Reported Earnings • Mar 18
First quarter 2026 earnings released: ฿0.062 loss per share (vs ฿0.037 profit in 1Q 2025) First quarter 2026 results: ฿0.062 loss per share (down from ฿0.037 profit in 1Q 2025). Revenue: ฿194.3m (down 34% from 1Q 2025). Net loss: ฿13.3m (down 265% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 25
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 04 March 2026. Payment date: 20 March 2026. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (7.3%). Lower than average of industry peers (2.9%). New Risk • Jan 29
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 5.8% 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: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (฿844.0m market cap, or US$27.2m). Declared Dividend • Jan 19
Dividend reduced to ฿0.05 Dividend of ฿0.05 is 50% lower than last year. Ex-date: 4th March 2026 Payment date: 20th March 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.8%. Payout Ratios Payout ratio: 55%. Cash payout ratio: 14%. Annonce • Jan 17
Pico (Thailand) Public Company Limited, Annual General Meeting, Feb 25, 2026 Pico (Thailand) Public Company Limited, Annual General Meeting, Feb 25, 2026, at 10:00 SE Asia Standard Time. Location: crystal design center, cdc ballroom 3, 888 pradit manutham road, klongjan, bangkapi, bangkok 10240, bangkok Thailand Buy Or Sell Opportunity • Dec 23
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ฿4.26. The fair value is estimated to be ฿5.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has declined by 13%. Board Change • Dec 12
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: 2 independent directors. 6 non-independent directors. Independent Director Amornyot Panich was the last independent director to join the board, commencing their role in 2025. 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 • Sep 18
Third quarter 2025 earnings released: EPS: ฿0.056 (vs ฿0.062 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.056 (down from ฿0.062 in 3Q 2024). Revenue: ฿298.6m (down 33% from 3Q 2024). Net income: ฿12.0m (down 9.7% from 3Q 2024). Profit margin: 4.0% (up from 3.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Board Change • Aug 05
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: 2 independent directors. 6 non-independent directors. Independent Director Amornyot Panich was the last independent director to join the board, commencing their role in 2025. 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 • Jun 15
Second quarter 2025 earnings released: ฿0.14 loss per share (vs ฿0.003 profit in 2Q 2024) Second quarter 2025 results: ฿0.14 loss per share (down from ฿0.003 profit in 2Q 2024). Revenue: ฿235.0m (down 9.6% from 2Q 2024). Net loss: ฿29.8m (down ฿30.5m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Annonce • Jun 14
Charles Andrew Bethell agreed to acquire 75% stake in Andrew Bethell Associates Ltd. from Pico (Thailand) Public Company Limited (SET:PICO) for estimated £4387. Charles Andrew Bethell agreed to acquire 75% stake in Andrew Bethell Associates Ltd. from Pico (Thailand) Public Company Limited (SET:PICO) for estimated £4387 on June 13, 2025. The valuation is based on the Net Book Value of Andrew Bethell Associates as reported by Pico (Thailand) Public Company Limited (SET:PICO). Following this transaction, ABA will cease to be a subsidiary of Pico.
The deal has been approved by the board of Pico (Thailand) Public Company Limited. The transaction is expected to complete within August 2025. Board Change • May 09
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: 2 independent directors. 6 non-independent directors. Independent Director Amornyot Panich was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Apr 18
Pico (Thailand) Public Company Limited Approves Board Appointments Pico (Thailand) Public Company Limited held the extraordinary general meeting of shareholders No.1/2025 (‘the Meeting’) on April 18, 2025, the company adopted the resolution of the appointment of Mr. Amornyot Panich as Independent Director, the appointment of Mr. Chaijit Tehasuwanarat as Director and the appointment of Mr. Thanomphong Pathomsak as Independent Director. Annonce • Mar 20
Pico (Thailand) Public Company Limited Provides Update on the Judgment of the Court of First Instance Regarding the Extraordinary General Meeting of Shareholders No. 1/2024 Pico (Thailand) Public Company Limited announced regarding the lawsuit filed to Phra Khanong Civil Court to revoke the Extraordinary General Meeting of Shareholders No. 1/2024, with details in the referred letter. On 18 March 2025, Phra Khanong Civil Court rendered a judgment to revoke all the resolutions in the Extraordinary General Meeting of Shareholders No. 1/2024 on the 22 April 2024, and for the Company to pay the court fees and lawyer fees for the Plaintiffs in an amount of THB 50,000, where the court and lawyer fees are dismissed. The Company is in the process of obtaining copy of the judgment from the Phra Khanong Civil Court and expects to receive the copy of the judgment around the end of March 2025. The Company will further provide details to the SET. The judgment is not final, and the Company is considering exercising the right to appeal against such judgment. Reported Earnings • Mar 13
