New Risk • Jun 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿305.6m (US$9.30m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Market cap is less than US$10m (฿305.6m market cap, or US$9.30m). Reported Earnings • May 19
First quarter 2026 earnings released: ฿0.018 loss per share (vs ฿0.075 profit in 1Q 2025) First quarter 2026 results: ฿0.018 loss per share (down from ฿0.075 profit in 1Q 2025). Revenue: ฿149.9m (up 7.6% from 1Q 2025). Net loss: ฿10.6m (down 125% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿402m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Market cap is less than US$10m (฿288.3m market cap, or US$9.14m). Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.15 loss per share (vs ฿0.056 profit in FY 2024) Full year 2025 results: ฿0.15 loss per share (down from ฿0.056 profit in FY 2024). Revenue: ฿644.7m (up 30% from FY 2024). Net loss: ฿88.0m (down 374% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 16
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 4.1% to ฿0.77. The fair value is estimated to be ฿0.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Board Change • Dec 08
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 Prakid Punyashthiti was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.078 loss per share (vs ฿0.095 profit in 3Q 2024) Third quarter 2025 results: ฿0.078 loss per share (down from ฿0.095 profit in 3Q 2024). Revenue: ฿84.1m (down 23% from 3Q 2024). Net loss: ฿45.0m (down 183% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Nov 07
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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 387% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿409.3m market cap, or US$12.7m). Buy Or Sell Opportunity • Nov 07
Now 28% overvalued Over the last 90 days, the stock has fallen 28% to ฿0.71. The fair value is estimated to be ฿0.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.097 loss per share (vs ฿0.064 profit in 2Q 2024) Second quarter 2025 results: ฿0.097 loss per share (down from ฿0.064 profit in 2Q 2024). Revenue: ฿78.1m (down 26% from 2Q 2024). Net loss: ฿55.7m (down 251% from profit in 2Q 2024). 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 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.075 (vs ฿0.044 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.075 (up from ฿0.044 loss in 1Q 2024). Revenue: ฿352.9m (up 151% from 1Q 2024). Net income: ฿42.9m (up ฿68.1m from 1Q 2024). Profit margin: 12% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • May 01
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 Prakid Punyashthiti was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 29
Boutique Corporation Public Company Limited Approves the Dividend Payment for Fiscal Year of 2024, Payable on May 27, 2025 Boutique Corporation Public Company Limited at its AGM, held on April 28, 2025, approved dividend payment for the fiscal year of 2024 at THB 0.0520 per share to the shareholders, totaling THB 29.75 million, or equivalent to 64.64 % of the net profit based on the separate financial statements (after deducting corporate income tax and allocation of general reserve prescribed by the Articles of Association). The record date to determine name of shareholders who have the right to receive dividend payment was on 20 March 2025, and the dividend payment date will be on 27 May 2025. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.052 per share Eligible shareholders must have bought the stock before 19 March 2025. Payment date: 27 May 2025. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.3%). New Risk • Mar 06
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 92% Dividend yield: 4.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Interest payments are not well covered by earnings (0.07x net interest cover). Minor Risks Dividend is not well covered by earnings (92% payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿623.7m market cap, or US$18.6m). Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.056 (vs ฿0.34 loss in FY 2023) Full year 2024 results: EPS: ฿0.056 (up from ฿0.34 loss in FY 2023). Revenue: ฿657.5m (up 63% from FY 2023). Net income: ฿32.2m (up ฿226.2m from FY 2023). Profit margin: 4.9% (up from net loss in FY 2023). 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 15% per year, which means it is significantly lagging earnings. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 88% 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 Risk Debt is not well covered by operating cash flow (1.5% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿572.0m market cap, or US$16.6m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.065 (vs ฿0.10 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.065 (up from ฿0.10 loss in 2Q 2023). Revenue: ฿174.4m (up 107% from 2Q 2023). Net income: ฿36.8m (up ฿95.8m from 2Q 2023). Profit margin: 21% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. 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 23% per year, which means it is significantly lagging earnings. New Risk • Jul 30
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 9.9% 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 Less than 1 year of cash runway based on free cash flow trend (-฿64m free cash flow). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 5.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿405.9m market cap, or US$11.3m). Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.044 loss per share (vs ฿0.083 loss in 1Q 2023) First quarter 2024 results: ฿0.044 loss per share (improved from ฿0.083 loss in 1Q 2023). Revenue: ฿140.5m (up 28% from 1Q 2023). Net loss: ฿25.1m (loss narrowed 47% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Annonce • Apr 26
