View Future GrowthMultibax 過去の業績過去 基準チェック /26Multibaxの収益は年間平均-40.7%の割合で減少していますが、 Chemicals業界の収益は年間 増加しています。収益は年間5% 2.1%割合で 減少しています。 Multibaxの自己資本利益率は8.3%であり、純利益率は2.7%です。主要情報-40.75%収益成長率-41.12%EPS成長率Chemicals 業界の成長8.05%収益成長率-2.14%株主資本利益率8.34%ネット・マージン2.70%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 19First quarter 2026 earnings released: EPS: ฿0.08 (vs ฿0.045 in 1Q 2025)First quarter 2026 results: EPS: ฿0.08 (up from ฿0.045 in 1Q 2025). Revenue: ฿361.6m (down 11% from 1Q 2025). Net income: ฿16.5m (up 87% from 1Q 2025). Profit margin: 4.6% (up from 2.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.Reported Earnings • Feb 14Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.10 loss in FY 2024)Full year 2025 results: EPS: ฿0.19 (up from ฿0.10 loss in FY 2024). Revenue: ฿1.71b (up 24% from FY 2024). Net income: ฿36.9m (up ฿56.8m from FY 2024). Profit margin: 2.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% 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.Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.085 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.085 loss in 3Q 2024). Revenue: ฿450.7m (up 28% from 3Q 2024). Net income: ฿11.6m (up ฿28.3m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.032 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿426.4m (up 28% from 2Q 2024). Net income: ฿6.68m (up 4.5% from 2Q 2024). Profit margin: 1.6% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses.Reported Earnings • May 15First 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: ฿412.3m (up 38% from 1Q 2024). Net income: ฿8.87m (up 141% from 1Q 2024). Profit margin: 2.2% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.Reported Earnings • Nov 15Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.024 loss in 3Q 2023)Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.024 loss in 3Q 2023). Revenue: ฿353.5m (up 23% from 3Q 2023). Net loss: ฿16.8m (loss widened 262% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.すべての更新を表示Recent updatesReported Earnings • May 19First quarter 2026 earnings released: EPS: ฿0.08 (vs ฿0.045 in 1Q 2025)First quarter 2026 results: EPS: ฿0.08 (up from ฿0.045 in 1Q 2025). Revenue: ฿361.6m (down 11% from 1Q 2025). Net income: ฿16.5m (up 87% from 1Q 2025). Profit margin: 4.6% (up from 2.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.New Risk • Apr 23New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿322.0m (US$9.95m) 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 Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (฿322.0m market cap, or US$9.95m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.Valuation Update With 7 Day Price Move • Apr 22Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿1.62, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years.Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 40%After last week's 40% share price gain to ฿2.22, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 49% over the past three years.Valuation Update With 7 Day Price Move • Mar 02Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿1.79, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 62% over the past three years.Upcoming Dividend • Feb 17Upcoming dividend of ฿0.10 per shareEligible shareholders must have bought the stock before 24 February 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.9%).Reported Earnings • Feb 14Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.10 loss in FY 2024)Full year 2025 results: EPS: ฿0.19 (up from ฿0.10 loss in FY 2024). Revenue: ฿1.71b (up 24% from FY 2024). Net income: ฿36.9m (up ฿56.8m from FY 2024). Profit margin: 2.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% 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.New Risk • Feb 13New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 52% 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 (฿429.4m market cap, or US$13.8m).お知らせ • Feb 11Multibax Public Company Limited Proposes Dividend for the Period January 1, 2025 to December 31, 2025Multibax Public Company Limited proposed dividend for the period January 1, 2025 to December 31, 2025. For the period, the company reported dividend of THB 0.10 per share with record date of February 25, 2026 and ex-dividend date of February 24, 2026.Valuation Update With 7 Day Price Move • Feb 11Investor sentiment improves as stock rises 30%After last week's 30% share price gain to ฿1.77, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years.お知らせ • Feb 10Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Location: chao praya room, 3 rd floor, monthien riverside hotel, ThailandNew Risk • Dec 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (฿288.2m market cap, or US$9.17m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change).Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.085 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.085 loss in 3Q 2024). Revenue: ฿450.7m (up 28% from 3Q 2024). Net income: ฿11.6m (up ฿28.3m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.032 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿426.4m (up 28% from 2Q 2024). Net income: ฿6.68m (up 4.5% from 2Q 2024). Profit margin: 1.6% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses.New Risk • Jun 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.0% 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 Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (฿308.1m market cap, or US$9.45m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change).Reported Earnings • May 15First 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: ฿412.3m (up 38% from 1Q 2024). Net income: ฿8.87m (up 141% from 1Q 2024). Profit margin: 2.2% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.New Risk • Feb 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿339.9m (US$9.95m) 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 Interest payments are not well covered by earnings (0.06x net interest cover). Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (฿339.9m market cap, or US$9.95m).お知らせ • Feb 06Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025, at 14:00 SE Asia Standard Time. Location: at vimarnthip room, 5th floor, monthien riverside hotel, Thailandお知らせ • Feb 04Multibax Public Company Limited Appoints Kitja Huayyam as Executive DirectorMultibax Public Company Limited has appointed Miss. Kitja Huayyam to assume the position of Executive Director. The effective date is February 1, 2025.Valuation Update With 7 Day Price Move • Nov 27Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 55% over the past three years.Reported Earnings • Nov 15Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.024 loss in 3Q 2023)Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.024 loss in 3Q 2023). Revenue: ฿353.5m (up 23% from 3Q 2023). Net loss: ฿16.8m (loss widened 262% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 10Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.10 loss in 2Q 2023)Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.10 loss in 2Q 2023). Revenue: ฿334.5m (up 44% from 2Q 2023). Net income: ฿6.39m (up ฿26.8m from 2Q 2023). Profit margin: 1.9% (up from net loss in 2Q 2023). 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 18% per year, which means it has not declined as severely as earnings.Reported Earnings • May 11First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.16 loss in 1Q 2023)First quarter 2024 results: EPS: ฿0.02 (up from ฿0.16 loss in 1Q 2023). Revenue: ฿301.4m (up 9.1% from 1Q 2023). Net income: ฿3.68m (up ฿34.6m from 1Q 2023). Profit margin: 1.2% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.お知らせ • Feb 15Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Location: Vimarnthip Room, 5th Floor, Monthien Riverside Hotel, No. 372 Rama III Road, Khwang Bangklo, Khet Bangkorlaem, Bangkok Thailand Agenda: To consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the business operating results of the Company for the fiscal year 2023; to consider and approve the Audited Financial Statement as of 31 December 2023 and the Profit and Loss Statement for the fiscal year ended 31 December 2023; to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023; to consider the election of directors to replace those who will leave office according to the office term; to consider fixing the remuneration for the directors for the fiscal year 2024; to consider the appointment of Auditors and fix the Auditors' Fee for fiscal year 2024; and to consider other matters (if any).お知らせ • Feb 14Multibax Public Company Limited Proposes to Refrain from Dividend Payments for the Operating Results from the Fiscal Year 2023Multibax Public Company Limited at 2024 Annual General Meeting of Shareholders be held on 11th April 2024 proposed to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023.Reported Earnings • Feb 14Full year 2023 earnings released: ฿0.20 loss per share (vs ฿0.64 profit in FY 2022)Full year 2023 results: ฿0.20 loss per share (down from ฿0.64 profit in FY 2022). Revenue: ฿1.13b (down 43% from FY 2022). Net loss: ฿38.2m (down 131% from profit in FY 2022). 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 21% per year, which means it has not declined as severely as earnings.お知らせ • Feb 02Multibax Public Company Limited Announces the Appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance DirectorMultibax Public Company Limited announced the appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance Director. The effective date is February 1, 2024.New Risk • Nov 15New major risk - Revenue and earnings growthEarnings have declined by 7.2% 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 Risk Earnings have declined by 7.2% per year over the past 5 years. Minor Risks High level of debt (102% net debt to equity). Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿642.5m market cap, or US$18.1m).お知らせ • Oct 26Multibax Public Company Limited Announces Board Changes, Effective November 1, 2023Multibax Public Company Limited at it Board of Directors' Meeting No.10/2566 on October 24, 2023 announced that 1. Mr. Surachai Atsawakaewmongkhon has resigned from his position as a Chairman of the Board but still holding Director, effective from November 1, 2023, onwards. 