0% over the same period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 19% share price gain to ฿28.25, the stock is trading at a trailing P/E ratio of 36.1x, up from the previous P/E ratio of 30.4x. This compares to an average P/E of 36x in the Software industry in Asia. Total return to shareholders over the past three years is a loss of 14%. Price Target Changed • Feb 24
Price target lowered to ฿28.50 Down from ฿34.00, the current price target is provided by 1 analyst. The new target price is 20% above the current share price of ฿23.70. As of last close, the stock is down 13% over the past year. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.78 (vs ฿0.90 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿388.4m (down 5.6% from FY 2019). Net income: ฿156.4m (down 13% from FY 2019). Profit margin: 40% (down from 44% in FY 2019). 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. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 9.8%, compared to a 35% growth forecast for the Software industry in Thailand. Is New 90 Day High Low • Feb 02
New 90-day low: ฿24.60 The company is down 4.0% from its price of ฿25.50 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.00 per share. Is New 90 Day High Low • Jan 15
New 90-day low: ฿24.80 The company is down 7.0% from its price of ฿26.75 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿20.64 per share. Is New 90 Day High Low • Dec 29
New 90-day high: ฿28.50 The company is up 6.0% from its price of ฿27.00 on 30 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿18.83 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿28.25 The company is up 5.0% from its price of ฿27.00 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.67 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 9.6%, compared to a 35% growth forecast for the Software industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.19 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ฿104.6m (flat on 3Q 2019). Net income: ฿37.3m (down 21% from 3Q 2019). Profit margin: 36% (down from 45% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 13
Price target lowered to ฿34.00 Down from ฿37.15, the current price target is an average from 2 analysts. The new target price is 31% above the current share price of ฿26.00. As of last close, the stock is down 21% over the past year. Is New 90 Day High Low • Oct 30
New 90-day low: ฿24.90 The company is down 17% from its price of ฿30.00 on 31 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.39 per share.