Annuncio • Jun 11
Wave Entertainment Public Company Limited Announces Resignation of Voranan Limpanyakul as Chief Accountant (Finance and Accounting Manager), Effective June 2, 2026 Wave Entertainment Public Company Limited announced that Miss Voranan Limpanyakul resigned from the position of Chief Accountant (Finance and Accounting Manager), effective June 2, 2026. New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 207% 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 Share price has been highly volatile over the past 3 months (64% average weekly change). High level of non-cash earnings (207% accrual ratio). Market cap is less than US$10m (฿229.3m market cap, or US$7.02m). Reported Earnings • May 23
First quarter 2026 earnings released: ฿0.001 loss per share (vs ฿0 in 1Q 2025) First quarter 2026 results: ฿0.001 loss per share (further deteriorated from ฿0 in 1Q 2025). Revenue: ฿96.2m (down 6.6% from 1Q 2025). Net loss: ฿7.75m (loss widened 381% from 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 54% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿0.06 (vs ฿0.074 loss in FY 2024) Full year 2025 results: EPS: ฿0.06 (up from ฿0.074 loss in FY 2024). Revenue: ฿404.0m (down 14% from FY 2024). Net income: ฿691.0m (up ฿1.47b from FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: ฿0.007 (vs ฿0.002 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.007 (up from ฿0.002 in 3Q 2024). Revenue: ฿104.5m (down 17% from 3Q 2024). Net income: ฿80.7m (up 194% from 3Q 2024). Profit margin: 77% (up from 22% 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 113% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. New Risk • Nov 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿229.1m (US$7.08m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿190m free cash flow). Share price has been highly volatile over the past 3 months (41% average weekly change). Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (฿229.1m market cap, or US$7.08m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.017 (vs ฿0 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.017 (up from ฿0 in 2Q 2024). Revenue: ฿95.4m (down 18% from 2Q 2024). Net income: ฿190.5m (up ฿186.2m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Aug 01
High number of new directors Independent Chairman Boon-long Jak was the last director to join the board, commencing their role in 2025. New Risk • Jun 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿229.1m (US$7.01m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿284m free cash flow). Share price has been highly volatile over the past 3 months (39% average weekly change). Earnings have declined by 6.3% per year over the past 5 years. Market cap is less than US$10m (฿229.1m market cap, or US$7.01m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.14 loss per share (vs ฿0.001 loss in 1Q 2024) First quarter 2025 results: ฿0.14 loss per share. Revenue: ฿103.0m (down 13% from 1Q 2024). Net loss: ฿1.61m (loss narrowed 80% from 1Q 2024). New Risk • Apr 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿343.7m (US$9.95m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿287m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Market cap is less than US$10m (฿343.7m market cap, or US$9.95m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Mar 26
Full year 2024 earnings released: ฿74.08 loss per share (vs ฿0.002 loss in FY 2023) Full year 2024 results: ฿74.08 loss per share (further deteriorated from ฿0.002 loss in FY 2023). Revenue: ฿468.1m (up 4.4% from FY 2023). Net loss: ฿774.2m (loss widened ฿756.7m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Board Change • Mar 26
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Director Kijcharnpit Sukangwanwit is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Mar 26
Wave Exponential Public Company Limited, Annual General Meeting, Apr 30, 2025 Wave Exponential Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:30 SE Asia Standard Time. Location: tararom business tower 14th floor, 2445/19, 21, petchaburi road, bangkapi,huay kwang, bangkok 10310 Thailand Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.002 (vs ฿0 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.002 (up from ฿0 in 3Q 2023). Revenue: ฿126.0m (up 5.6% from 3Q 2023). Net income: ฿27.5m (up ฿25.0m from 3Q 2023). Profit margin: 22% (up from 2.1% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Annuncio • Sep 06
Wave Exponential Public Company Limited Announces Resignation of James Andrew Moore as A Director Wave Exponential Public Company Limited announced that on September 5, 2024, Mr. James Andrew Moore, a director of Wave Exponential Public Company Limited, notified the Company of his resignation from the board of directors and all other sub-committees of the Company due to personal reasons. The Company is currently in the process of selecting a qualified individual to fill the position. Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿116.2m (up 5.8% from 2Q 2023). Net income: ฿4.28m (up ฿10.3m from 2Q 2023). Profit margin: 3.7% (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 65% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Annuncio • Aug 15
Wave Exponential Public Company Limited Announce CEO Changes Wave Exponential Public Company Limited informed that at the Board of Directors meeting No. 6/2024 on August 14, 2024, Mr. James Andrew Moore, Chief Executive Officer (CEO) and authorized director of the company, submitted his resignation from the position of CEO due to personal reasons. However, he will continue to serve as a non-signatory director of the company. In response, the Board of Directors has appointed Mr. Thirapong Khumruangrit, Executive Chairman, to the position of Chief Executive Officer of Wave Exponential Public Company Limited. New Risk • Jun 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿612m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-฿612m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (฿1.20b market cap, or US$32.5m). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 3.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 3.0% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (฿1.29b market cap, or US$35.5m). Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.001 loss per share (vs ฿0.001 loss in 1Q 2023) First quarter 2024 results: ฿0.001 loss per share (in line with 1Q 2023). Revenue: ฿118.5m (up 14% from 1Q 2023). Net loss: ฿7.92m (loss narrowed 31% from 1Q 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 45% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.002 loss per share (vs ฿0.081 loss in FY 2022) Full year 2023 results: ฿0.002 loss per share (improved from ฿0.081 loss in FY 2022). Revenue: ฿448.3m (up 57% from FY 2022). Net loss: ฿17.5m (loss narrowed 91% from FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Annuncio • Sep 01