First quarter 2025 earnings released: EPS: ฿0.037 (vs ฿0.016 in 1Q 2024) First quarter 2025 results: EPS: ฿0.037 (up from ฿0.016 in 1Q 2024). Revenue: ฿294.4m (up 5.2% from 1Q 2024). Net income: ฿8.04m (up 134% from 1Q 2024). Profit margin: 2.7% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Feb 22
Pico (Thailand) Public Company Limited Approves the Appointment of New Directors Pico (Thailand) Public Company Limited at its annual general Meeting of shareholders at its annual general meeting of shareholders held on February 21, 2025, approved the appointment of Mr. Manoon Manusook and Chayaphol Kalapaphongseas as new directors. Upcoming Dividend • Feb 21
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 28 February 2025. Payment date: 20 March 2025. The company last paid an ordinary dividend in December 2014. The average dividend yield among industry peers is 2.5%. Annonce • Jan 17
Pico (Thailand) Public Company Limited Announces Resignation Manus Manoonchai as Independent Director, Audit Committee Member, Nomination Committee Member and Remuneration Committee Member Pico (Thailand) Public Company Limited announced that Mr. Manus Manoonchai submitted the notice to the Company on January 16, 2025 to resign from the Company's independent director, audit committee member, nomination committee member and remuneration committee member. Reported Earnings • Dec 10
Full year 2024 earnings released: EPS: ฿0.14 (vs ฿0.10 in FY 2023) Full year 2024 results: EPS: ฿0.14 (up from ฿0.10 in FY 2023). Revenue: ฿1.31b (up 26% from FY 2023). Net income: ฿29.4m (up 36% from FY 2023). Profit margin: 2.3% (up from 2.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. 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 6.6% 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: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿744.9m market cap, or US$21.6m). Annonce • Oct 08
Pico (Thailand) Public Company Limited Announces the Resignation of Supaporn Sawangjitt as Director and Executive Committee Member Pico (Thailand) Public Company Limited announced that Ms. Supaporn Sawangjitt submitted the notice to the Company on October 2, 2024 to resign from the Company's director and executive committee member due to personal matter. Reported Earnings • Sep 14
Third quarter 2024 earnings released: EPS: ฿0.062 (vs ฿0.036 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.062 (up from ฿0.036 loss in 3Q 2023). Revenue: ฿445.5m (up 156% from 3Q 2023). Net income: ฿13.3m (up ฿21.0m from 3Q 2023). Profit margin: 3.0% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Sep 13
Pico (Thailand) Public Company Limited Announces Progress Report on the Criminal Complaint in Relation to the Conducts of the 2024 Annual General Meeting of Shareholders and the Extraordinary General Meeting of Shareholders Pico (Thailand) Public Company Limited reported to the Stock Exchange of Thailand (SET) that Mr. Pised Chungyampin, the Company's shareholder, former director and executive, filed the criminal complaint against the Company, its directors and former director, totaling 8 directors, as the defendants to the Criminal Court, as a criminal black case no. Or. 971/2567 on 22 March 2024 (Criminal Case). The details are as stated in the referred letter. The Company would like to report the progress of the Criminal Case to the SET that on 5 August 2024, the Criminal Court conducted preliminary hearing and issued its order on 20 August 2024 to dismiss the complaint against the Company and 2 directors (Mr. Chaijit Tehasuwanarat and Mr. Thanomphong Pathomsak) and 1 former director (Mr. Chaiyod Bunyagidj). The Criminal Court only accepted the charges against 5 directors (Mr. Chia Song Heng, Ms. Chia Yuan Jiun, Mr. Manus Manoonchai, Mr. Viriya Pholpoke and Ms. Supaporn Sawangjitt). Therefore, the Company is no longer in the position of a defendant in the Criminal Case. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿4.04, the stock trades at a trailing P/E ratio of 70.8x. Average trailing P/E is 21x in the Media industry in Thailand. Total returns to shareholders of 30% over the past three years. Reported Earnings • Jun 12
Second quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0.095 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.003 (down from ฿0.095 in 2Q 2023). Revenue: ฿259.9m (down 16% from 2Q 2023). Net income: ฿736.2k (down 96% from 2Q 2023). Profit margin: 0.3% (down from 6.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annonce • Jun 08