Boutique Corporation Public Company Limited Announces Audit Committee Changes Boutique Corporation Public Company Limited announced that 2024 Annual General Meeting of Shareholders held on 23 April 2024, Renewal for the term of audit committee: Mr. Prakid Punyashthiti as Member of the audit committee(in replacement of Mr. Russell Leighton Kekuewa who retired by rotation) The audit committee is consisted of: Chairman of the audit committee: Mr. Kajohndet Sangsuban: remaining term in office 1 year(s); Member of the audit committee: Dr. Julaporn Namchaisiri: remaining term in office 2 year(s); Member of the audit committee: Mr. Prakid Punyashthiti: remaining term in office 3 year(s); Member of the audit committee remaining term in office year(s); Secretary of the audit committee Ms. Vacharavan Buranabul. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.34 loss per share (vs ฿0.09 loss in FY 2022) Full year 2023 results: ฿0.34 loss per share (further deteriorated from ฿0.09 loss in FY 2022). Revenue: ฿408.7m (up 61% from FY 2022). Net loss: ฿194.0m (loss widened 288% from FY 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Annonce • Feb 24
Boutique Corporation Public Company Limited, Annual General Meeting, Apr 23, 2024 Boutique Corporation Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the Company's operating results for the year 2023; To consider and approve the Company's financial statements for the fiscal year ended 31 December 2023; To consider and approve the appropriation of the net profit as a legal reserve and the omission of dividend payment for the year 2023; To consider and approve the election of directors to replace those who are due to retire by rotation for the year 2024; To consider and approve the remuneration of the Company's directors and the sub-committees for the year 2024; To consider and approve the appointment of the Company's auditor and the determination of the auditor's remuneration for the year 2024; and to discuss other matters. Annonce • Feb 23
Boutique Corporation Public Company Limited Announces Changes to its Board Boutique Corporation Public Company Limited announced that the board of directors Meeting held on 23 February 2024 has resolved to appoint Mr. Churat Rungthawiwut, Chief Financial Officer, as a Director of the Company to replace Mrs. Natcha Vinichbutr who resigned from the Company on 1 July 2023. The appointment of new director is effective from 23 February 2024 onwards. In addition, the Meeting has resolved to endorse the appointment of Dr. Julaporn Namchaisiri as the Chairman of the Nomination and Remuneration Committee, to be effective from 24 April 2024 onwards, as proposed by the Nomination and Remuneration Committee in order to replace Mr. Russell Leighton Kekuawa who is due to retire by rotation at the 2024 Annual General Meeting of Shareholders. Reported Earnings • Nov 09
Third quarter 2023 earnings released: ฿0.078 loss per share (vs ฿0.079 loss in 3Q 2022) Third quarter 2023 results: ฿0.078 loss per share (improved from ฿0.079 loss in 3Q 2022). Revenue: ฿98.0m (up 57% from 3Q 2022). Net loss: ฿44.8m (flat on 3Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annonce • Sep 28
Boutique Corporation Public Company Limited Announces Churat Rungthawiwut as CFO Boutique Corporation Public Company Limited announced Mr. Churat Rungthawiwut as CFO, effective on 27 September 2023. Current Position: Acting Chief Financial Officer. New Risk • Sep 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor 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 Less than 1 year of cash runway based on free cash flow trend (-฿561m free cash flow). Earnings have declined by 5.6% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (฿677.7m market cap, or US$19.0m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.10 loss per share (vs ฿0.084 loss in 2Q 2022) Second quarter 2023 results: ฿0.10 loss per share (further deteriorated from ฿0.084 loss in 2Q 2022). Revenue: ฿84.2m (up 61% from 2Q 2022). Net loss: ฿59.0m (loss widened 23% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2023 earnings released: ฿0.083 loss per share (vs ฿0.12 loss in 1Q 2022) First quarter 2023 results: ฿0.083 loss per share (improved from ฿0.12 loss in 1Q 2022). Revenue: ฿109.6m (up 119% from 1Q 2022). Net loss: ฿47.2m (loss narrowed 22% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Full year 2022 earnings released: ฿0.09 loss per share (vs ฿0.26 loss in FY 2021) Full year 2022 results: ฿0.09 loss per share (improved from ฿0.26 loss in FY 2021). Revenue: ฿550.0m (up 329% from FY 2021). Net loss: ฿50.0m (loss narrowed 62% from FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Annonce • Nov 24
Legend Land Bangkok Pte. Ltd acquired Boutique Bangkok Sukhumvit 36 Ltd. from Boutique Corporation Public Company Limited (SET:BC) and others. Legend Land Bangkok Pte. Ltd agreed to acquire Boutique Bangkok Sukhumvit 36 Ltd. from Boutique Corporation Public Company Limited (SET:BC) and others for THB 575 million on October 11, 2022. The consideration is subject to the adjustment amount in accordance with the Share Purchase Agreement. It is expected that the Share Purchase Agreement will be signed within October 2022.
