New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 0.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.55b market cap, or US$47.9m). Annuncio • May 13
Healthlead Public Company Limited (SET:HL) announces an Equity Buyback for 6,000,000 shares, representing 2.21% for THB 42 million. Healthlead Public Company Limited (SET:HL) announces a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, representing 2.20% of its issued share capital, for THB 42 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through April 30, 2026. As of March 12, 2026, the company had 272,000,000 shares in outstanding. New Risk • Mar 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.64b market cap, or US$50.3m). Annuncio • Mar 10
Healthlead Public Company Limited Announces Retirement of Rathpong Ratanahirunya as Independent Director, Effective 24 April, 2026 Healthlead Public Company Limited announced Mr. Rathpong Ratanahirunya, Independent Director, expired by rotation. Effective Date: 29 February 2024; Expire Date: 24 April, 2026; Terminate Reason: Non-renewal of term (term expired). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.29 (vs ฿0.29 in FY 2024) Full year 2025 results: EPS: ฿0.29. Revenue: ฿2.27b (up 13% from FY 2024). Net income: ฿77.9m (flat on FY 2024). Profit margin: 3.4% (down from 3.9% in FY 2024). The decrease in margin was driven by higher expenses. Annuncio • Feb 27
Healthlead Public Company Limited announces Annual dividend, payable on May 15, 2026 Healthlead Public Company Limited announced Annual dividend of THB 0.2200 per share payable on May 15, 2026, ex-date on March 11, 2026 and record date on March 12, 2026. Annuncio • Feb 26
Healthlead Public Company Limited, Annual General Meeting, Apr 24, 2026 Healthlead Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Location: physical meeting, sc park hotel, Thailand Annuncio • Dec 09
Healthlead Public Company Limited (SET:HL) announces an Equity Buyback for 9,000,000 shares, representing 3.31% for THB 65 million. Healthlead Public Company Limited (SET:HL) announces a share repurchase program. Under the program, the company will repurchase up to 9,000,000 shares, representing 3.31% of its issued share capital, for THB 65 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through April 30, 2026. As of March 17, 2025, the company had 272,000,000 shares in outstanding. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.062 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (down from ฿0.062 in 3Q 2024). Revenue: ฿556.7m (up 8.7% from 3Q 2024). Net income: ฿12.8m (down 24% from 3Q 2024). Profit margin: 2.3% (down from 3.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.043 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.06 (up from ฿0.043 in 2Q 2024). Revenue: ฿557.3m (up 20% from 2Q 2024). Net income: ฿16.8m (up 43% from 2Q 2024). Profit margin: 3.0% (up from 2.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.08 (vs ฿0.068 in 1Q 2024) First quarter 2025 results: EPS: ฿0.08 (up from ฿0.068 in 1Q 2024). Revenue: ฿578.6m (up 17% from 1Q 2024). Net income: ฿20.5m (up 10% from 1Q 2024). Profit margin: 3.5% (down from 3.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Annuncio • May 15
Healthlead Public Company Limited (SET:HL) announces an Equity Buyback for 15,000,000 shares, representing 5.51% for THB 100 million. Healthlead Public Company Limited (SET:HL) announces a share repurchase program. Under the program, the company will repurchase up to 15,000,000 shares, representing 5.51% of its issued share capital, for THB 100 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through November 18, 2025. As of March 17, 2025, the company had 272,000,000 shares in outstanding. Annuncio • Apr 25
Healthlead Public Company Limited Approves Dividend for the Year 2024, Payable on 15 May 2025 Healthlead Public Company Limited at its AGM held on 25 April 2025 unanimously, resolved to approve the payment of the dividend for the shareholders at the rate of THB 0.17 per share, totaling THB 46,240,000. The Record Date for determining the shareholders who are entitled to receive the dividends on 17 March 2025, and the payment of dividends shall be paid with in 15 May 2025. Declared Dividend • Mar 02
Dividend increased to ฿0.17 Dividend of ฿0.17 is 13% higher than last year. Ex-date: 14th March 2025 Payment date: 15th May 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (397% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.29 (vs ฿0.28 in FY 2023) Full year 2024 results: EPS: ฿0.29 (up from ฿0.28 in FY 2023). Revenue: ฿2.02b (up 22% from FY 2023). Net income: ฿78.3m (up 4.8% from FY 2023). Profit margin: 3.9% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. New Risk • Feb 14
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 6.5% 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 (6.5% average weekly change). Market cap is less than US$100m (฿2.23b market cap, or US$66.2m). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿11.20, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 24x in the Consumer Retailing industry in Thailand. Total loss to shareholders of 34% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.059 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.04 (down from ฿0.059 in 2Q 2023). Revenue: ฿472.1m (up 17% from 2Q 2023). Net income: ฿11.7m (down 27% from 2Q 2023). Profit margin: 2.5% (down from 4.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Retailing industry in Thailand. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿8.90, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 22x in the Consumer Retailing industry in Thailand. Total loss to shareholders of 31% over the past year. Buy Or Sell Opportunity • May 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to ฿11.50. The fair value is estimated to be ฿9.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 5.1%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.047 in 1Q 2023) First quarter 2024 results: EPS: ฿0.07 (up from ฿0.047 in 1Q 2023). Revenue: ฿494.8m (up 27% from 1Q 2023). Net income: ฿18.6m (up 45% from 1Q 2023). Profit margin: 3.8% (up from 3.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Annuncio • Apr 17
Healthlead Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 10 May 2024 The 2024 Annual General Meeting of Shareholders of Healthlead Public Company Limited held on 12 April 2024, approved the payment of the dividend at the rate of THB 0.15 per share for the year ended December 31, 2023, totaling THB 40,800,000. The Record Date for determining the shareholders who are entitled to receive dividends is on 14 March 2024, and the payment of dividends shall be paid on 10 May 2024. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (1.9%). Declared Dividend • Mar 02