2. Approved the appointment of Mr. Kowate Limtrakul, an Independent Director to be the Chairman of the Board effective from November 1, 2023, onwards. 3. Approved the appointment of Mr. Thanadol Thongsukh, an Independent Director to be the Vice- Chairman of the Board effective from November 1, 2023, onwards. The Company has 10 directors who has the positions of Director and Subcommittee as follows: 1. Mr. Kowate Limtrakul, Chairman of the Board and Independent Director 2. Mr. Thanadol Thongsukh, Vice-Chairman of the Board, Independent Director, Member of the Audit Committee, Chairman of the Nomination and Remuneration Committee 3. Mr. Surachai Atsawakaewmongkhon, Executive chairman, Managing Director, Member of the Risk Management Committee and Acting Production Director 4. Mr. Adirek Sriwatanawongsa, Independent Director and Chairman of the Audit Committee 5. Mr. Pisuth Lertvilai, Director, Deputy Managing Director, Executive Director, Chairman of the Risk Management Committee, Member of the Nomination and Remuneration Committee, Administrative Director 6. Miss Benjawan Sinkunakorn, Independent Director, Member of the Audit Committee and Member of the Nomination and Remuneration Committee 7. Mr. Prakit Seksarn, Director 8. Mr. Nopparoch Chotchintanathat, Director 9. Mr. Vichien Tangudtaisuk, Director, Member of the Risk Management Committee 10. Miss Suwanna Teerapapthamkul Director, Executive Director and Accounting and Finance Director.New Risk • Sep 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿749.6m market cap, or US$20.8m).お知らせ • Aug 11Multibax Public Company Limited Omits Cash Dividend for the Period from January 1, 2023 to June 30, 2023Multibax Public Company Limited Omitted dividend payment for the Period from January 1, 2023 to June 30, 2023.New Risk • Aug 11New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (฿761.7m market cap, or US$21.7m).Reported Earnings • Aug 11Second quarter 2023 earnings released: ฿0.10 loss per share (vs ฿0.22 profit in 2Q 2022)Second quarter 2023 results: ฿0.10 loss per share (down from ฿0.22 profit in 2Q 2022). Revenue: ฿235.9m (down 54% from 2Q 2022). Net loss: ฿20.4m (down 148% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.お知らせ • Jun 30Multibax Public Company Limited Announces Board Changes, Effective July 1, 2023 OnwardsMultibax Public Company Limited announced the resolution of the Board of Directors' Meeting No.6/2566 on June 27, 2023 as follows: Mr. Prakit Seksarn has resigned from his position as the Chairman of the Board of Directors but still holding the Director position, effective from July 1, 2023 onwards, approved the appointment of Mr.Surachai Atsawakaewmongkhon, Vice-Chairman of the Board of Directors to be the Chairman of the Board of Directors, effective from July 1, 2023 onwards, Mr. Sawat Kengchon has resigned from his position as the Director from the reason of the expansion of his own business that requires more of his time effective from July 1, 2023 onwards. Therefore, the Company Board of Directors will comprise of 10 Directors who hold the positions of Directors and Subcommittee Directors as follows: Mr. Surachai Atsawakaewmongkhon - Chairman of the Board/Executive chairman/Managing Director/Risk Management Committee/Acting Production, Director, Mr. Prakit Seksarn - Director, Mr. Adirek Sriwatanawongsa - Director/Deputy Managing Director/Executive Director/Chairman of the Risk Management Committee/Member of the Nomination and Remuneration Committee, Mr. Thanadol Thongsukh - Independent Director/Member of the Audit Committee/Chairman of the Nomination and Remuneration Committee, Miss Benjawan Sinkunakorn - Independent Director/Member of the Audit Committee/Member of the Nomination and Remuneration Committee, Mr. Nopparoch Chotchintanathat - Director, Mr. Vichien Tangudtaisuk- Director/Risk Management Committee, Miss Suwanna Teerapapthamkul - Director/Executive Director/Accounting and Finance Director, Mr. Kowate Limtrakul - Independent Director.Reported Earnings • May 13First quarter 2023 earnings released: ฿0.16 loss per share (vs ฿0.09 profit in 1Q 2022)First quarter 2023 results: ฿0.16 loss per share (down from ฿0.09 profit in 1Q 2022). Revenue: ฿279.4k (down 100% from 1Q 2022). Net loss: ฿31.0k (down 100% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year.Upcoming Dividend • Feb 23Upcoming dividend of ฿0.38 per share at 14% yieldEligible shareholders must have bought the stock before 02 March 2023. Payment date: 02 May 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 83% respectively. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.7%).Reported Earnings • Feb 19Full year 2022 earnings released: EPS: ฿0.64 (vs ฿0.33 in FY 2021)Full year 2022 results: EPS: ฿0.64 (up from ฿0.33 in FY 2021). Revenue: ฿1.97b (up 35% from FY 2021). Net income: ฿122.6m (up 97% from FY 2021). Profit margin: 6.2% (up from 4.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Upcoming Dividend • Aug 17Upcoming dividend of ฿0.12 per shareEligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (4.7%).Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.009 loss in 2Q 2021)Second quarter 2022 results: EPS: ฿0.22 (up from ฿0.009 loss in 2Q 2021). Revenue: ฿513.1m (up 75% from 2Q 2021). Net income: ฿42.7m (up ฿44.4m from 2Q 2021). Profit margin: 8.3% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Jun 09Investor sentiment improved over the past weekAfter last week's 31% share price gain to ฿6.75, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 120% over the past three years.Reported Earnings • May 15First quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.046 loss in 1Q 2021)First quarter 2022 results: EPS: ฿0.09 (up from ฿0.046 loss in 1Q 2021). Revenue: ฿374.6m (up 15% from 1Q 2021). Net income: ฿17.4m (up ฿26.2m from 1Q 2021). Profit margin: 4.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth.Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Upcoming Dividend • Apr 14Upcoming dividend of ฿0.30 per shareEligible shareholders must have bought the stock before 21 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 92%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (4.2%).Reported Earnings • Feb 21Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. 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 10% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Feb 21Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. 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 10% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • May 14First quarter 2021 earnings released: ฿0.05 loss per share (vs ฿0.17 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: ฿326.9m (down 19% from 1Q 2020). Net loss: ฿8.87m (down 126% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • May 13Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to ฿5.95, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Chemicals industry in Thailand. Total returns to shareholders of 90% over the past three years.Upcoming Dividend • Apr 14Upcoming dividend of ฿0.56 per shareEligible shareholders must have bought the stock before 21 April 2021. Payment date: 07 May 2021. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%).Reported Earnings • Feb 18Full year 2020 earnings released: EPS ฿0.92 (vs ฿0.27 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.89b (up 32% from FY 2019). Net income: ฿176.1m (up 245% from FY 2019). Profit margin: 9.3% (up from 3.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Feb 17New 90-day low: ฿6.60The company is down 8.0% from its price of ฿7.20 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 28% over the same period.Reported Earnings • Nov 12Third quarter 2020 earnings released: EPS ฿0.31The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿560.5m (up 61% from 3Q 2019). Net income: ฿60.1m (up ฿56.3m from 3Q 2019). Profit margin: 11% (up from 1.1% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Nov 10Market pulls back on stock over the past weekAfter last week's 16% share price decline to ฿7.10, the stock is trading at a trailing P/E ratio of 10.8x, down from the previous P/E ratio of 12.9x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 90%.Valuation Update With 7 Day Price Move • Nov 02Market bids up stock over the past weekAfter last week's 15% share price gain to ฿8.60, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 119%.Is New 90 Day High Low • Oct 29New 90-day high: ฿8.00The company is up 57% from its price of ฿5.10 on 31 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 6.0% over the same period.Is New 90 Day High Low • Oct 02New 90-day high: ฿6.80The company is up 55% from its price of ฿4.40 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 14% over the same period.収支内訳Multibax の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史SET:MBAX 収益、費用、利益 ( )THB Millions日付収益収益G+A経費研究開発費31 Mar 261,64945100031 Dec 251,7003798030 Sep 251,6671491030 Jun 251,571-1589031 Mar 251,482-1587031 Dec 241,375-2084030 Sep 241,3081182030 Jun 241,2442382031 Mar 241,143-484031 Dec 231,119-3886030 Sep 231,282-62100030 Jun 231,60111107031 Mar 231,87874110031 Dec 221,972123111030 Sep 221,890166107030 Jun 221,731133100031 Mar 221,51589101031 Dec 211,46062101030 Sep 211,4634199030 Jun 211,57465103031 Mar 211,795134107031 Dec 201,883176107030 Sep 201,891182105030 Jun 201,678126106031 Mar 201,50469105031 Dec 191,43651105030 Sep 191,38145107030 Jun 191,47081105031 Mar 191,54894100031 Dec 181,56183103030 Sep 181,63479101030 Jun 181,62753102031 Mar 181,64649100031 Dec 171,65461100030 Sep 171,6296097030 Jun 171,5996994031 Mar 171,5215793031 Dec 161,5255888030 Sep 161,5416888030 Jun 161,6136989031 Mar 161,6838689031 Dec 151,7297690030 Sep 151,7725892030 Jun 151,77145930質の高い収益: MBAXは 高品質の収益 を持っています。利益率の向上: MBAX過去に利益を上げました。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: MBAXの収益は過去 5 年間で年間40.7%減少しました。成長の加速: MBAXは昨年収益を上げたため、収益成長率を 5 年間の平均と比較することは困難です。収益対業界: MBAX昨年収益を上げたため、昨年の収益成長をChemicals業界 ( 21% ) と比較することは困難です。株主資本利益率高いROE: MBAXの 自己資本利益率 ( 8.3% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 00:22終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Multibax Public Company Limited 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。1 アナリスト機関Tawatchai AsawapornchaiGloblex Securities Co. Ltd.