Pico (Thailand) Public Company Limited Announces Board and Committee Changes, Effective June 10, 2024 Pico (Thailand) Public Company Limited informed that Ms. Chia Yuan Jiun submitted the notice to the Company to resign from the Company's chairman of executive committee, with the effective date from June 10, 2024. Additionally, the Company's board of directors meeting held on June 7, 2024, had the resolution to approve the appointment of Mr. Chaijit Tehasuwanarat as the Company's chairman of executive committee with the effective date from June 10, 2024. Annonce • Jun 01
Pico (Thailand) Pcl Announces Summon of Civil Case Prakanong Civil Court Relating to the Revocation of the Resolutions of the Egm No. 1/2024 Pico (Thailand) PCL informed the Stock Exchange of Thailand (SET) that on 26 May 2024, the Company received the summon of civil case of Prakanong Civil Court and the copy of the complaint black case no. PorNor 53/2024 dated 17 May 2024 relating to the revocation of the resolutions of the EGM No. 1/2024 of the Company (Civil Case). Under the Civil Case, Ms. Asara Chungyampin, Mr. Kritanai Chungyampin, Ms. Kamolnuch Chaisittikul, Mr. Prasert Chaisuttikul and Mr. Silchai Kiatpapan (totaling 5 persons) (Plaintiffs) file the complaint against the Company (as defendant) to request the court's judgement or order revoking the resolutions of the EGM No. 1/2024 held on 22 April 2024 (EGM 1/2024), due to the fact that the Company intended to call and hold the EGM 1/2024 in excess of 1 month from the receipt of the letter from the shareholders as prescribed in the 2nd paragraph of Clause 36 of the Articles of Association of the Company (AoA) and in excess of 45 days from the receipt of the letter from the shareholders as prescribed in Section 100 of the Public Limited Companies Act B.E. 2535 (as amended) (Act). The holding of the EGM 1/2024 is therefore in violation of the AoA and the Act. The Company previously explained the reason for holding the EGM 1/2024 beyond 45 day period of the receipt of the shareholders' letter to the SET on 11 April 2024, of which the details are set out in the Enclosure. The Company confirms that the Board of Directors (Board) and the relevant staff of the Company had used their best endeavor to arrange for the holding of the EGM 1/2024 as requested under the letter of Mr. Pised Chungyampin, holding approximately 24.997% of the total issued shares in the Company, and Mr. Supavit Wattanapan, holding approximately 0.563% of the total issued shares in the Company, dated 29 February 2024 (Request Letter) andhad no intention to violate the AoA and the Act as accused by the Plaintiffs. The delay was mainly caused by the shareholders' request under the Request Letter, which requires the Company to provide the information relating to connected transaction between the Company and Pico Art International Pte. Ltd. in respect of the Off- Shore Services Agreement dated 10 July 1992 (as amended) and the Intellectual Property License Agreement dated 10 July 1992 (as amended) ("Information relating to Connected Transaction") and fix such matter as one of the agenda for the EGM 1/2024 in addition to the agenda dealing with appointment of directors to replace those retired by rotation, appointment of new directors, change of authorized directors and directors' remuneration. This also made the relevant staff of the Company to put a lot of time into preparing the Information relating to Connected Transaction and caused the delay in preparing the information to be presented to the EGM 1/2024 and the documents to be sent to shareholders together with the invitation of the EGM 1/2024. Given the cause of delay above and the long consecutive holidays in the month of April, the Company was forced to fix the date of the EGM 1/2024 on 22 April 2024. However, at the EGM 1/2024, the shareholders who requested for the holding of the EGM 1/2024 made no further interest to inquire or require for additional explanation concerning the Information relating to Connected Transaction given to the EGM 1/2024. As a result, the intention of such shareholders is doubtful. If it was not because of time spent on the preparation of the Information relating to Connected Transaction, the Company would definitely arrange for the holding of the EGM 1/2024 within the period required under the AoA and the Act. . Presently, the Civil Case has no adverse effect to the Company's business operation. Any businesses carried out on behalf of the Company by the board of directors or directors or the authorized persons shall be valid and binding on the Company although the resolutions of the EGM No. 1/2024 will be subsequently revoked by thecourt's judgement or order. The Company has consulted with its legal adviser regarding the Civil Case and expects to file defense with the Prakanong Civil Court on or before 25 June 2024. The Company will keep the SET posted of any development on the Civil Case. Annonce • Apr 03