Dividend reduced to ฿0.15 Dividend of ฿0.15 is 17% lower than last year. Ex-date: 13th March 2024 Payment date: 10th May 2024 Dividend yield will be 1.4%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 157% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Mar 01
Healthlead Public Company Limited, Annual General Meeting, Apr 12, 2024 Healthlead Public Company Limited, Annual General Meeting, Apr 12, 2024, at 10:00 SE Asia Standard Time. Location: Ratchayothin Room, 20th Floor The Bazaar Hotel Bangkok, 5 Ratchadaphisek Road, Chompon,Chatuchak Bangkok Thailand Agenda: To acknowledge the minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Company's 2023 operating results; to consider and approve the Company's audited consolidated financial statements for the year ended 31 December 2023; to consider and approve the payment of dividends in respect of the Company's operating results for the year 2023; to consider and approve the election of directors replacing those who retire by rotation; to consider and approve the determination of the director's remuneration; to consider and approve the appointment of the auditor, and their remuneration; and to cosnider Other business (if any). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.27 (vs ฿0.43 in FY 2022) Full year 2023 results: EPS: ฿0.27 (down from ฿0.43 in FY 2022). Revenue: ฿1.66b (up 7.9% from FY 2022). Net income: ฿74.7m (down 37% from FY 2022). Profit margin: 4.5% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Annuncio • Feb 21
Healthlead Public Company Limited Announces Resignation of Ampaivan Limprapassorn, an Independent Director and Chairman of the Audit Committee, Effective from 29Th February 2024 Healthlead Public Company Limited informed that Miss Ampaivan Limprapassorn, an independent director and Chairman of the Audit Committee of the company notified the Company of her intention by submitting the letter of resignation to resign from all the positions mentioned above due to inadequacy of time. Her resignation is effective from 29th February 2024 onwards. New Risk • Nov 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (฿2.53b market cap, or US$72.1m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.12 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (down from ฿0.12 in 3Q 2022). Revenue: ฿416.6m (up 3.4% from 3Q 2022). Net income: ฿16.2m (down 48% from 3Q 2022). Profit margin: 3.9% (down from 7.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Retailing industry in Thailand. New Risk • Nov 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.9% Last year net profit margin: 7.4% 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: Minor Risks Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (฿2.62b market cap, or US$73.0m). New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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. This is currently the only risk that has been identified for the company. Buying Opportunity • Aug 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿16.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last year. Earnings per share has declined by 17%. Revenue is forecast to grow by 43% in 2 years. Earnings is forecast to grow by 113% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.084 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.06 (down from ฿0.084 in 2Q 2022). Revenue: ฿403.8m (up 11% from 2Q 2022). Net income: ฿16.0m (down 30% from 2Q 2022). Profit margin: 4.0% (down from 6.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Retailing industry in Thailand. New Risk • Jul 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.40b (US$97.8m) This is considered a minor 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 Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿3.40b market cap, or US$97.8m). New Risk • Jun 13
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 6.5% 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 High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.05 (down from ฿0.11 in 1Q 2022). Revenue: ฿388.3m (up 3.6% from 1Q 2022). Net income: ฿12.8m (down 58% from 1Q 2022). Profit margin: 3.3% (down from 8.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Retailing industry in Thailand. Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Ampaivan Limprapassorn was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 17
Price target decreased by 31% to ฿20.00 Down from ฿29.00, the current price target is provided by 1 analyst. New target price is 5.7% below last closing price of ฿21.20. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.50 for next year compared to ฿0.43 last year. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.18 per share at 1.3% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 11 May 2023. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.7%). In line with average of industry peers (1.3%). Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ฿0.11 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.11. Revenue: ฿402.7m (up 13% from 3Q 2021). Net income: ฿31.2m (up 24% from 3Q 2021). Profit margin: 7.7% (up from 7.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Retailing industry in Thailand. Board Change • Nov 16
No independent directors 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. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.47 to ฿0.39. Revenue forecast unchanged from ฿1.49b at last update. Net income forecast to grow 27% next year vs 36% growth forecast for Consumer Retailing industry in Thailand. Consensus price target of ฿29.00 unchanged from last update. Share price fell 8.0% to ฿25.75 over the past week. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.072 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.08 (up from ฿0.072 in 2Q 2021). Revenue: ฿365.5m (up 41% from 2Q 2021). Net income: ฿22.8m (up 59% from 2Q 2021). Profit margin: 6.2% (up from 5.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 26% growth forecast for the industry in Thailand. Reported Earnings • May 19
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: ฿374.7m (up 45% from 1Q 2021). Net income: ฿30.2m (up 110% from 1Q 2021). Profit margin: 8.1% (up from 5.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 15%, compared to a 32% growth forecast for the industry in Thailand. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ฿1.22b (up 13% from FY 2020). Net income: ฿79.7m (up 53% from FY 2020). Profit margin: 6.5% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 24%, compared to a 47% growth forecast for the retail industry in Thailand.