Reported Earnings • May 19First quarter 2026 earnings released: EPS: ฿0.08 (vs ฿0.045 in 1Q 2025)First quarter 2026 results: EPS: ฿0.08 (up from ฿0.045 in 1Q 2025). Revenue: ฿361.6m (down 11% from 1Q 2025). Net income: ฿16.5m (up 87% from 1Q 2025). Profit margin: 4.6% (up from 2.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.
Reported Earnings • Feb 14Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.10 loss in FY 2024)Full year 2025 results: EPS: ฿0.19 (up from ฿0.10 loss in FY 2024). Revenue: ฿1.71b (up 24% from FY 2024). Net income: ฿36.9m (up ฿56.8m from FY 2024). Profit margin: 2.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% 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.
Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.085 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.085 loss in 3Q 2024). Revenue: ฿450.7m (up 28% from 3Q 2024). Net income: ฿11.6m (up ฿28.3m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.032 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿426.4m (up 28% from 2Q 2024). Net income: ฿6.68m (up 4.5% from 2Q 2024). Profit margin: 1.6% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses.
Reported Earnings • May 15First 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: ฿412.3m (up 38% from 1Q 2024). Net income: ฿8.87m (up 141% from 1Q 2024). Profit margin: 2.2% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
Reported Earnings • Nov 15Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.024 loss in 3Q 2023)Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.024 loss in 3Q 2023). Revenue: ฿353.5m (up 23% from 3Q 2023). Net loss: ฿16.8m (loss widened 262% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.
Reported Earnings • May 19First quarter 2026 earnings released: EPS: ฿0.08 (vs ฿0.045 in 1Q 2025)First quarter 2026 results: EPS: ฿0.08 (up from ฿0.045 in 1Q 2025). Revenue: ฿361.6m (down 11% from 1Q 2025). Net income: ฿16.5m (up 87% from 1Q 2025). Profit margin: 4.6% (up from 2.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.
New Risk • Apr 23New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿322.0m (US$9.95m) 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 Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (฿322.0m market cap, or US$9.95m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Valuation Update With 7 Day Price Move • Apr 22Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿1.62, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years.
Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 40%After last week's 40% share price gain to ฿2.22, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 49% over the past three years.
Valuation Update With 7 Day Price Move • Mar 02Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿1.79, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 62% over the past three years.
Upcoming Dividend • Feb 17Upcoming dividend of ฿0.10 per shareEligible shareholders must have bought the stock before 24 February 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.9%).
Reported Earnings • Feb 14Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.10 loss in FY 2024)Full year 2025 results: EPS: ฿0.19 (up from ฿0.10 loss in FY 2024). Revenue: ฿1.71b (up 24% from FY 2024). Net income: ฿36.9m (up ฿56.8m from FY 2024). Profit margin: 2.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% 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.
New Risk • Feb 13New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 52% 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 (฿429.4m market cap, or US$13.8m).