Pico (Thailand) Public Company Limited Announces Board Resignations Pico (Thailand) Public Company Limited announced resignation of Mr. Nithivat Bunyagidj and Mr. Thanomphong Pathomsak as the independent director, Mr. Chaijit Tehasuwanarat as the director of the company. Reported Earnings • Apr 03
First quarter 2024 earnings released: EPS: ฿0.016 (vs ฿0.033 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.016 (up from ฿0.033 loss in 1Q 2023). Revenue: ฿279.7m (up 19% from 1Q 2023). Net income: ฿3.44m (up ฿10.5m from 1Q 2023). Profit margin: 1.2% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 112% 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 • Apr 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Thanomphong Pathomsak was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Mar 20
Pico (Thailand) Public Company Limited to Report Q1, 2024 Results on Mar 19, 2024 Pico (Thailand) Public Company Limited announced that they will report Q1, 2024 results on Mar 19, 2024 Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.98, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 30x in the Media industry in Thailand. Total returns to shareholders of 45% over the past three years. Annonce • Jan 19
Pico (Thailand) Public Company Limited, Annual General Meeting, Feb 24, 2024 Pico (Thailand) Public Company Limited, Annual General Meeting, Feb 24, 2024, at 10:00 SE Asia Standard Time. Location: Crystal Design Center, CDC Ballroom 1, 888 Pradit Manutham Road, Klongjan, Bangkapi Bangkok Thailand Agenda: To adopt the minutes of the 2023 annual general meeting of shareholders; to acknowledge the reports of board of directors and operating results for the year ended October 31, 2023; to consider and approve the financial statements for the year ended October 31, 2023; to consider and approve the omission of dividend payment of the year 2023; and to consider other matters. Reported Earnings • Dec 07
Full year 2023 earnings released: EPS: ฿0.10 (vs ฿0.092 in FY 2022) Full year 2023 results: EPS: ฿0.10 (up from ฿0.092 in FY 2022). Revenue: ฿1.04b (down 6.2% from FY 2022). Net income: ฿21.6m (up 8.4% from FY 2022). Profit margin: 2.1% (up from 1.8% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Dec 06
Pico (Thailand) Public Company Limited Announces Board Changes The Board of Directors Meeting of Pico (Thailand) Public Company Limited No. 6/2023 on December 6, 2023 at 2:20 p.m., the meeting resolved to approve the appointment of Mr. Thanomphong Pathomsak as the independent director, audit committee member, nomination committee member and remuneration committee member of the Company in replacement of Mrs. Sasitorn Phongsathorn effective from December 6, 2023 onwards. Consequently, the Board of Directors of the Company from December 6, 2023 onwards is as follows: 1. Mr. Chia Song Heng, Chairman of the Board of Directors 2. Ms. Chia Yuan Jiun, Director 3. Mr. Viriya Pholpoke, Director 4. Mr. Chaijit Tehasuwanarat, Director 5. Ms. Supaporn Sawangjitt Director 6. Mr. Chaiyod Bunyagidj, Independent Director and Chairman of the Audit Committee 7. Mr. Manus Manoonchai, Independent Director and Audit Committee Member and 8. Mr. Thanomphong Pathomsak Independent Director and Audit Committee Member. The nominated director shall assume the remaining tenure of the resigned director which shall end at the Company's 2024 annual general meeting of shareholders. Annonce • Nov 05
Pico (Thailand) Public Company Limited Resolves to Cancel the Appointment of Preecha Sananvatananont as Independent Director, Audit Committee Member, Nomination Committee Member and Remuneration Committee Member The board of directors of Pico (Thailand) Public Company Limited resolved to cancel the resolution made in the board of director meeting No. 5/2023 held on October 20, 2023, to appoint Mr. Preecha Sananvatananont as the independent director, audit committee member, nomination committee member and remuneration committee member of the company in replacement of the resigned director, due to his personal matters. The appointment of a new independent director, audit committee member, nomination committee member and remuneration committee member will be announced in due course. Annonce • Oct 27
Pico (Thailand) Public Company Limited Announces Director Changes The Board of Directors Meeting of Pico (Thailand) Public Company Limited No. 5/2023 on October 20, 2023, the meeting resolved to approve the appointment of Mr. Preecha Sananvatananont as the independent director, audit committee member, nomination committee member and remuneration committee member of the Company in replacement of Mrs. Sasitorn Phongsathorn effective from October 20, 2023 onwards. Consequently, the Board of Directors of the Company from October 20, 2023 onwards is as follows: 1. Mr. Chia Song Heng - Chairman of the Board of Directors; Ms. Chia Yuan Jiun - Director; Mr. Viriya Pholpoke - Director; Mr. Chaijit Tehasuwanarat - Director; Ms. Supaporn Sawangjitt - Director; Mr. Chaiyod Bunyagidj - Independent Director; Mr. Manus Manoonchai - Independent Director and; Mr. Preecha Sananvatananont - Independent Director. Annonce • Aug 03
