New Risk • Mar 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.12b market cap, or US$35.3m). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.38, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.84 (vs ฿0.56 in FY 2024) Full year 2025 results: EPS: ฿0.84 (up from ฿0.56 in FY 2024). Revenue: ฿380.9m (up 50% from FY 2024). Net income: ฿344.2m (up 50% from FY 2024). Profit margin: 90% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.066 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.12 (up from ฿0.066 in 2Q 2024). Net income: ฿49.5m (up 82% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.76, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total loss to shareholders of 45% over the past three years. Anuncio • Jun 27
MDX Public Company Limited Approves Board and Committee Appointments MDX Public Company Limited at its EGM held on June 27, 2025, approved the appointment of 4 persons, namely Mrs. Sujeepapa Singtokul, Mr. Wirat Junnual, Mrs. Tipawan Chayutimanta and Mr. Wisarut Ruknapapong to assume the position of the company's directors. Mrs. Sujeepapa Singtokul assumed the position of Director and Executive Director. Mr. Wirat Junnual assumed the position of Director and Executive Director. Mrs. Tipawan Chayutimanta assumed the position of Independent Director and Chairwoman of the Audit Committee. Mr. Wisarut Ruknapapong assumed the position of Independent Director and the Audit Committee. Anuncio • Jun 20
MDX Public Company Limited Appoints Krithiran Rawiphatakkaraya to Assume the Position of Acting Chairman MDX Public Company Limited appointed Mr. Krithiran Rawiphatakkaraya to assume the position of Acting Chairman of the board of directors. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.18 (vs ฿0.13 in 1Q 2024) First quarter 2025 results: EPS: ฿0.18 (up from ฿0.13 in 1Q 2024). Net income: ฿74.4m (up 41% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Anuncio • Apr 24
MDX Public Company Limited Approves Board Appointments MDX Public Company Limited held the Annual Ordinary General Meeting of the Shareholders for the year 2025 held on April 23, 2025, approved the election five of the Board of Directors, namely Mr. Prasong Poontaneat, Mrs. Tipawan Chayutimanta and Mr. Wisarut Ruknapapong to assume the position the company's director. The Meeting has approved the appointment of Mr. Prasong Poontaneat to be the Chairman of the Company's Board of Directors. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.48, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 10x in the Real Estate industry in Thailand. Total loss to shareholders of 53% over the past three years. Anuncio • Apr 02
MDX Public Company Limited Announces Resignation of PRACHA HETRAKUL as Chairman, Effective from 01 April 2025 MDX Public Company Limited announced the resignation of Mr. PRACHA HETRAKUL as Chairman. Expire Date is on 01 April 2025. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.00, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Real Estate industry in Thailand. Total loss to shareholders of 46% over the past three years. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.56 (vs ฿0.36 in FY 2023) Full year 2024 results: EPS: ฿0.56 (up from ฿0.36 in FY 2023). Revenue: ฿253.4m (down 11% from FY 2023). Net income: ฿230.1m (up 54% from FY 2023). Profit margin: 91% (up from 52% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Anuncio • Mar 01
MDX Public Company Limited, Annual General Meeting, Apr 23, 2025 MDX Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Location: room, 12a floor, 199 ratchadaphisek road, khlongtoei, khlongtoei, bangkok Thailand Anuncio • Dec 26
MDX Public Company Limited Resolves the Appointment of Krithiran Rawiphatakkaraya to the Position of President, Effective 1 January 2025 MDX Public Company Limited announced the board of directors of the company has considered and resolved to appoint Mr. Krithiran Rawiphatakkaraya to the position of president of the company, effective from 1 January 2025 onwards. New Risk • Oct 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 7.6% 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 Earnings have declined by 5.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (฿1.81b market cap, or US$55.1m). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿4.10, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total loss to shareholders of 37% over the past three years. New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings have declined by 5.0% 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 Risk Earnings have declined by 5.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.34b market cap, or US$39.1m). Anuncio • Aug 17
MDX Public Company Limited Appoints Jiraprabha Sangchan as Chief Financial Officer MDX Public Company Limited appointed Miss Jiraprabha Sangchan as Chief Financial Officer. Effective Date of appointment is 14 August 2024. The person assuring overall responsibility in accounting and finance (CFO). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.066 (vs ฿0.12 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.066 (down from ฿0.12 in 2Q 2023). Revenue: ฿54.2m (down 14% from 2Q 2023). Net income: ฿27.2m (down 44% from 2Q 2023). Profit margin: 50% (down from 77% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Anuncio • Jun 08
MDX Public Company Limited Announces Resignation of Pijayaphong Na Bangxang as Chief Financial Officer MDX Public Company Limited announced resignation of Mr. Pijayaphong Na Bangxang as Chief Financial Officer, effective date of termination is June 6, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.097 in 1Q 2023) First quarter 2024 results: EPS: ฿0.13 (up from ฿0.097 in 1Q 2023). Revenue: ฿80.2m (down 21% from 1Q 2023). Net income: ฿52.9m (up 33% from 1Q 2023). Profit margin: 66% (up from 39% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.14, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total loss to shareholders of 37% over the past three years. Anuncio • Apr 26