お知らせ • Feb 11Multibax Public Company Limited Proposes Dividend for the Period January 1, 2025 to December 31, 2025Multibax Public Company Limited proposed dividend for the period January 1, 2025 to December 31, 2025. For the period, the company reported dividend of THB 0.10 per share with record date of February 25, 2026 and ex-dividend date of February 24, 2026.
Valuation Update With 7 Day Price Move • Feb 11Investor sentiment improves as stock rises 30%After last week's 30% share price gain to ฿1.77, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years.
お知らせ • Feb 10Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Location: chao praya room, 3 rd floor, monthien riverside hotel, Thailand
New Risk • Dec 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (฿288.2m market cap, or US$9.17m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change).
Reported Earnings • Nov 13Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.085 loss in 3Q 2024)Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.085 loss in 3Q 2024). Revenue: ฿450.7m (up 28% from 3Q 2024). Net income: ฿11.6m (up ฿28.3m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.032 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿426.4m (up 28% from 2Q 2024). Net income: ฿6.68m (up 4.5% from 2Q 2024). Profit margin: 1.6% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses.
New Risk • Jun 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.0% 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 Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (฿308.1m market cap, or US$9.45m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change).
Reported Earnings • May 15First 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: ฿412.3m (up 38% from 1Q 2024). Net income: ฿8.87m (up 141% from 1Q 2024). Profit margin: 2.2% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
New Risk • Feb 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿339.9m (US$9.95m) 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 Interest payments are not well covered by earnings (0.06x net interest cover). Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (฿339.9m market cap, or US$9.95m).
お知らせ • Feb 06Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025, at 14:00 SE Asia Standard Time. Location: at vimarnthip room, 5th floor, monthien riverside hotel, Thailand
お知らせ • Feb 04Multibax Public Company Limited Appoints Kitja Huayyam as Executive DirectorMultibax Public Company Limited has appointed Miss. Kitja Huayyam to assume the position of Executive Director. The effective date is February 1, 2025.
Valuation Update With 7 Day Price Move • Nov 27Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 55% over the past three years.
Reported Earnings • Nov 15Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.024 loss in 3Q 2023)Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.024 loss in 3Q 2023). Revenue: ฿353.5m (up 23% from 3Q 2023). Net loss: ฿16.8m (loss widened 262% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 10Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.10 loss in 2Q 2023)Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.10 loss in 2Q 2023). Revenue: ฿334.5m (up 44% from 2Q 2023). Net income: ฿6.39m (up ฿26.8m from 2Q 2023). Profit margin: 1.9% (up from net loss in 2Q 2023). 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 18% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 11First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.16 loss in 1Q 2023)First quarter 2024 results: EPS: ฿0.02 (up from ฿0.16 loss in 1Q 2023). Revenue: ฿301.4m (up 9.1% from 1Q 2023). Net income: ฿3.68m (up ฿34.6m from 1Q 2023). Profit margin: 1.2% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 15Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Location: Vimarnthip Room, 5th Floor, Monthien Riverside Hotel, No. 372 Rama III Road, Khwang Bangklo, Khet Bangkorlaem, Bangkok Thailand Agenda: To consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the business operating results of the Company for the fiscal year 2023; to consider and approve the Audited Financial Statement as of 31 December 2023 and the Profit and Loss Statement for the fiscal year ended 31 December 2023; to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023; to consider the election of directors to replace those who will leave office according to the office term; to consider fixing the remuneration for the directors for the fiscal year 2024; to consider the appointment of Auditors and fix the Auditors' Fee for fiscal year 2024; and to consider other matters (if any).
お知らせ • Feb 14Multibax Public Company Limited Proposes to Refrain from Dividend Payments for the Operating Results from the Fiscal Year 2023Multibax Public Company Limited at 2024 Annual General Meeting of Shareholders be held on 11th April 2024 proposed to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023.
Reported Earnings • Feb 14Full year 2023 earnings released: ฿0.20 loss per share (vs ฿0.64 profit in FY 2022)Full year 2023 results: ฿0.20 loss per share (down from ฿0.64 profit in FY 2022). Revenue: ฿1.13b (down 43% from FY 2022). Net loss: ฿38.2m (down 131% from profit in FY 2022). 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 21% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 02Multibax Public Company Limited Announces the Appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance DirectorMultibax Public Company Limited announced the appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance Director. The effective date is February 1, 2024.
