New Risk • May 21
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: 4.1% Last year net profit margin: 7.0% 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: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (฿1.04b market cap, or US$31.7m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.002 (vs ฿0 in FY 2024) Full year 2025 results: EPS: ฿0.002 (up from ฿0 in FY 2024). Revenue: ฿542.6m (down 16% from FY 2024). Net income: ฿61.6m (up ฿56.5m from FY 2024). Profit margin: 11% (up from 0.8% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Ankündigung • Feb 26
Samart Digital Public Company Limited, Annual General Meeting, Apr 23, 2026 Samart Digital Public Company Limited, Annual General Meeting, Apr 23, 2026, at 09:00 SE Asia Standard Time. Location: meeting room, 16th floor, software park building, 99/20 moo 4, chaengwattana road, klong gluar, pak-kred, nonthaburi 11120, Thailand Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.001 (vs ฿0.001 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.001 (in line with 3Q 2024). Revenue: ฿141.6m (down 15% from 3Q 2024). Net income: ฿17.4m (down 36% from 3Q 2024). Profit margin: 12% (down from 16% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0 (vs ฿0.001 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0 (improved from ฿0.001 loss in 2Q 2024). Revenue: ฿141.5m (up 26% from 2Q 2024). Net income: ฿14.6m (up ฿32.5m from 2Q 2024). Profit margin: 10% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.54 (vs ฿0.001 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.54 (up from ฿0.001 loss in 1Q 2024). Revenue: ฿141.5m (down 26% from 1Q 2024). Net income: ฿18.5m (up ฿36.8m from 1Q 2024). Profit margin: 13% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. New Risk • Feb 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 388% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.38b market cap, or US$41.2m). Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0 (vs ฿0.05 loss in FY 2023) Full year 2024 results: EPS: ฿0 (improved from ฿0.05 loss in FY 2023). Revenue: ฿654.3m (down 66% from FY 2023). Net income: ฿5.04m (up ฿758.6m from FY 2023). Profit margin: 0.8% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Ankündigung • Feb 20
Samart Digital Public Company Limited, Annual General Meeting, Apr 24, 2025 Samart Digital Public Company Limited, Annual General Meeting, Apr 24, 2025, at 09:00 SE Asia Standard Time. Location: meeting room, 16th floor, software, park building, 99/20 moo 4, chaengwattana road, klong gluar, pak-kred, nonthaburi 11120, Thailand Reported Earnings • Aug 14
Second quarter 2024 earnings released: ฿0.001 loss per share (vs ฿0.006 loss in 2Q 2023) Second quarter 2024 results: ฿0.001 loss per share (improved from ฿0.006 loss in 2Q 2023). Revenue: ฿112.0m (down 5.5% from 2Q 2023). Net loss: ฿17.8m (loss narrowed 80% from 2Q 2023). Ankündigung • May 25
Samart Digital Public Company Limited announced that it expects to receive THB 650 million in funding Samart Digital Public Company Limited announced a private placement of Senior Unsecured Convertible Debentures for gross proceeds not exceeding THB 650,000,000 on May 24, 2024. The transaction includes participation from returning investors, Advance Opportunities Fund and Advance Opportunities Fund 1. Allocation of the newly issued ordinary shares, whether once or several times, not exceeding 2,855,926,276 shares with the par value of THB 0.10 per share. The Convertible Debentures holders may exercise their conversion rights of the Convertible Debentures every day until the close of business hours 1 week prior to the Convertible Debenture maturity date. The issuance occur in tranches. Interest rate is 0.50% per annum, provided that the interest will be paid on a quarterly basis from the date the Convertible Debentures was issued and matures on June 6, 2025. The transaction was approved by shareholders.
On same date, the company issued convertible debentures of gross proceeds THB 10,000,000 in its first tranche. Advance Opportunities Fund subscribed for THB 5,000,000 and Advance Opportunities Fund 1 for THB 5,000,000. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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 Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 4.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿1.55b market cap, or US$43.1m). Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.001 loss per share (vs ฿0.004 loss in 1Q 2023) First quarter 2024 results: ฿0.001 loss per share (improved from ฿0.004 loss in 1Q 2023). Revenue: ฿191.3m (down 73% from 1Q 2023). Net loss: ฿18.3m (loss narrowed 71% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Ankündigung • Mar 15
Samart Digital Public Company Limited, Annual General Meeting, Apr 25, 2024 Samart Digital Public Company Limited, Annual General Meeting, Apr 25, 2024, at 09:00 SE Asia Standard Time. Location: meeting room software park building CHAENGWATTANA ROAD, TAMBOL KLONG GLUAR Nonthaburi Thailand Agenda: To acknowledge the extraordinary general meeting of shareholders no 1/2023 on November 28 2023; to acknowledge the company's operating results and 2023 annual report; to consider and approve the company's financial statement for 2023; and to consider other matters. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.05 loss per share (vs ฿0.088 loss in FY 2022) Full year 2023 results: ฿0.05 loss per share (improved from ฿0.088 loss in FY 2022). Revenue: ฿1.95b (up 207% from FY 2022). Net loss: ฿753.5m (loss narrowed 36% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 40% per year whereas the company’s share price has fallen by 41% per year. New Risk • Dec 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 112% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-฿386m). Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿1.19b market cap, or US$34.9m). Ankündigung • Dec 23
Samart Digital Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 1.558808 billion. Samart Digital Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 1.558808 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 31,176,169,980
Price\Range: THB 0.05
Transaction Features: Rights Offering Reported Earnings • Nov 11