Wave Exponential Public Company Limited Announces Resignation of Cathleen Maleenont as Director Wave Exponential Public Company Limited announced that Miss. Cathleen Maleenont has announced her resignation from the position of Director due to an increase in other business. In thisregard, the resignation will be effective from August 31st, 2023 onwards. In addition, the company will register the resignation with the Department of Business Development, the Ministry of Commerce and will proceed according to the nomination and appointment process to nominate appropriate and suitable person and will notify the Stock Exchange of Thailand accordingly. Annuncio • Aug 11
Wave Exponential Public Company Limited Announces the Resignation of Cathleen Maleenont as the Chairman of the Board of Directors Wave Exponential Public Company Limited at its meeting held on August 9th, 2023, has acknowledge the resignation of Miss Cathleen Maleenont as the Chairman of the Board of Directors due to increasing of other matter. The Company received the resignation letter on August 10th, 2023, in this regard, the resignation of the Chairman of the Board of Directors will be effective from August 10th, 2023 onwards. In addition, the Company will proceed according to the nomination and appointment process to nominate appropriate and suitable person and will notify the Stock Exchange of Thailand accordingly. Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.001 loss per share (vs ฿0.007 loss in 2Q 2022) Second quarter 2023 results: ฿0.001 loss per share. Revenue: ฿109.8m (up 79% from 2Q 2022). Net loss: ฿6.05m (loss widened 3.7% from 2Q 2022). Board Change • Apr 10
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, 3 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Chairman Cathleen Maleenont is the most experienced director on the board, commencing their role in 2006. Independent Director Phisit Chusiriwat was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Annuncio • Jan 11
Wave Entertainment Public Company Limited Completes Moving Head Office Wave Entertainment Public Company Limited announced according to the company notified the change of head office's address on December 20, 2022. The company has completed the moving process and announced that from 10 January 2023 onwards, the company's head office will be as follows; New Head Office: 2445/19 Tararom Business Tower 14th Floor, New Petchaburi Rd, Bang Kapi, Huai Khwang,Bangkok 10310. Annuncio • Jan 05
Wave Entertainment Public Company Limited Announces Resignation of Mrs. Angkanee Rerksirisuk as CFO Wave Entertainment Public Company Limited announced resignation of Mrs. Angkanee Rerksirisuk as CFO. Effective Date of Termination is 31-Dec-2022. Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Director of CVD International Co Ltd and Acquisition Department Manager of CVD International Co Ltd Sirisak Wongsupakpun is the most experienced director on the board, commencing their role in 1995. Independent Director Phatnaree Thitiariyakul was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Sep 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Prasert Patradhilok was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.007 loss per share (vs ฿0.027 loss in 2Q 2021) Second quarter 2022 results: ฿0.007 loss per share (up from ฿0.027 loss in 2Q 2021). Revenue: ฿61.2m (down 44% from 2Q 2021). Net loss: ฿5.83m (loss narrowed 73% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.15 loss per share (vs ฿0.025 loss in 1Q 2021) First quarter 2022 results: ฿0.15 loss per share (down from ฿0.025 loss in 1Q 2021). Revenue: ฿56.1m (down 56% from 1Q 2021). Net loss: ฿118.6m (loss widened 500% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ฿286.0m (down 59% from FY 2020). Net loss: ฿688.4m (loss widened 243% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Executive Departure • Oct 10
Independent Director Apiwat Ngenmune has left the company On the 1st of October, Apiwat Ngenmune's tenure as Independent Director ended after 1.2 years in the role. We don't have any record of a personal shareholding under Apiwat's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 8.79 years. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿109.4m (down 23% from 2Q 2020). Net loss: ฿21.2m (down 168% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: ฿127.9m (down 44% from 1Q 2020). Net loss: ฿19.8m (loss narrowed 35% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 01
New 90-day low: ฿0.57 The company is down 7.0% from its price of ฿0.61 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 20% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released: ฿0.43 loss per share (vs ฿0.36 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿701.2m (down 36% from FY 2019). Net loss: ฿200.5m (loss widened 19% from FY 2019). 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 43% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 05
New 90-day low: ฿0.59 The company is down 16% from its price of ฿0.70 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day low: ฿0.62 The company is down 38% from its price of ฿1.00 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 1.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ฿0.056 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ฿177.8m (down 36% from 3Q 2019). Net loss: ฿26.2m (loss widened 80% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 18
New 90-day low: ฿0.72 The company is down 31% from its price of ฿1.04 on 19 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 13% over the same period. 