New Risk • Nov 15New major risk - Revenue and earnings growthEarnings have declined by 7.2% 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 Risk Earnings have declined by 7.2% per year over the past 5 years. Minor Risks High level of debt (102% net debt to equity). Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿642.5m market cap, or US$18.1m).
お知らせ • Oct 26Multibax Public Company Limited Announces Board Changes, Effective November 1, 2023Multibax Public Company Limited at it Board of Directors' Meeting No.10/2566 on October 24, 2023 announced that 1. Mr. Surachai Atsawakaewmongkhon has resigned from his position as a Chairman of the Board but still holding Director, effective from November 1, 2023, onwards. 2. Approved the appointment of Mr. Kowate Limtrakul, an Independent Director to be the Chairman of the Board effective from November 1, 2023, onwards. 3. Approved the appointment of Mr. Thanadol Thongsukh, an Independent Director to be the Vice- Chairman of the Board effective from November 1, 2023, onwards. The Company has 10 directors who has the positions of Director and Subcommittee as follows: 1. Mr. Kowate Limtrakul, Chairman of the Board and Independent Director 2. Mr. Thanadol Thongsukh, Vice-Chairman of the Board, Independent Director, Member of the Audit Committee, Chairman of the Nomination and Remuneration Committee 3. Mr. Surachai Atsawakaewmongkhon, Executive chairman, Managing Director, Member of the Risk Management Committee and Acting Production Director 4. Mr. Adirek Sriwatanawongsa, Independent Director and Chairman of the Audit Committee 5. Mr. Pisuth Lertvilai, Director, Deputy Managing Director, Executive Director, Chairman of the Risk Management Committee, Member of the Nomination and Remuneration Committee, Administrative Director 6. Miss Benjawan Sinkunakorn, Independent Director, Member of the Audit Committee and Member of the Nomination and Remuneration Committee 7. Mr. Prakit Seksarn, Director 8. Mr. Nopparoch Chotchintanathat, Director 9. Mr. Vichien Tangudtaisuk, Director, Member of the Risk Management Committee 10. Miss Suwanna Teerapapthamkul Director, Executive Director and Accounting and Finance Director.
New Risk • Sep 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿749.6m market cap, or US$20.8m).
お知らせ • Aug 11Multibax Public Company Limited Omits Cash Dividend for the Period from January 1, 2023 to June 30, 2023Multibax Public Company Limited Omitted dividend payment for the Period from January 1, 2023 to June 30, 2023.
New Risk • Aug 11New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (฿761.7m market cap, or US$21.7m).
Reported Earnings • Aug 11Second quarter 2023 earnings released: ฿0.10 loss per share (vs ฿0.22 profit in 2Q 2022)Second quarter 2023 results: ฿0.10 loss per share (down from ฿0.22 profit in 2Q 2022). Revenue: ฿235.9m (down 54% from 2Q 2022). Net loss: ฿20.4m (down 148% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.
お知らせ • Jun 30Multibax Public Company Limited Announces Board Changes, Effective July 1, 2023 OnwardsMultibax Public Company Limited announced the resolution of the Board of Directors' Meeting No.6/2566 on June 27, 2023 as follows: Mr. Prakit Seksarn has resigned from his position as the Chairman of the Board of Directors but still holding the Director position, effective from July 1, 2023 onwards, approved the appointment of Mr.Surachai Atsawakaewmongkhon, Vice-Chairman of the Board of Directors to be the Chairman of the Board of Directors, effective from July 1, 2023 onwards, Mr. Sawat Kengchon has resigned from his position as the Director from the reason of the expansion of his own business that requires more of his time effective from July 1, 2023 onwards. Therefore, the Company Board of Directors will comprise of 10 Directors who hold the positions of Directors and Subcommittee Directors as follows: Mr. Surachai Atsawakaewmongkhon - Chairman of the Board/Executive chairman/Managing Director/Risk Management Committee/Acting Production, Director, Mr. Prakit Seksarn - Director, Mr. Adirek Sriwatanawongsa - Director/Deputy Managing Director/Executive Director/Chairman of the Risk Management Committee/Member of the Nomination and Remuneration Committee, Mr. Thanadol Thongsukh - Independent Director/Member of the Audit Committee/Chairman of the Nomination and Remuneration Committee, Miss Benjawan Sinkunakorn - Independent Director/Member of the Audit Committee/Member of the Nomination and Remuneration Committee, Mr. Nopparoch Chotchintanathat - Director, Mr. Vichien Tangudtaisuk- Director/Risk Management Committee, Miss Suwanna Teerapapthamkul - Director/Executive Director/Accounting and Finance Director, Mr. Kowate Limtrakul - Independent Director.
