Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.01 (vs ฿0.037 in 1Q 2025) First quarter 2026 results: EPS: ฿0.01 (down from ฿0.037 in 1Q 2025). Revenue: ฿238.1m (down 8.1% from 1Q 2025). Net income: ฿5.12m (down 79% from 1Q 2025). Profit margin: 2.2% (down from 9.3% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 31% over the past three years. Buy Or Sell Opportunity • Apr 11
Now 20% overvalued Over the last 90 days, the stock has fallen 23% to ฿1.17. The fair value is estimated to be ฿0.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Mar 19
Now 20% overvalued Over the last 90 days, the stock has fallen 17% to ฿1.18. The fair value is estimated to be ฿0.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 24%. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.18, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 41% over the past three years. New Risk • Mar 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% The company is paying a dividend despite having no free cash flows. Dividend yield: 9.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿648.6m market cap, or US$20.4m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.10 (vs ฿0.063 in FY 2024) Full year 2025 results: EPS: ฿0.10 (up from ฿0.063 in FY 2024). Revenue: ฿993.0m (up 8.6% from FY 2024). Net income: ฿64.5m (up 58% from FY 2024). Profit margin: 6.5% (up from 4.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annuncio • Feb 27
Simat Technologies Public Company Limited, Annual General Meeting, Apr 30, 2026 Simat Technologies Public Company Limited, Annual General Meeting, Apr 30, 2026, at 10:00 SE Asia Standard Time. Location: physical meeting, Thailand Buy Or Sell Opportunity • Jan 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to ฿1.34. The fair value is estimated to be ฿1.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.60, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 24% over the past three years. Buy Or Sell Opportunity • Dec 29
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to ฿1.35. The fair value is estimated to be ฿1.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.42, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 21% over the past three years. Buy Or Sell Opportunity • Dec 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ฿1.31. The fair value is estimated to be ฿1.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. New Risk • Dec 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (฿752.3m market cap, or US$23.5m). Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 12 December 2025. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 0.5%. New Risk • Nov 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿706.9m market cap, or US$21.8m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.019 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (up from ฿0.019 in 3Q 2024). Revenue: ฿223.5m (down 4.9% from 3Q 2024). Net income: ฿17.5m (up 39% from 3Q 2024). Profit margin: 7.8% (up from 5.4% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Nov 12
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (฿687.5m market cap, or US$21.2m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ฿1.06, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 50% over the past three years. New Risk • Aug 27
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 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (฿700.4m market cap, or US$21.6m). 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 ฿1.02, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 64% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.019 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03 (up from ฿0.019 in 2Q 2024). Revenue: ฿247.9m (up 12% from 2Q 2024). Net income: ฿20.3m (up 63% from 2Q 2024). Profit margin: 8.2% (up from 5.6% in 2Q 2024). The increase in margin was driven by higher revenue. 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 29% per year, which means it is significantly lagging earnings. New Risk • May 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risk Market cap is less than US$100m (฿622.6m market cap, or US$19.2m). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.019 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (up from ฿0.019 in 1Q 2024). Revenue: ฿259.0m (up 14% from 1Q 2024). Net income: ฿24.1m (up 95% from 1Q 2024). Profit margin: 9.3% (up from 5.4% 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 15% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ฿0.06 (vs ฿0.037 in FY 2023) Full year 2024 results: EPS: ฿0.06 (up from ฿0.037 in FY 2023). Revenue: ฿914.4m (up 5.0% from FY 2023). Net income: ฿40.7m (up 69% from FY 2023). Profit margin: 4.5% (up from 2.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year and the company’s share price has also fallen by 25% per year. Annuncio • Feb 28
Simat Technologies Public Company Limited, Annual General Meeting, Apr 25, 2025 Simat Technologies Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Location: the meeting room of simat technology, public company limited., Thailand Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.36, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 70% over the past three years. New Risk • Dec 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (฿1.03b market cap, or US$30.1m). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ฿1.59, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 16x in the Electronic industry in Thailand. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.26, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 21x in the Electronic industry in Thailand. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.00, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 22x in the Electronic industry in Thailand. Total loss to shareholders of 61% over the past three years. New Risk • Aug 22
