Board Change • Mar 21
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. MD & Vice Chairman Suriya Poolvoralaks was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2025 earnings released: ฿2.45 loss per share (vs ฿0.35 loss in FY 2024) Full year 2025 results: ฿2.45 loss per share (further deteriorated from ฿0.35 loss in FY 2024). Revenue: ฿2.03b (down 17% from FY 2024). Net loss: ฿2.11b (loss widened ฿1.81b from FY 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. New Risk • Nov 26
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 8.7% 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 Interest payments are not well covered by earnings (0.2x net interest cover). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (฿309.7m market cap, or US$9.61m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.43 loss per share (vs ฿0.18 loss in 3Q 2024) Third quarter 2025 results: ฿0.43 loss per share (further deteriorated from ฿0.18 loss in 3Q 2024). Revenue: ฿344.5m (down 43% from 3Q 2024). Net loss: ฿370.0m (loss widened 138% from 3Q 2024). 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 39% per year, which means it is performing significantly worse than earnings. New Risk • Nov 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿318.4m (US$9.79m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 35% per year over the past 5 years. Market cap is less than US$10m (฿318.4m market cap, or US$9.79m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). New Risk • Oct 01
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿395.8m market cap, or US$12.2m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.30 loss per share (vs ฿0.13 loss in 2Q 2024) Second quarter 2025 results: ฿0.30 loss per share (further deteriorated from ฿0.13 loss in 2Q 2024). Revenue: ฿374.1m (down 38% from 2Q 2024). Net loss: ฿258.9m (loss widened 125% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.12 loss per share (vs ฿0.077 loss in 1Q 2024) First quarter 2025 results: ฿0.12 loss per share (further deteriorated from ฿0.077 loss in 1Q 2024). Revenue: ฿439.7m (down 29% from 1Q 2024). Net loss: ฿103.1m (loss widened 55% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 04
Full year 2024 earnings released: ฿0.35 loss per share (vs ฿0.38 loss in FY 2023) Full year 2024 results: ฿0.35 loss per share (improved from ฿0.38 loss in FY 2023). Revenue: ฿2.46b (up 11% from FY 2023). Net loss: ฿298.9m (loss narrowed 9.2% from FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Annuncio • Mar 01
Major Development Public Company Limited, Annual General Meeting, Apr 21, 2025 Major Development Public Company Limited, Annual General Meeting, Apr 21, 2025, at 14:00 SE Asia Standard Time. New Risk • Feb 04
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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿610.9m market cap, or US$18.0m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.13 loss per share (vs ฿0.088 loss in 2Q 2023) Second quarter 2024 results: ฿0.13 loss per share (further deteriorated from ฿0.088 loss in 2Q 2023). Revenue: ฿605.7m (down 5.0% from 2Q 2023). Net loss: ฿115.2m (loss widened 53% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 18% per year. Annuncio • Jun 28
Mori Trust Co., Ltd. acquired 49% stake in MM Residences One Co., Ltd. from Major Development Public Company Limited (SET:MJD) for approximately THB 140 million. Mori Trust Co., Ltd. acquired 49% stake in MM Residences One Co., Ltd. from Major Development Public Company Limited (SET:MJD) for approximately THB 140 million on June 25, 2024. A cash consideration valued at THB 100 per share will be paid by MORI TRUST REIT, Inc to acquire 1.4 million shares. After the transaction Major Development Public Company Limited will hold 51% stake in MM Residences One Co., Ltd.
Mori Trust Co., Ltd. completed the acquisition of 49% stake in MM Residences One Co., Ltd. from Major Development Public Company Limited (SET:MJD) on June 25, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: ฿80.00 loss per share (vs ฿0.09 loss in 1Q 2023) First quarter 2024 results: ฿80.00 loss per share. Revenue: ฿620.0m (down 3.9% from 1Q 2023). Net loss: ฿66.4m (loss narrowed 14% from 1Q 2023). Annuncio • Feb 28
Major Development Public Company Limited, Annual General Meeting, Apr 25, 2024 Major Development Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Location: 17 Floor, Major Tower Thonglor, Soi Thonglor 10, Sukhumvit 55, Klongton Nua, Wattana Bangkok Thailand Agenda: To certify the minutes of Extraordinary General Meeting of Shareholders No.1/2023; to acknowledge the operating result and the annual report for the year 2023; to consider and approve the Financial Statements for the year ended 31 December 2023; to consider and approve the omission of dividend payment; to elect directors to replace those who are retired by rotation; to approve the determination of the directors' remuneration for the year 2024; to approve the appointment of the auditor and the determination of the audit fees for the year 2024; and to consider other matter, if any. Reported Earnings • Feb 28
Full year 2023 earnings released: ฿0.38 loss per share (vs ฿0.43 loss in FY 2022) Full year 2023 results: ฿0.38 loss per share (improved from ฿0.43 loss in FY 2022). Revenue: ฿2.22b (down 22% from FY 2022). Net loss: ฿329.3m (loss narrowed 11% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 50% 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. Reported Earnings • Nov 16
