Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.038 (vs ฿0.008 in 1Q 2025) First quarter 2026 results: EPS: ฿0.038 (up from ฿0.008 in 1Q 2025). Revenue: ฿2.02b (up 16% from 1Q 2025). Net income: ฿52.3m (up 370% from 1Q 2025). Profit margin: 2.6% (up from 0.6% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Apr 16
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 7.2% 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 Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (316% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (฿1.61b market cap, or US$50.2m). New Risk • Feb 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: 0.3% Last year net profit margin: 2.9% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 206% Cash payout ratio: 308% Earnings have declined by 35% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (฿1.52b market cap, or US$49.0m). Declared Dividend • Feb 20
Dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 4th March 2026 Payment date: 29th April 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is not covered by earnings (206% earnings payout ratio) nor is it covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 128% to bring the payout ratio under control. However, EPS has declined by 6.3% over the last 5 years so the company would need to reverse this trend. Annonce • Feb 18
AI Energy Public Company Limited, Annual General Meeting, Apr 08, 2026 AI Energy Public Company Limited, Annual General Meeting, Apr 08, 2026, at 10:00 SE Asia Standard Time. Location: asian insulators public company limited 5th floor, 254 seri thai road, kannayao, Thailand Board Change • Feb 13
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 Director Damrong Joongwong was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jan 23
AI Energy Public Company Limited Announces Board Changes, Effective January 22, 2026 AI Energy Public Company Limited at its board of directors meeting held on January 22, 2026, approved the appointment of Miss Ratima Thareratanavibool as director and managing director, replacing Miss Pimwan Thareratanavibool, effective from January 22, 2026. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.037 (vs ฿0.023 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.037 (up from ฿0.023 in 3Q 2024). Revenue: ฿1.73b (down 20% from 3Q 2024). Net income: ฿51.0m (up 64% from 3Q 2024). Profit margin: 3.0% (up from 1.4% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.023 profit in 2Q 2024) Second quarter 2025 results: ฿0.03 loss per share (down from ฿0.023 profit in 2Q 2024). Revenue: ฿2.15b (flat on 2Q 2024). Net loss: ฿41.5m (down 232% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿1.27, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total loss to shareholders of 60% over the past three years. New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 22% 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 (19% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (156% payout ratio). Market cap is less than US$100m (฿1.76b market cap, or US$52.8m). Annonce • Apr 04
AI Energy Public Company Limited Approves Cash Dividend for the Year 2024, Payable on April 30,2025 In the annual general meeting of shareholders held on April 4,2025,AI Energy Public Company Limited approved cash dividend from retained earnings for the year 2024 of THB 0.25 per share, totaling approximately THB
346,003,502.25 or at the ratio of 136.36% of net profit (Separate). The cash dividend is paid from retained earnings after deduction of legal reserves. The cash dividend paid from unappropriated retained earnings after deducting legal reserves which according to the Company's dividend policy. Record date for the right to receive the dividend is on March 7, 2025. The dividend payment shall be made on April 30th, 2025. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿1.44, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total loss to shareholders of 56% over the past three years. Upcoming Dividend • Feb 27
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 06 March 2025. Payment date: 30 April 2025. The company is paying out more than 100% of its profits and is paying out 97% of its cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (7.0%). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ฿1.70, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 9x in the Oil and Gas industry in Thailand. Total loss to shareholders of 61% over the past three years. New Risk • Feb 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 143% Cash payout ratio: 97% Dividend yield: 15% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 143% Cash payout ratio: 97% Minor Risk Market cap is less than US$100m (฿2.19b market cap, or US$65.0m). Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.17 (vs ฿0.03 in FY 2023) Full year 2024 results: EPS: ฿0.17 (up from ฿0.03 in FY 2023). Revenue: ฿8.24b (flat on FY 2023). Net income: ฿241.9m (up ฿201.7m from FY 2023). Profit margin: 2.9% (up from 0.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Annonce • Feb 18
AI Energy Public Company Limited, Annual General Meeting, Apr 04, 2025 AI Energy Public Company Limited, Annual General Meeting, Apr 04, 2025, at 10:00 SE Asia Standard Time. New Risk • Feb 18
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 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (฿1.36b market cap, or US$40.3m). Annonce • Feb 18
AI Energy Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2024 to 31 December 2024, Payable on 30 April 2025 AI Energy Public Company Limited at its Annual General Meeting of Shareholders to be held on 04 April 2025, proposed cash dividend of THB 0.25 per share for the Operating period from 01 January 2024 to 31 December 2024, payable on 30 April 2025. Record date for the right to receive dividends is on 07 March 2025 with Ex-dividend date is on 06 March 2025. Buy Or Sell Opportunity • Feb 18