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 7.2% 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 (7.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿1.14b market cap, or US$33.2m). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.49, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total loss to shareholders of 71% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.022 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (up from ฿0.022 loss in 2Q 2023). Revenue: ฿222.2m (up 11% from 2Q 2023). Net income: ฿12.5m (up ฿25.6m from 2Q 2023). Profit margin: 5.6% (up from net loss in 2Q 2023). 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 36% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.014 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (up from ฿0.014 in 1Q 2023). Revenue: ฿227.8m (down 6.6% from 1Q 2023). Net income: ฿12.3m (up 52% from 1Q 2023). Profit margin: 5.4% (up from 3.3% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year and the company’s share price has also fallen by 37% per year. New Risk • Mar 12
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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (฿882.0m market cap, or US$24.8m). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.04 (vs ฿0.11 in FY 2022) Full year 2023 results: EPS: ฿0.04 (down from ฿0.11 in FY 2022). Revenue: ฿870.5m (down 5.4% from FY 2022). Net income: ฿24.2m (down 62% from FY 2022). Profit margin: 2.8% (down from 6.8% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Annuncio • Mar 02
Simat Technologies Public Company Limited, Annual General Meeting, Apr 26, 2024 Simat Technologies Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider the minutes of the annual general meeting of shareholders; to consider the report of the annual operational results for the fiscal year ended December 31, 2023; to consider report of the annual operational results for the fiscal year ended December 31, 2023; to consider and approve the statement of financial position and the statement of comprehensive income of the Company for the fiscal year ended December 31, 2023; to consider and approve the allocation of profit for legal reserve and omission of dividend payment for the operational results for the year ended December 31, 2023. New Risk • Nov 23
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 8.8% 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 Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risk Market cap is less than US$100m (฿1.41b market cap, or US$40.1m). Reported Earnings • Nov 16
Third quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.029 profit in 3Q 2022) Third quarter 2023 results: ฿0.01 loss per share (down from ฿0.029 profit in 3Q 2022). Revenue: ฿205.7m (down 12% from 3Q 2022). Net loss: ฿8.32m (down 148% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year and the company’s share price has also fallen by 16% per year. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.26, the stock trades at a trailing P/E ratio of 68.3x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total loss to shareholders of 31% over the past three years. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.02 loss per share (vs ฿0.023 profit in 2Q 2022) Second quarter 2023 results: ฿0.02 loss per share (down from ฿0.023 profit in 2Q 2022). Revenue: ฿200.6m (down 9.9% from 2Q 2022). Net loss: ฿13.1m (down 196% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿1.63, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 18x in the Electronic industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.038 in 1Q 2022) First quarter 2023 results: EPS: ฿0.01 (down from ฿0.038 in 1Q 2022). Revenue: ฿243.9m (flat on 1Q 2022). Net income: ฿8.15m (down 64% from 1Q 2022). Profit margin: 3.3% (down from 9.2% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.36, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 24x in the Electronic industry in Thailand. Total returns to shareholders of 46% over the past three years. Annuncio • Jan 17
Simat Technologies Public Company Limited Announces Resignation of Phornpravee Chansuwan as Chief Accountant Simat Technologies Public Company Limited announced resignation of Dr. Phornpravee Chansuwan as Chief Accountant. Position of Chief Accountant is Account vice president. Effective Date of Termination is December 1, 2022. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.026 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.03 (up from ฿0.026 in 3Q 2021). Revenue: ฿232.4m (down 4.2% from 3Q 2021). Net income: ฿17.3m (up 3.3% from 3Q 2021). Profit margin: 7.4% (up from 6.9% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. COO & Director Tanawat Ueasiripan is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.058 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.02 (down from ฿0.058 in 2Q 2021). Revenue: ฿222.6m (down 11% from 2Q 2021). Net income: ฿13.6m (down 57% from 2Q 2021). Profit margin: 6.1% (down from 13% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.04 (up from ฿0.032 in 1Q 2021). Revenue: ฿245.9m (down 3.2% from 1Q 2021). Net income: ฿22.7m (up 33% from 1Q 2021). Profit margin: 9.2% (up from 6.7% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 48%. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to ฿8.20 Down from ฿9.20, the current price target is provided by 1 analyst. New target price is 208% above last closing price of ฿2.66. Stock is down 55% over the past year. The company is forecast to post earnings per share of ฿0.30 for next year compared to ฿0.12 last year. Board Change • Apr 27