Third quarter 2023 earnings released: ฿0.13 loss per share (vs ฿0.16 loss in 3Q 2022) Third quarter 2023 results: ฿0.13 loss per share (improved from ฿0.16 loss in 3Q 2022). Revenue: ฿409.9m (down 40% from 3Q 2022). Net loss: ฿112.2m (loss narrowed 18% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Annuncio • Sep 27
Major Development Public Company Limited Appoints Petrada Poolvoralaks and Suriya Poolvoralaks to Act as Vice Chairman of Board Major Development Public Company Limited announced the Board of Directors Meeting No. 10/2023 held on September 27, 2023, passed the resolution and appointed Ms. Petrada Poolvoralaks and Mr. Suriya Poolvoralaks to act as Vice Chairman of the Board of Directors of the Company with effect from September 27, 2023, onwards. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.09 loss per share (vs ฿0.15 loss in 2Q 2022) Second quarter 2023 results: ฿0.09 loss per share (improved from ฿0.15 loss in 2Q 2022). Revenue: ฿637.6m (down 12% from 2Q 2022). Net loss: ฿75.3m (loss narrowed 43% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2023 earnings released: ฿0.09 loss per share (vs ฿0.058 loss in 1Q 2022) First quarter 2023 results: ฿0.09 loss per share (further deteriorated from ฿0.058 loss in 1Q 2022). Revenue: ฿644.8m (up 10% from 1Q 2022). Net loss: ฿77.5m (loss widened 56% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.16 loss per share (vs ฿0.095 loss in 3Q 2021) Third quarter 2022 results: ฿0.16 loss per share (further deteriorated from ฿0.095 loss in 3Q 2021). Revenue: ฿687.0m (down 30% from 3Q 2021). Net loss: ฿136.4m (loss widened 68% from 3Q 2021). 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. Board Change • Nov 16
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 Ittinant Suwanjutha was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be ฿2.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Aug 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be ฿2.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.15 loss per share (vs ฿0.15 loss in 2Q 2021) Second quarter 2022 results: ฿0.15 loss per share (vs ฿0.15 loss in 2Q 2021). Revenue: ฿724.0m (down 38% from 2Q 2021). Net loss: ฿131.5m (loss widened 2.0% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2022 earnings released: ฿0.06 loss per share (vs ฿0.032 loss in 1Q 2021) First quarter 2022 results: ฿0.06 loss per share (down from ฿0.032 loss in 1Q 2021). Revenue: ฿585.1m (down 53% from 1Q 2021). Net loss: ฿49.7m (loss widened 78% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Suparanan Tanviruch was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: ฿0.41 loss per share (down from ฿0.23 profit in FY 2020). Revenue: ฿4.40b (down 40% from FY 2020). Net loss: ฿353.1m (down 277% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2021 earnings released: ฿0.098 loss per share (vs ฿0.009 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: ฿980.9m (down 35% from 3Q 2020). Net loss: ฿81.4m (loss widened ฿73.8m from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: ฿0.15 loss per share (vs ฿0.093 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ฿1.16b (down 37% from 2Q 2020). Net loss: ฿128.9m (loss widened 61% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.03 loss per share (vs ฿0.23 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿1.25b (down 37% from 1Q 2020). Net loss: ฿27.9m (down 114% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Executive Departure • Mar 30
CEO & Executive Director Suriyon Poolvoralaks has left the company On the 24th of March, Suriyon Poolvoralaks' tenure as CEO & Executive Director of the company ended. Suriyon personally held 110.38m shares (฿180m worth) as of December 2020. This is 13% of the company. A total of 2 executives have left over the last 12 months. Executive Departure • Mar 30
Executive VP of Marketing Division & Executive Director has left the company On the 24th of March, Jitradee Poolvoralaks' tenure in the role of Executive VP of Marketing Division & Executive Director ended. As of December 2020, Jitradee personally held 26.00m shares (฿42m worth at the time). A total of 2 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to ฿2.02, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total loss to shareholders of 40% over the past three years. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.23 (vs ฿0.37 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿7.33b (up 22% from FY 2019). Net income: ฿199.3m (down 38% from FY 2019). Profit margin: 2.7% (down from 5.3% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 16
New 90-day high: ฿1.88 The company is up 27% from its price of ฿1.48 on 17 September 2020. The Thai market is up 15% 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 • Nov 24
New 90-day high: ฿1.55 The company is up 7.0% from its price of ฿1.45 on 26 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 9.0% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: ฿0.009 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿1.51b (down 24% from 3Q 2019). Net loss: ฿7.57m (down 104% from profit in 3Q 2019). 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 22% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2020 earnings released: ฿0.01 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿1.51b (down 24% from 3Q 2019). Net loss: ฿7.57m (down 104% from profit in 3Q 2019). 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 22% per year, which means it is significantly lagging earnings. 