Pico (Thailand) Public Company Limited Announces the Resignation of Sasitorn Phongsathorn as Independent Director, Audit Committee Member, Nomination Committee Member and Remuneration Committee Member Pico (Thailand) Public Company Limited informed that Mrs. Sasitorn Phongsathorn submitted notice of resignation as the Company's independent director, audit committee member, nomination committee member and remuneration committee member due to personal and health matters, with the effective date from August 1, 2023 onwards. The appointment of a new independent director, audit committee member, nomination committee member and remuneration committee member will be announced in due course. New Risk • Jun 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 40% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.12b market cap, or US$32.3m). Reported Earnings • Dec 14
Full year 2022 earnings released: EPS: ฿0.092 (vs ฿0.13 loss in FY 2021) Full year 2022 results: EPS: ฿0.092 (up from ฿0.13 loss in FY 2021). Revenue: ฿1.10b (up 74% from FY 2021). Net income: ฿19.9m (up ฿48.2m from FY 2021). Profit margin: 1.8% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Nov 16
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: 4 independent directors. 7 non-independent directors. Additional Independent Director Joshua Siow was the last independent director to join the board, commencing their role in 2020. 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 • Sep 12
Third quarter 2022 earnings released: ฿0.01 loss per share (vs ฿0.11 loss in 3Q 2021) Third quarter 2022 results: ฿0.01 loss per share (improved from ฿0.11 loss in 3Q 2021). Revenue: ฿258.2m (up 280% from 3Q 2021). Net loss: ฿2.21m (loss narrowed 91% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 12
Second quarter 2022 earnings released: EPS: ฿0.003 (vs ฿0.046 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.003 (up from ฿0.046 loss in 2Q 2021). Revenue: ฿247.9m (up 55% from 2Q 2021). Net income: ฿741.8k (up ฿10.6m from 2Q 2021). Profit margin: 0.3% (up from net loss in 2Q 2021). 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 95 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There are 6 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: 4 independent directors. 7 non-independent directors. Additional Independent Director Joshua Siow was the last independent director to join the board, commencing their role in 2020. 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 • Mar 14
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: ฿0.002 (up from ฿0.007 loss in 1Q 2021). Revenue: ฿228.1m (up 19% from 1Q 2021). Net income: ฿380.0k (up ฿1.92m from 1Q 2021). Profit margin: 0.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.13 loss per share (up from ฿0.28 loss in FY 2020). Revenue: ฿635.5m (down 13% from FY 2020). Net loss: ฿28.3m (loss narrowed 53% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 14
Third quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.057 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ฿67.9m (down 45% from 3Q 2020). Net loss: ฿23.3m (loss widened 90% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 12
Second quarter 2021 earnings released: ฿0.046 loss per share (vs ฿0.11 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿159.8m (up 23% from 2Q 2020). Net loss: ฿9.81m (loss narrowed 60% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 13
First quarter 2021 earnings released: ฿0.007 loss per share (vs ฿0.036 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ฿192.2m (down 39% from 1Q 2020). Net loss: ฿1.54m (loss narrowed 80% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 82% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day low: ฿3.24 The company is down 12% from its price of ฿3.68 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 1.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day low: ฿3.32 The company is down 7.0% from its price of ฿3.58 on 10 November 2020. The Thai market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 10.0% over the same period. Reported Earnings • Dec 10
Full year 2020 earnings released: ฿0.28 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: ฿730.6m (down 52% from FY 2019). Net loss: ฿59.9m (down 219% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 09
New 90-day low: ฿3.34 The company is down 11% from its price of ฿3.74 on 10 September 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 09
New 90-day low: ฿3.54 The company is down 1.0% from its price of ฿3.58 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 01
New 90-day high: ฿3.86 The company is up 20% from its price of ฿3.22 on 02 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 7.0% over the same period. 