Third quarter 2023 earnings released: ฿0.03 loss per share (vs ฿0.016 loss in 3Q 2022) Third quarter 2023 results: ฿0.03 loss per share (further deteriorated from ฿0.016 loss in 3Q 2022). Revenue: ฿858.5m (up ฿801.1m from 3Q 2022). Net loss: ฿447.0m (loss widened 115% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Ankündigung • Oct 20
Samart Digital Public Company Limited announced that it expects to receive THB 650 million in funding from ZICO Asset Management Pte. Ltd., Advance Capital Partners Asset Management Private Limited Samart Digital Public Company Limited announced a private placemen of senior unsecured convertible debentures in the principal amount of THB 650,000,000 on October 19, 2023. The transaction has been approved by the shareholders of the company. The debentures carry interest rate of 0.50% per annum, provided that the interest will be paid on a quarterly basis from the date the convertible debentures was issued and will have a term period of 3 years after the issuance date of the first tranche. The company will gradually issue the convertible debentures by tranche, each tranche, respectively. In each issuance of the tranche of convertible debentures, the company will gradually issue each set in each tranche according to the agreement between company and the investors. The issuance of convertible debentures is subject to the completion of the conditions precedent which are permission from the Securities and Exchange Commission and other relevant agencies, including the terms and conditions of the convertible debentures. The company will repay in lump sum after the maturity date of each tranche according to the terms and conditions of each convertible debenture. ThecConvertible debentures holders may or may not have rights to redeem the Convertible Debentures before its maturity date and/or the Convertible Debentures issuer may or may not have rights to redeem the Convertible Debentures before its maturity date too. The redemption has to be followed by the terms and conditions of each Convertible Debentures in accordance with the rules, regulations, laws, and/or permissions from related authorized governmental agencies. The debentures are convertible into 2,855,926,276 common shares with the par value of THB 0.10 per share at a conversion price of not lower than 90% of the market price. The Convertible Debentures holders may exercise their conversion rights of the Convertible Debentures every day until the close of business hours 1 week prior to the Convertible Debenture maturity date. The transaction will include participation from returning investors Advance Opportunities Fund I managed by ZICO Asset Management Pte. Ltd. and Advance Opportunities Fund, managed by Advance Capital Partners Asset Management Private Limited. New Risk • Aug 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿174m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿174m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (฿913.3m market cap, or US$26.0m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.006 loss per share (vs ฿0.007 loss in 2Q 2022) Second quarter 2023 results: ฿0.006 loss per share. Revenue: ฿118.5m (down 49% from 2Q 2022). Net loss: ฿90.0m (loss widened 3.9% from 2Q 2022). New Risk • Jul 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿240m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿240m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (฿1.06b market cap, or US$30.7m). Board Change • May 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board of Directors Piyapan Champasut was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
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. 1 experienced director. 4 highly experienced directors. Independent Chairman of the Board of Directors Piyapan Champasut 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. Reported Earnings • Nov 16
Third quarter 2022 earnings released: ฿0.016 loss per share (vs ฿0.007 loss in 3Q 2021) Third quarter 2022 results: ฿0.016 loss per share (further deteriorated from ฿0.007 loss in 3Q 2021). Revenue: ฿57.3m (down 64% from 3Q 2021). Net loss: ฿208.2m (loss widened 151% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.007 loss per share (vs ฿0.006 loss in 2Q 2021) Second quarter 2022 results: ฿0.007 loss per share (down from ฿0.006 loss in 2Q 2021). Revenue: ฿230.2m (up ฿191.9m from 2Q 2021). Net loss: ฿86.6m (loss widened 21% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.006 loss per share (vs ฿0.006 loss in 1Q 2021) First quarter 2022 results: ฿0.006 loss per share (vs ฿0.006 loss in 1Q 2021). Revenue: ฿287.4m (up 174% from 1Q 2021). Net loss: ฿84.4m (loss widened 34% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.029 loss per share (up from ฿0.03 loss in FY 2020). Revenue: ฿418.2m (down 36% from FY 2020). Net loss: ฿332.2m (loss narrowed 3.1% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 26
Samart Digital Public Company Limited, Annual General Meeting, Apr 22, 2022 Samart Digital Public Company Limited, Annual General Meeting, Apr 22, 2022, at 03:00 Coordinated Universal Time. Location: Meeting room, 16th floor, software park building 99/20 Moo 4, chengwattana Road, Klong Gluar, pak-kred, 11120 Nonthaburi Thailand Agenda: To acknowledge the minutes of extraordinary general meeting of shareholders; to acknowledge the company operating results and the 2021 annual reports; and to discuss other matters. Reported Earnings • Aug 11
Second quarter 2021 earnings released: ฿0.006 loss per share (vs ฿0.006 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ฿38.3m (down 45% from 2Q 2020). Net loss: ฿71.5m (loss widened 3.2% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: ฿0.006 loss per share (vs ฿0.005 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: ฿104.9m (down 62% from 1Q 2020). Net loss: ฿63.0m (loss widened 8.0% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Full year 2020 earnings released: ฿0.03 loss per share (vs ฿0.021 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿659.0m (down 34% from FY 2019). Net loss: ฿342.9m (loss widened 44% from FY 2019). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 14
New 90-day high: ฿0.29 The company is up 81% from its price of ฿0.16 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 105% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: ฿0.23 The company is up 53% from its price of ฿0.15 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 91% over the same period. 
