Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿4.54, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Machinery industry in Thailand. Total returns to shareholders of 41% over the past year. New Risk • Mar 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 171% Dividend yield: 7.9% 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: Minor Risks Dividend is not well covered by cash flows (171% cash payout ratio). Market cap is less than US$100m (฿1.32b market cap, or US$42.1m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.59 (vs ฿0.33 in FY 2024) Full year 2025 results: EPS: ฿0.59 (up from ฿0.33 in FY 2024). Revenue: ฿488.1m (up 158% from FY 2024). Net income: ฿135.4m (up 129% from FY 2024). Profit margin: 28% (down from 31% in FY 2024). The decrease in margin was driven by higher expenses. お知らせ • Feb 28
Interroyal Engineering Public Company Limited announces Annual dividend, payable on May 22, 2026 Interroyal Engineering Public Company Limited announced Annual dividend of THB 0.4300 per share payable on May 22, 2026, ex-date on April 28, 2026 and record date on April 29, 2026. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ฿4.96, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 8x in the Machinery industry in Thailand. Total returns to shareholders of 39% over the past year. Buy Or Sell Opportunity • Nov 17
Now 35% undervalued Over the last 90 days, the stock has risen 49% to ฿5.30. The fair value is estimated to be ฿8.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 63%. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.014 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.19 (up from ฿0.014 in 3Q 2024). Revenue: ฿148.9m (up ฿124.7m from 3Q 2024). Net income: ฿44.3m (up ฿41.9m from 3Q 2024). Profit margin: 30% (up from 10% in 3Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿4.52, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 8x in the Machinery industry in Thailand. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.067 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.17 (up from ฿0.067 in 2Q 2024). Revenue: ฿135.5m (up 386% from 2Q 2024). Net income: ฿39.8m (up 246% from 2Q 2024). Profit margin: 29% (down from 41% in 2Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.19 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (down from ฿0.19 in 1Q 2024). Revenue: ฿41.5m (down 52% from 1Q 2024). Net income: ฿9.31m (down 72% from 1Q 2024). Profit margin: 22% (down from 38% in 1Q 2024). The decrease in margin was driven by lower revenue. お知らせ • Apr 24
Interroyal Engineering Public Company Limited Approves Omission of Dividend Payment for the Year Ended December 31, 2024 Interroyal Engineering Public Company Limited at its AGM held on April 22, 2025, approved that based on the Company's overall performance for the year ended December 31, 2024, with a net profit of THB 59.13 million, the interim dividend already paid represented 34.12% of the net profit. Therefore, the Company will not pay an additional dividend, as the remaining retained earnings will be allocated for business expansion and future investments to bolster earnings. お知らせ • Mar 06
Interroyal Engineering Public Company Limited Announces Company Secretary Changes The board of directors of Interroyal Engineering Public Company Limited in its meeting held on February 25, 2025 resolved to appoint Prapapan Prapatpotipong as Company secretary, effective from February 24, 2025, onwards. In addition, Ms. Natthaphat Supakkulkan has tendered her resignation from the position of Company Secretary, effective from March 25, 2025, onwards. New Risk • Feb 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 141% 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 (141% accrual ratio). Minor Risk Market cap is less than US$100m (฿740.6m market cap, or US$21.9m). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.33 (vs ฿0.42 in FY 2023) Full year 2024 results: EPS: ฿0.33 (down from ฿0.42 in FY 2023). Revenue: ฿189.3m (down 33% from FY 2023). Net income: ฿59.1m (down 18% from FY 2023). Profit margin: 31% (up from 26% in FY 2023). The increase in margin was driven by lower expenses. 