Reported Earnings • May 13First quarter 2023 earnings released: ฿0.16 loss per share (vs ฿0.09 profit in 1Q 2022)First quarter 2023 results: ฿0.16 loss per share (down from ฿0.09 profit in 1Q 2022). Revenue: ฿279.4k (down 100% from 1Q 2022). Net loss: ฿31.0k (down 100% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year.
Upcoming Dividend • Feb 23Upcoming dividend of ฿0.38 per share at 14% yieldEligible shareholders must have bought the stock before 02 March 2023. Payment date: 02 May 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 83% respectively. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.7%).
Reported Earnings • Feb 19Full year 2022 earnings released: EPS: ฿0.64 (vs ฿0.33 in FY 2021)Full year 2022 results: EPS: ฿0.64 (up from ฿0.33 in FY 2021). Revenue: ฿1.97b (up 35% from FY 2021). Net income: ฿122.6m (up 97% from FY 2021). Profit margin: 6.2% (up from 4.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.
Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Upcoming Dividend • Aug 17Upcoming dividend of ฿0.12 per shareEligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (4.7%).
Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.009 loss in 2Q 2021)Second quarter 2022 results: EPS: ฿0.22 (up from ฿0.009 loss in 2Q 2021). Revenue: ฿513.1m (up 75% from 2Q 2021). Net income: ฿42.7m (up ฿44.4m from 2Q 2021). Profit margin: 8.3% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Jun 09Investor sentiment improved over the past weekAfter last week's 31% share price gain to ฿6.75, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 120% over the past three years.
Reported Earnings • May 15First quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.046 loss in 1Q 2021)First quarter 2022 results: EPS: ฿0.09 (up from ฿0.046 loss in 1Q 2021). Revenue: ฿374.6m (up 15% from 1Q 2021). Net income: ฿17.4m (up ฿26.2m from 1Q 2021). Profit margin: 4.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth.
Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Upcoming Dividend • Apr 14Upcoming dividend of ฿0.30 per shareEligible shareholders must have bought the stock before 21 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 92%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (4.2%).
Reported Earnings • Feb 21Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. 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 10% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Feb 21Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. 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 10% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • May 14First quarter 2021 earnings released: ฿0.05 loss per share (vs ฿0.17 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: ฿326.9m (down 19% from 1Q 2020). Net loss: ฿8.87m (down 126% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • May 13Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to ฿5.95, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Chemicals industry in Thailand. Total returns to shareholders of 90% over the past three years.
Upcoming Dividend • Apr 14Upcoming dividend of ฿0.56 per shareEligible shareholders must have bought the stock before 21 April 2021. Payment date: 07 May 2021. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%).
Reported Earnings • Feb 18Full year 2020 earnings released: EPS ฿0.92 (vs ฿0.27 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.89b (up 32% from FY 2019). Net income: ฿176.1m (up 245% from FY 2019). Profit margin: 9.3% (up from 3.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Feb 17New 90-day low: ฿6.60The company is down 8.0% from its price of ฿7.20 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 28% over the same period.
Reported Earnings • Nov 12Third quarter 2020 earnings released: EPS ฿0.31The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿560.5m (up 61% from 3Q 2019). Net income: ฿60.1m (up ฿56.3m from 3Q 2019). Profit margin: 11% (up from 1.1% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Nov 10Market pulls back on stock over the past weekAfter last week's 16% share price decline to ฿7.10, the stock is trading at a trailing P/E ratio of 10.8x, down from the previous P/E ratio of 12.9x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 90%.
Valuation Update With 7 Day Price Move • Nov 02Market bids up stock over the past weekAfter last week's 15% share price gain to ฿8.60, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 119%.
Is New 90 Day High Low • Oct 29New 90-day high: ฿8.00The company is up 57% from its price of ฿5.10 on 31 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 6.0% over the same period.
Is New 90 Day High Low • Oct 02New 90-day high: ฿6.80The company is up 55% from its price of ฿4.40 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 14% over the same period.