Legend Land Bangkok Pte. Ltd completed the acquisition of Boutique Bangkok Sukhumvit 36 Ltd. from Boutique Corporation Public Company Limited (SET:BC) and others on November 23, 2022. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Julaporn Namchaisiri was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Sep 20
Boutique Corporation Public Company Limited Appoints Chorsuda Jitchawanan as Group Financial Controller Boutique Corporation Public Company Limited announced appointment of Miss Chorsuda Jitchawanan, Position of Chief Accountant; Group Financial Controller, Effective Date of Appointment 19-Sep-2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.084 loss per share (vs ฿0.092 loss in 2Q 2021) Second quarter 2022 results: ฿0.084 loss per share. Net loss: ฿47.9m (loss widened 2.6% from 2Q 2021). Annonce • Aug 11
Boutique Corporation Public Company Limited Announces Resignation of Ekanut Ungphakorn as Director Boutique Corporation Public Company Limited ('the Company') announced that Mr. Ekanut Ungphakorn has resigned from directorship of the Company, effective from 11 August 2022 onwards. Annonce • May 26
Boutique Corporation Public Company Limited Announces the Resignation of Wilawan Sion as Chief Accountant Boutique Corporation Public Company Limited announced the resignation of Wilawan Sion as Chief Accountant. Effective Date of Termination is May 16, 2022. Reported Earnings • May 15
First quarter 2022 earnings released: ฿0.12 loss per share (vs ฿0.083 loss in 1Q 2021) First quarter 2022 results: ฿0.12 loss per share (down from ฿0.083 loss in 1Q 2021). Net loss: ฿94.0m (loss widened 123% from 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Julaporn Namchaisiri was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.12 loss per share (vs ฿0.08 loss in 3Q 2020) Third quarter 2021 results: Net loss: ฿59.4m (loss widened 41% from 3Q 2020). Reported Earnings • Aug 13
Second quarter 2021 earnings released: ฿0.09 loss per share (vs ฿0.06 loss in 2Q 2020) Second quarter 2021 results: Net loss: ฿46.6m (loss widened 43% from 2Q 2020). Executive Departure • Jul 23
Group Financial Controller Wilawan Sion has left the company On the 15th of July, Wilawan Sion's tenure as Group Financial Controller ended after 1.2 years in the role. We don't have any record of a personal shareholding under Wilawan's name. Wilawan is the only executive to leave the company over the last 12 months. Executive Departure • Jul 23
Group Financial Controller Wilawan Sion has left the company On the 15th of July, Wilawan Sion's tenure as Group Financial Controller ended after 1.2 years in the role. We don't have any record of a personal shareholding under Wilawan's name. Wilawan is the only executive to leave the company over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.08 loss per share (vs ฿0.093 loss in 1Q 2020) First quarter 2021 results: Net loss: ฿42.2m (loss narrowed 10% from 1Q 2020). Is New 90 Day High Low • Mar 04
New 90-day high: ฿1.32 The company is up 33% from its price of ฿0.99 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. Annonce • Feb 24
Boutique Corporation Public Company Limited, Annual General Meeting, Apr 22, 2021 Boutique Corporation Public Company Limited, Annual General Meeting, Apr 22, 2021, at 07:00 Coordinated Universal Time. Agenda: To consider and certify the minutes of the annual general meeting no. 1/2020 dated 29 may 2020; to acknowledge the company's operating performance for the year 2020; to consider and approve the company's financial statements for the fiscal year ended 31 December 2020; to consider and approve the appropriation of profit for the year 2020 as a legal reserve and the suspension of dividend payment; to consider and approve the appointment of directors in replacement of those who retire by rotation; to consider and approve the remuneration of the company's directors and the sub-committees for the year 2021; to consider and approve the appointment of the company's auditors and the auditors' remuneration for the year 2021; and to consider other business (if any). Reported Earnings • Feb 24
Full year 2020 earnings released: ฿0.33 loss per share (vs ฿0.20 loss in FY 2019) Full year 2020 results: Net loss: ฿167.4m (loss widened 134% from FY 2019). Is New 90 Day High Low • Dec 14
New 90-day high: ฿1.02 The company is up 26% from its price of ฿0.81 on 15 September 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 19% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ฿0.80 The company is down 19% from its price of ฿0.99 on 24 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 13% over the same period.