Less than half of directors are independent There are 8 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: 8 new directors. No experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). COO & Director Tanawat Ueasiripan is the most experienced director on the board, commencing their role in 2021. Independent Director Napaporn Mesayanon was the last independent director to join the board, commencing their role in 2021. 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. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿3.12, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Electronic industry in Thailand. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.07 per share. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.12 (up from ฿0.077 in FY 2020). Revenue: ฿971.5m (down 4.8% from FY 2020). Net income: ฿74.2m (up 82% from FY 2020). Profit margin: 7.6% (up from 4.0% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 48%. Over the next year, revenue is forecast to grow 27%, compared to a 129% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.008 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿242.7m (up 12% from 3Q 2020). Net income: ฿16.7m (up 287% from 3Q 2020). Profit margin: 6.9% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿249.7m (up 14% from 2Q 2020). Net income: ฿32.1m (up ฿29.7m from 2Q 2020). Profit margin: 13% (up from 1.1% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Executive Departure • Jul 13
Director Teeranut Thangsatapornpong has left the company On the 1st of July, Teeranut Thangsatapornpong's tenure as Director ended after 3.3 years in the role. We don't have any record of a personal shareholding under Teeranut's name. A total of 8 executives have left over the last 12 months. The current median tenure of the management team is 2.08 years. Executive Departure • May 26
Director has left the company On the 13th of May, Thanayous Kositsakul's tenure as Director ended after 3.2 years in the role. As of March 2021, Thanayous personally held 26.98m shares (฿56m worth at the time). A total of 7 executives have left over the last 12 months. Executive Departure • May 26
Vice Chairman Thongkam Manasilapapan has left the company On the 17th of May, Thongkam Manasilapapan's tenure as Vice Chairman ended after 1.2 years in the role. As of March 2021, Thongkam personally held 53.20m shares (฿330m worth at the time). A total of 7 executives have left over the last 12 months. Executive Departure • May 26
Director has left the company On the 21st of May, Panom Ratanarat's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Panom's name. A total of 7 executives have left over the last 12 months. Executive Departure • May 26
Independent Director has left the company On the 21st of May, Yuthaveera Achawangkul's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Yuthaveera's name. A total of 7 executives have left over the last 12 months. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.053 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿254.0m (down 23% from 1Q 2020). Net income: ฿17.1m (down 39% from 1Q 2020). Profit margin: 6.7% (down from 8.4% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 15% share price gain to ฿5.75, the stock is trading at a trailing P/E ratio of 74.2x, up from the previous P/E ratio of 64.3x. This compares to an average P/E of 34x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 91%. Executive Departure • Mar 07
Independent Director has left the company On the 1st of March, Panom Ratanarat's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Panom's name. A total of 4 executives have left over the last 12 months. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS ฿0.08 (vs ฿0.13 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: ฿1.02b (down 49% from FY 2019). Net income: ฿40.8m (down 41% from FY 2019). Profit margin: 4.0% (up from 3.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 01
New 90-day high: ฿5.00 The company is up 45% from its price of ฿3.44 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 54% over the same period. Executive Departure • Feb 26
Independent Director has left the company On the 24th of February, Worachi Charoenprasittiporn's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Worachi's name. A total of 3 executives have left over the last 12 months. Executive Departure • Feb 26
Independent Director has left the company On the 24th of February, Narongrit Rerkpattanapipat's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Narongrit's name. A total of 3 executives have left over the last 12 months. Executive Departure • Feb 26
Director has left the company On the 24th of February, Vidthya Chovichien's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Vidthya's name. A total of 3 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 17% share price gain to ฿4.56, the stock is trading at a trailing P/E ratio of 55.2x, up from the previous P/E ratio of 47.2x. This compares to an average P/E of 24x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 30%. Is New 90 Day High Low • Feb 10
New 90-day high: ฿4.26 The company is up 18% from its price of ฿3.60 on 12 November 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 103% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ฿3.80 The company is up 3.0% from its price of ฿3.68 on 27 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 121% over the same period. Is New 90 Day High Low • Dec 01
New 90-day low: ฿3.44 The company is down 18% from its price of ฿4.20 on 02 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 56% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ฿0.01 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿217.1m (down 68% from 3Q 2019). Net income: ฿4.33m (down 94% from 3Q 2019). Profit margin: 2.0% (down from 10% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 29
New 90-day low: ฿3.50 The company is down 12% from its price of ฿4.00 on 31 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 42% over the same period. 