MDX Public Company Limited Elects Nikhom Wanichwattanaramluek and Krithiran Rawiphatakkaraya as Director MDX Public Company Limited at the AGM held on April 23, 2024 approved the election of directors, namely Mr. Nikhom Wanichwattanaramluek and Mr. Krithiran Rawiphatakkaraya to be the company's directors. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ฿3.86, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total loss to shareholders of 24% over the past three years. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.36 (vs ฿0.16 in FY 2022) Full year 2023 results: EPS: ฿0.36 (up from ฿0.16 in FY 2022). Revenue: ฿285.9m (down 8.9% from FY 2022). Net income: ฿149.5m (up 127% from FY 2022). Profit margin: 52% (up from 21% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.094 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.08 (up from ฿0.094 loss in 3Q 2022). Revenue: ฿60.7m (flat on 3Q 2022). Net income: ฿33.2m (up ฿71.9m from 3Q 2022). Profit margin: 55% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.098 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.12 (up from ฿0.098 in 2Q 2022). Revenue: ฿62.8m (up 7.7% from 2Q 2022). Net income: ฿48.3m (up 21% from 2Q 2022). Profit margin: 77% (up from 69% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.097 (vs ฿0.19 in 1Q 2022) First quarter 2023 results: EPS: ฿0.097 (down from ฿0.19 in 1Q 2022). Revenue: ฿102.1m (up 18% from 1Q 2022). Net income: ฿39.8m (down 49% from 1Q 2022). Profit margin: 39% (down from 89% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Nov 17
Third quarter 2022 earnings released: ฿0.094 loss per share (vs ฿0.31 profit in 3Q 2021) Third quarter 2022 results: ฿0.094 loss per share (down from ฿0.31 profit in 3Q 2021). Revenue: ฿60.3m (down 6.4% from 3Q 2021). Net loss: ฿38.7m (down 130% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chantrakarn Srisawadi was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.098 (vs ฿0.33 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.098 (down from ฿0.33 in 2Q 2021). Revenue: ฿58.4m (down 36% from 2Q 2021). Net income: ฿40.1m (down 71% from 2Q 2021). Profit margin: 69% (down from 151% in 2Q 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.19 (up from ฿0.18 in 1Q 2021). Revenue: ฿86.7m (up 49% from 1Q 2021). Net income: ฿77.3m (up 2.2% from 1Q 2021). Profit margin: 89% (down from 130% in 1Q 2021). The decrease in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chantrakarn Srisawadi was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.98 (up from ฿0.36 in FY 2020). Revenue: ฿340.8m (up 4.0% from FY 2020). Net income: ฿403.9m (up 171% from FY 2020). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Feb 27
MDX Public Company Limited, Annual General Meeting, Apr 26, 2022 MDX Public Company Limited, Annual General Meeting, Apr 26, 2022, at 10:00 SE Asia Standard Time. Location: Main Conference Room, 12A Floor, No. 199 Ratchadaphisek Road, Klongtoey, Klongtoey Bangkok Thailand Agenda: To consider and acknowledge the Directors' Report regarding operating results of the Company for the year 2021; to consider and approve the Financial Statements for the accounting period ended December 31, 2021; to consider and approve the dividend omission and no allocation of the Net Profit for the accounting period of the year 2021 Operating Results Director's opinion Due to the retained loss, the Board thus recommends that the Meeting approve The dividend omission and no allocation of the net profit for the accounting period of the year 2021 Operating Results; to consider and approve the re-election of the directors to replace those who retire from office by rotation Director's opinion; to consider and approve the director's remuneration for the year 2022; to consider and approve the appointment of auditors and fixing of audit fee for the year 2022; and to consider other resolutions. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿5.75, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 15x in the Real Estate industry in Thailand. Total returns to shareholders of 35% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿0.31 (vs ฿0.15 in 3Q 2020) Third quarter 2021 results: Net income: ฿128.0m (up 109% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿6.45, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 17% share price gain to ฿6.20, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.13 in 2Q 2020) Second quarter 2021 results: Revenue: ฿90.7m (up 22% from 2Q 2020). Net income: ฿137.1m (up 156% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 26% share price gain to ฿6.30, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 36% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: ฿0.18 loss per share (vs ฿0.019 loss in 1Q 2020) First quarter 2021 results: Revenue: ฿58.2m (up 1.8% from 1Q 2020). Net income: ฿75.6m (up ฿83.4m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 20% share price gain to ฿4.28, the stock is trading at a trailing P/E ratio of 11.8x, up from the previous P/E ratio of 9.9x. This compares to an average P/E of 13x in the Real Estate industry in Thailand. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Mar 04
New 90-day high: ฿4.28 The company is up 52% from its price of ฿2.82 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.36 (vs ฿0.17 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿327.6m (up 26% from FY 2019). Net income: ฿148.9m (up 115% from FY 2019). Profit margin: 45% (up from 27% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day high: ฿3.58 The company is up 60% from its price of ฿2.24 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 26% share price gain to ฿3.54, the stock is trading at a trailing P/E ratio of 21.2x, up from the previous P/E ratio of 16.9x. This compares to an average P/E of 14x in the Real Estate industry in Thailand. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Jan 22
New 90-day high: ฿3.08 The company is up 45% from its price of ฿2.12 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: ฿2.82 The company is up 8.0% from its price of ฿2.60 on 03 September 2020. The Thai market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 13% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.15 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿106.6m (up 89% from 3Q 2019). Net income: ฿61.2m (up 50% from 3Q 2019). Profit margin: 57% (down from 72% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿2.16 The company is down 14% from its price of ฿2.50 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ฿2.20 The company is down 4.0% from its price of ฿2.28 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 8.0% over the same period. 