Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.029 loss per share (vs ฿0.017 profit in FY 2024) Full year 2025 results: ฿0.029 loss per share (down from ฿0.017 profit in FY 2024). Revenue: ฿1.16b (down 10% from FY 2024). Net loss: ฿14.7m (down 282% from profit in FY 2024). お知らせ • Feb 26
NL Development Public Company Limited, Annual General Meeting, Apr 27, 2026 NL Development Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time. Location: bongkotcharat a room fl.2th ,royal river hotel, bangkok,219 soi charansanitwong 66/1, charansanitwong rd., bangplad , bangkok 10700 Thailand New Risk • Jan 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿300.0m (US$9.53m) 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (฿300.0m market cap, or US$9.53m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.016 loss per share (vs ฿0.004 profit in 3Q 2024) Third quarter 2025 results: ฿0.016 loss per share (down from ฿0.004 profit in 3Q 2024). Revenue: ฿295.6m (down 7.3% from 3Q 2024). Net loss: ฿8.02m (down ฿9.97m from profit in 3Q 2024). Reported Earnings • Aug 15
Second quarter 2025 earnings released: ฿0.039 loss per share (vs ฿0.011 profit in 2Q 2024) Second quarter 2025 results: ฿0.039 loss per share (down from ฿0.011 profit in 2Q 2024). Revenue: ฿188.0m (down 44% from 2Q 2024). Net loss: ฿19.6m (down 456% from profit in 2Q 2024). New Risk • May 27
New major risk - Revenue and earnings growth Earnings have declined by 6.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 24x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 6.8% per year over the past 5 years. High level of non-cash earnings (168% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.07% net profit margin). Market cap is less than US$100m (฿445.0m market cap, or US$13.6m). Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 22 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.0%). New Risk • Mar 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 240% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 240% Paying a dividend despite having no free cash flows. High level of non-cash earnings (63% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (฿455.0m market cap, or US$13.5m). Declared Dividend • Feb 27
Dividend reduced to ฿0.04 Dividend of ฿0.04 is 67% lower than last year. Ex-date: 6th May 2025 Payment date: 22nd May 2025 Dividend yield will be 4.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (39% 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 company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 57% to shift the payout ratio to a potentially unsustainable range, which is more than the 39% EPS decline seen over the last 5 years. New Risk • Nov 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 57% 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 (57% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (฿585.0m market cap, or US$16.8m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.12 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.011 (down from ฿0.12 in 2Q 2023). Revenue: ฿336.7m (down 48% from 2Q 2023). Net income: ฿5.50m (down 88% from 2Q 2023). Profit margin: 1.6% (down from 6.8% in 2Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.80, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 18x in the Construction industry in Thailand. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.74, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 22x in the Construction industry in Thailand. Buy Or Sell Opportunity • Feb 29
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at ฿2.30. The fair value is estimated to be ฿3.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 35%. お知らせ • Feb 29
Nl Development Public Company Limited Proposes Dividend for the Operating Period from January 1, 2023 to December 31, 2023, Payable on May 21, 2024 Nl Development Public Company Limited proposed dividend of THB 0.12082 for the operating period from January 1, 2023 to December 31, 2023. Dividend payable on May 21, 2024, record date of May 8, 2024 and ex-dividend date of May 7, 2024. お知らせ • Feb 28
Nl Development Public Company Limited, Annual General Meeting, Apr 24, 2024 Nl Development Public Company Limited, Annual General Meeting, Apr 24, 2024, at 10:00 SE Asia Standard Time. Location: Phanumas Room, 10th Floor, The Royal River Hotel, No. 219. Soi Charansanitwong 66/1 Charansanitwong Road, Bang Phlad Bangkok Thailand Agenda: To consider and approve the Company's audited financial statements for the year ended December 31, 2023; to consider and approve the payment of dividend; to consider election of directors; and to consider any other matter thereof. Board Change • Feb 20
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. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.