View Financial HealthInternational Research Corporation 配当と自社株買い配当金 基準チェック /06International Research現在配当金を支払っていません。主要情報0%配当利回りn/aバイバック利回り総株主利回りn/a将来の配当利回りn/a配当成長n/a次回配当支払日n/a配当落ち日n/a一株当たり配当金n/a配当性向0%最近の配当と自社株買いの更新お知らせ • Apr 29International Research Corporation Public Company Limited Omits Dividend Payment for the Year 2024International Research Corporation Public Company Limited at its AGM held on April 28, 2025, approved the omitted dividends payment for the performance for the year 2024 as the Company needs to use the profits to expand its business and implement new projects with the unanimous vote.お知らせ • Feb 26International Research Corporation Public Company Limited Proposes Omission of Dividend for the Operating Period from 01 January 2024 to 31 December 2024International Research Corporation Public Company Limited at its Annual General Meeting of Shareholders to be held on 28 April 2025, proposed omission of dividend for the operating period from 01 January 2024 to 31 December 2024.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.6%).Declared Dividend • Mar 02Dividend of ฿0.025 announcedShareholders will receive a dividend of ฿0.025. Ex-date: 14th March 2024 Payment date: 27th May 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2023. Payment date: 17 May 2023. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 2.1%.すべての更新を表示Recent updatesBoard Change • Apr 28Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Derekrid Jenkrongtham was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Feb 26Full year 2025 earnings released: ฿0.33 loss per share (vs ฿0.032 profit in FY 2024)Full year 2025 results: ฿0.33 loss per share (down from ฿0.032 profit in FY 2024). Revenue: ฿733.7m (down 22% from FY 2024). Net loss: ฿204.5m (down ฿224.6m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.お知らせ • Feb 24International Research Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026International Research Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time.New Risk • Feb 16New 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 Earnings have declined by 15% per year over the past 5 years. Market cap is less than US$10m (฿162.1m market cap, or US$5.21m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change).Reported Earnings • Nov 14Third quarter 2025 earnings released: ฿0.28 loss per share (vs ฿0.021 profit in 3Q 2024)Third quarter 2025 results: ฿0.28 loss per share (down from ฿0.021 profit in 3Q 2024). Revenue: ฿110.4m (down 55% from 3Q 2024). Net loss: ฿177.3m (down ฿190.5m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance.New Risk • Aug 29New 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 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: Major Risk Market cap is less than US$10m (฿249.4m market cap, or US$7.71m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change).Reported Earnings • Aug 09Second quarter 2025 earnings released: ฿0.019 loss per share (vs ฿0.007 profit in 2Q 2024)Second quarter 2025 results: ฿0.019 loss per share (down from ฿0.007 profit in 2Q 2024). Revenue: ฿200.1m (down 25% from 2Q 2024). Net loss: ฿11.9m (down 357% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings.Buy Or Sell Opportunity • Aug 07Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.7% to ฿0.36. The fair value is estimated to be ฿0.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 50%.Buy Or Sell Opportunity • Jun 25Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 4.9% to ฿0.39. The fair value is estimated to be ฿0.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 50%.New Risk • Jun 24New 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 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿249.4m market cap, or US$7.64m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin).New Risk • May 17New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.7% Last year net profit margin: 3.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿230.7m market cap, or US$6.91m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.7% net profit margin).Reported Earnings • May 17First quarter 2025 earnings released: ฿0.012 loss per share (vs ฿0.01 profit in 1Q 2024)First quarter 2025 results: ฿0.012 loss per share (down from ฿0.01 profit in 1Q 2024). Revenue: ฿215.2m (down 13% from 1Q 2024). Net loss: ฿7.55m (down 221% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings.お知らせ • Apr 29International Research Corporation Public Company Limited Omits Dividend Payment for the Year 2024International Research Corporation Public Company Limited at its AGM held on April 28, 2025, approved the omitted dividends payment for the performance for the year 2024 as the Company needs to use the profits to expand its business and implement new projects with the unanimous vote.Reported Earnings • Feb 28Full year 2024 earnings released: EPS: ฿0.032 (vs ฿0.047 in FY 2023)Full year 2024 results: EPS: ฿0.032 (down from ฿0.047 in FY 2023). Revenue: ฿951.7m (down 14% from FY 2023). Net income: ฿20.1m (down 31% from FY 2023). Profit margin: 2.1% (down from 2.6% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings.お知らせ • Feb 27International Research Corporation Public Company Limited, Annual General Meeting, Apr 28, 2025International Research Corporation Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Location: (2020), Thailandお知らせ • Feb 26International Research Corporation Public Company Limited Proposes Omission of Dividend for the Operating Period from 01 January 2024 to 31 December 2024International Research Corporation Public Company Limited at its Annual General Meeting of Shareholders to be held on 28 April 2025, proposed omission of dividend for the operating period from 01 January 2024 to 31 December 2024.