New Risk • Jul 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 6.3% 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 6.2% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿2.12b market cap, or US$63.3m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿2.24, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 11x in the IT industry in Thailand. Total returns to shareholders of 26% over the past three years. New Risk • May 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿1.63b market cap, or US$49.9m). New Risk • May 11
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 7.3% 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 12% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿1.63b market cap, or US$50.2m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.75, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 12x in the IT industry in Thailand. Total loss to shareholders of 8.7% over the past three years. Declared Dividend • Mar 02
Dividend increased to ฿0.08 Dividend of ฿0.08 is 66% higher than last year. Ex-date: 12th March 2026 Payment date: 27th April 2026 Dividend yield will be 4.6%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 9.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Feb 28
SVOA Public Company Limited Proposes Special Dividend for the Period from January 1, 2025 to December 31, 2025, Payable on April 27, 2026 SVOA Public Company Limited proposed special dividend of THB 0.0800 per share payable on April 27, 2026, ex-date on March 12, 2026 and record date on March 13, 2026. Paid from Operating period from January 1, 2025 to December 31, 2025. Shareholder's meeting date: April 10, 2026. Annuncio • Feb 27
SVOA Public Company Limited announces Annual dividend, payable on April 27, 2026 SVOA Public Company Limited announced Annual dividend of THB 0.0800 per share payable on April 27, 2026, ex-date on March 12, 2026 and record date on March 13, 2026. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.73, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 19% over the past three years. Annuncio • Feb 26
SVOA Public Company Limited, Annual General Meeting, Apr 10, 2026 SVOA Public Company Limited, Annual General Meeting, Apr 10, 2026, at 14:00 SE Asia Standard Time. Location: no.1023 ms siam tower, 31 floor (asic room), rama 3 road, chong nonsi,yannawa, bangkok 10120 Thailand Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.064 (vs ฿0.10 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.064 (up from ฿0.10 loss in 3Q 2024). Revenue: ฿2.41b (up 11% from 3Q 2024). Net income: ฿61.0m (up ฿158.6m from 3Q 2024). Profit margin: 2.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 21% per year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.39, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 12x in the IT industry in Thailand. Total loss to shareholders of 54% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.038 (vs ฿0.018 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.038 (up from ฿0.018 in 2Q 2024). Revenue: ฿2.15b (up 15% from 2Q 2024). Net income: ฿36.3m (up 111% from 2Q 2024). Profit margin: 1.7% (up from 0.9% 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 50% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿1.30, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.051 (vs ฿0.041 in 1Q 2024) First quarter 2025 results: EPS: ฿0.051 (up from ฿0.041 in 1Q 2024). Revenue: ฿2.11b (up 13% from 1Q 2024). Net income: ฿48.8m (up 26% from 1Q 2024). Profit margin: 2.3% (up from 2.1% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. New Risk • May 09
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 8.3% 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (฿1.25b market cap, or US$37.9m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ฿1.46, the stock trades at a trailing P/E ratio of 54.7x. Average trailing P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 49% over the past three years. Annuncio • Apr 14
SVOA Public Company Limited Approves the Dividend Payment for the Year 2024 SVOA Public Company Limited at the Annual General Meeting held on 11 April 2025, approved the dividend payment to shareholders at THB 0.0481 per share for the year 2024, on 25 April 2025. Declared Dividend • Feb 27
Dividend increased to ฿0.048 Dividend of ฿0.048 is 13% higher than last year. Ex-date: 11th March 2025 Payment date: 25th April 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.027 (vs ฿0.12 in FY 2023) Full year 2024 results: EPS: ฿0.027 (down from ฿0.12 in FY 2023). Revenue: ฿8.47b (down 8.3% from FY 2023). Net income: ฿25.3m (down 77% from FY 2023). Profit margin: 0.3% (down from 1.2% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Annuncio • Feb 26
SVOA Public Company Limited Proposes Dividend for Ordinary Shares, Payable on 25 April 2025 SVOA Public Company Limited proposed dividend payment to shareholders at THB 0.0481 per share calculating from 60% of net profit of separate financial statements after accumulated loss and legal reserve for Ordinary Shares and Preferred Shares. Determination of Shareholders' names who have the right of attendance to the shareholders' meeting (Record Date) on 12 March 2025 and the date of dividend payment on 25 April 2025 (the right entitlement is uncertain as it has not yet been approved from the shareholders'c meeting). Ex dividend date is March 11, 2025. Annuncio • Feb 25
SVOA Public Company Limited, Annual General Meeting, Apr 11, 2025 SVOA Public Company Limited, Annual General Meeting, Apr 11, 2025, at 14:00 SE Asia Standard Time. Location: no. 1023 ms siam tower, 31 floor (asic room), rama 3 road, chong nonsi, yannawa, bangkok 10120. Thailand New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 5.3% 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 (฿1.25b market cap, or US$36.2m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.018 (vs ฿0.038 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.018 (down from ฿0.038 in 2Q 2023). Revenue: ฿1.88b (down 31% from 2Q 2023). Net income: ฿17.2m (down 52% from 2Q 2023). Profit margin: 0.9% (down from 1.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Jun 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Market cap is less than US$100m (฿1.88b market cap, or US$51.3m). New Risk • Jun 01
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: 1.2% Last year net profit margin: 1.9% 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 (1.2% net profit margin). Market cap is less than US$100m (฿1.87b market cap, or US$50.6m). Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.041 (vs ฿0.038 in 1Q 2023) First quarter 2024 results: EPS: ฿0.041 (up from ฿0.038 in 1Q 2023). Revenue: ฿1.86b (down 23% from 1Q 2023). Net income: ฿38.8m (up 7.3% from 1Q 2023). Profit margin: 2.1% (up from 1.5% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.043 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (3.7%). New Risk • Mar 02