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to ฿0.98. The fair value is estimated to be ฿0.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company has become profitable. 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 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿1.65b market cap, or US$48.1m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.023 (vs ฿0.008 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.023 (up from ฿0.008 in 2Q 2023). Revenue: ฿2.15b (down 2.1% from 2Q 2023). Net income: ฿31.5m (up 191% from 2Q 2023). Profit margin: 1.5% (up from 0.5% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.023 (vs ฿0.007 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.023 (up from ฿0.007 loss in 1Q 2023). Revenue: ฿1.57b (down 22% from 1Q 2023). Net income: ฿31.6m (up ฿41.3m from 1Q 2023). Profit margin: 2.0% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Annonce • Apr 05
AI Energy Public Company Limited Appoints Pongsakon Thareratanavibool as Director AI Energy Public Company Limited at its AGM held on April 4, 2024, approved the appointment of 1 additional director from existing 6 directors to 7 directors; Mr. Pongsakon Thareratanavibool as a new director of the Company. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.03 (vs ฿0.017 loss in FY 2022) Full year 2023 results: EPS: ฿0.03 (up from ฿0.017 loss in FY 2022). Revenue: ฿8.22b (up 6.4% from FY 2022). Net income: ฿40.3m (up ฿62.4m from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Annonce • Feb 20
AI Energy Public Company Limited, Annual General Meeting, Apr 04, 2024 AI Energy Public Company Limited, Annual General Meeting, Apr 04, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledgement of 2023 Annual Performance report; to consider and approve the Company and Consolidates Financial Statements; Balance Sheet and Statement of Income for the year ended December 31 , 2023; to consider and approve the profit for legal reserve and omitted the annual dividend for the year 2023; to consider and approve the election of Directors in place of those whose terms are retired by rotation in 2024; to consider and approve the appointment of the new additional director; to consider and approve the amendment and change of authorized directors; to consider and approve directors' remuneration for year 2024; and to consider and discuss other matters. Reported Earnings • Nov 15
Third quarter 2023 earnings released: ฿0.004 loss per share (vs ฿0.11 loss in 3Q 2022) Third quarter 2023 results: ฿0.004 loss per share (improved from ฿0.11 loss in 3Q 2022). Revenue: ฿1.81b (up 39% from 3Q 2022). Net loss: ฿4.97m (loss narrowed 97% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. New Risk • Aug 23
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 9.8% 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 (9.8% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 186% Paying a dividend despite having no free cash flows. Minor Risks Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Market cap is less than US$100m (฿2.27b market cap, or US$64.6m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.008 (vs ฿0.035 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.008 (down from ฿0.035 in 2Q 2022). Revenue: ฿2.20b (up 4.4% from 2Q 2022). Net income: ฿10.8m (down 77% from 2Q 2022). Profit margin: 0.5% (down from 2.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% 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. Buying Opportunity • May 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be ฿2.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 18
First quarter 2023 earnings released: ฿0.007 loss per share (vs ฿0.091 profit in 1Q 2022) First quarter 2023 results: ฿0.007 loss per share (down from ฿0.091 profit in 1Q 2022). Revenue: ฿2.02b (down 14% from 1Q 2022). Net loss: ฿9.72m (down 108% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: ฿0.11 loss per share (vs ฿0.063 profit in 3Q 2021) Third quarter 2022 results: ฿0.11 loss per share (down from ฿0.063 profit in 3Q 2021). Revenue: ฿1.31b (down 14% from 3Q 2021). Net loss: ฿142.8m (down 273% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 33% 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. 1 experienced director. 5 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Choti Sontiwattananont was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Sep 30
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ฿5.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 38% share price gain to ฿4.40, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 11x in the Oil and Gas industry in Thailand. Total returns to shareholders of 183% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.035 (vs ฿0.059 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.035 (down from ฿0.059 in 2Q 2021). Revenue: ฿2.11b (up 50% from 2Q 2021). Net income: ฿46.1m (down 40% from 2Q 2021). Profit margin: 2.2% (down from 5.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 29% 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. 1 experienced director. 5 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Choti Sontiwattananont was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿3.96, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 12x in the Oil and Gas industry in Thailand. Total returns to shareholders of 3.8% over the past year. Upcoming Dividend • Feb 25
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 04 March 2022. Payment date: 29 April 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.8%). Reported Earnings • Feb 20
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ฿6.43b (up 17% from FY 2020). Net income: ฿423.6m (down 13% from FY 2020). Profit margin: 6.6% (down from 8.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.006 (vs ฿0.042 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.52b (up 47% from 3Q 2020). Net income: ฿82.4m (up 50% from 3Q 2020). Profit margin: 5.4% (up from 5.3% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 22% share price gain to ฿1.48, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 13x in the Oil and Gas industry in Thailand. Total returns to shareholders of 152% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.015 (vs ฿0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.40b (up 35% from 2Q 2020). Net income: ฿76.6m (up 58% from 2Q 2020). Profit margin: 5.5% (up from 4.6% in 2Q 2020). The increase in margin was driven by higher revenue.