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: 1.2% Last year net profit margin: 1.9% 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 Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (฿1.69b market cap, or US$47.0m). Declared Dividend • Mar 01
Dividend of ฿0.043 announced Shareholders will receive a dividend of ฿0.043. Ex-date: 13th March 2024 Payment date: 25th April 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 46% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.9% EPS decline seen over the last 5 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.027 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.027 in 3Q 2022). Revenue: ฿1.88b (down 3.6% from 3Q 2022). Net income: ฿28.6m (up 10% from 3Q 2022). Profit margin: 1.5% (up from 1.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.038 (vs ฿0.032 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.038 (up from ฿0.032 in 2Q 2022). Revenue: ฿2.71b (up 46% from 2Q 2022). Net income: ฿36.0m (up 18% from 2Q 2022). Profit margin: 1.3% (down from 1.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.7% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (7.7% increase in shares outstanding). Market cap is less than US$100m (฿2.04b market cap, or US$59.7m). Annuncio • Jul 18
Svoa Public Company Limited Approves Executive Changes SVOA Public Company Limited approved the appointment of Mr. Chao Intanate to be Director replacing Mr. Pang Thieng Hwi who resigned from Director position and also Approved the appointment of Ms. Vipaphorn Sirichaiya to be Director replacing Ms. Wong Man Li who resigned from Director position. At present, the Board of Directors of the Company consists of:- 1.Mr. Manu Leopairote 2. Ms. Kulapa Intanate 3. Dr. Wilson Teo Yong Peng 4. Mr. Krit Kulrachasapaisarn 5. Mr. Ananpol Nonthaphund 6. Mr. Chao Intanate 7. Ms. Vipaphorn Sirichaiya 8. Mr. Anant Tangtatswas 9. Dr. Prapon Phasukyud 10. Mr. Damnoen Kaewthavee. Annuncio • Jul 13
SVOA Public Company Limited Announces Resignation of Director SVOA Public Company Limited inform that Mr. Pang Thieng Hwi and Ms. Wong Man Li have resigned from the positions of the Company's Directors. The resignation will effect from July 12, 2023 onwards. The Nomination and Remuneration Committee will consider the selection of qualified persons and propose to the Board of Directors' meeting to consider the appointment of Directors replacing the resigned Directors. The Company will inform the Stock Exchange of Thailand and investors subsequently. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.038 (vs ฿0.044 in 1Q 2022) First quarter 2023 results: EPS: ฿0.038 (down from ฿0.044 in 1Q 2022). Revenue: ฿2.40b (up 33% from 1Q 2022). Net income: ฿36.2m (down 14% from 1Q 2022). Profit margin: 1.5% (down from 2.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.071 per share at 2.5% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (2.2%). 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. 6 non-independent directors. Independent Director Anant Tangtatswas was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.032 (vs ฿0.033 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.032 (down from ฿0.033 in 2Q 2021). Revenue: ฿1.86b (down 3.3% from 2Q 2021). Net income: ฿30.6m (down 1.6% from 2Q 2021). Profit margin: 1.6% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: ฿1.81b (down 11% from 1Q 2021). Net income: ฿42.0m (up 13% from 1Q 2021). Profit margin: 2.3% (up from 1.8% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 32%. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿3.34, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 23x in the IT industry in Thailand. Total returns to shareholders of 218% over the past three years. Board Change • Apr 27
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. 7 non-independent directors. Independent Director Anant Tangtatswas was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 18% share price gain to ฿3.80, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 27x in the IT industry in Thailand. Total returns to shareholders of 252% over the past three years. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.058 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 26 April 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ฿8.71b (up 12% from FY 2020). Net income: ฿159.9m (up 15% from FY 2020). Profit margin: 1.8% (in line with FY 2020). Revenue missed analyst estimates by 32%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 27% share price gain to ฿2.80, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 153% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿2.31b (down 1.1% from 3Q 2020). Net income: ฿34.0m (up 73% from 3Q 2020). Profit margin: 1.5% (up from 0.8% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.033 (vs ฿0.068 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿1.92b (up 2.6% from 2Q 2020). Net income: ฿31.1m (down 51% from 2Q 2020). Profit margin: 1.6% (down from 3.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ฿1.73, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 42% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.03b (up 41% from 1Q 2020). Net income: ฿37.1m (up ฿51.4m from 1Q 2020). Profit margin: 1.8% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 15% share price gain to ฿2.84, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 17% share price gain to ฿2.14, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
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 13.8x. Average trailing P/E is 16x in the IT industry in Thailand. Total returns to shareholders of 45% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day high: ฿1.50 The company is up 14% from its price of ฿1.32 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 IT industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.50, the stock is trading at a trailing P/E ratio of 10.2x, up from the previous P/E ratio of 8.7x. This compares to an average P/E of 14x in the IT industry in Thailand. Total return to shareholders over the past three years is a loss of 9.1%. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿7.81b (up 5.8% from FY 2019). Net income: ฿138.9m (up 13% from FY 2019). Profit margin: 1.8% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 30
New 90-day low: ฿1.18 The company is down 5.0% from its price of ฿1.24 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿20.82 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿2.33b (up 18% from 3Q 2019). Net income: ฿19.7m (down 39% from 3Q 2019). Profit margin: 0.8% (down from 1.6% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 05
New 90-day high: ฿1.45 The company is up 32% from its price of ฿1.10 on 07 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 9.0% over the same period. 