お知らせ • Jan 07International Research Corporation Public Company Limited Announces Chief Financial Officer ChangesInternational Research Corporation Public Company Limited announced the termination of Miss Orathai Rongthongaram as Chief Financial Officer. Effective Date of Termination is December 31, 2024. Mr. Natthawat Chilajindalert appointed as Chief Financial Officer. Effective date of appointment is January 2, 2025.New Risk • Nov 07New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿336.7m (US$9.82m) 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 High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (฿336.7m market cap, or US$9.82m). Minor Risk Paying a dividend despite having no free cash flows.Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.006 (vs ฿0.009 loss in 2Q 2023)Second quarter 2024 results: EPS: ฿0.006 (up from ฿0.009 loss in 2Q 2023). Revenue: ฿261.1m (up 21% from 2Q 2023). Net income: ฿3.52m (up ฿9.25m from 2Q 2023). Profit margin: 1.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.New Risk • Jun 14New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿355.4m (US$9.68m) 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 High level of non-cash earnings (63% accrual ratio). Market cap is less than US$10m (฿355.4m market cap, or US$9.68m). Minor Risk Paying a dividend despite having no free cash flows.Reported Earnings • May 17First quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.01 loss in 1Q 2023)First quarter 2024 results: EPS: ฿0.01 (up from ฿0.01 loss in 1Q 2023). Revenue: ฿251.3m (up 23% from 1Q 2023). Net income: ฿6.22m (up ฿11.9m from 1Q 2023). Profit margin: 2.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.お知らせ • Apr 30International Research Corporation Public Company Limited Appoints Directors to the Sub-CommitteesThe Board of Directors' Meeting of International Research Corporation Public Company Limited held on April 29, 2024, approved the appointment of directors to serve in the sub-committees of the Company. The details are as follows: The Board of Directors consists of 9 persons as follows: Mr. Pracha Hetrakul-Chairman of the Board; Mr. Natee Kittiwitchaowakul-Independent Director; Mr. Derekrid Janekrongtham-Independent Director; Miss Titaporn Sincharoonsak-Independent Director; Mr. Dan Hetrakul-Director; Mr. Nikom Vanichwatanarumlock-Director; Mr. Kungval Kusoltammaratana- Director; Mr. Jitkasame Ngarmnil-Director; Mr. Adisorn Singluedej-Director. Audit Committee consists of 3 persons as follows:Mr. Natee Kittiwitchaowakul-Chairman; Mr. Derekrid Janekrongtham-Director; Miss Titaporn Sincharoonsak-Director; Nomination and Remuneration Committee consists of 3 persons as follows: Mr. Kungval Kusoltammaratana-Chairman; Mr. Natee Kittiwitchaowakul-Director; Mr. Dan Hetrakul-Director. Executive Committee consists of 4 persons as follows: Mr. Dan Hetrakul-Chairman; Mr. Nikom Vanichwatanarumlock-Director; Mr. Jitkasame Ngarmnil-Director; Mr. Adisorn Singluedej-Director. Risk Management and Corporate Governance Committee consists of 3 persons as follows: Mr. Kungval Kusoltammaratana-Chairman; Mr. Dan Hetrakul-Director; Mr. Nikom Vanichwatanarumlock-Director. This appointment becomes effective from April 29, 2024.お知らせ • Mar 29+ 1 more updateInternational Research Corporation Public Company Limited Announces Board ChangesInternational Research Corporation Public Company Limited announced that at its board meeting held on March 28, 2024, approved the election of Mr. Derekrid Janekrongtham to be a director of the Company in place of Mrs. Cholruk Sayawatana, the Company's director who retired by rotation. Approved to cancel Agenda 6 of the 2024 Annual General Meeting of Shareholders that will be held on April 29, 2024. The other agendas of the said meeting have not been changed Approved the appointment of Mr. Adisorn Singuedej as a new director to replace Miss Dulaya Phuangthong who resigned from the company's director on February 29, 2024. The said resignation and appointment of a new director will be effective from March 1, 2024.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.6%).Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿0.047 (vs ฿0.10 in FY 2022)Full year 2023 results: EPS: ฿0.047 (down from ฿0.10 in FY 2022). Revenue: ฿1.14b (down 11% from FY 2022). Net income: ฿29.0m (down 41% from FY 2022). Profit margin: 2.5% (down from 3.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings.Declared Dividend • Mar 02Dividend of ฿0.025 announcedShareholders will receive a dividend of ฿0.025. Ex-date: 14th March 2024 Payment date: 27th May 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.お知らせ • Mar 02International Research Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024International Research Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Location: 199 Column Tower, 7th Floor Ratchadapisek Road, Khlong Toei Subdistrict, Khlong Toei Distric Bangkok Thailand Agenda: To acknowledge the Board of Directors' report on the Company's performance in the past year; to consider and approve the statement of financial position and profit and loss statements of the Company for the accounting period end December 31, 2023; to consider and approve the allocation of profit and dividend payment for the performance of the year 2023; to consider and approve the election of directors replacing those who retired by rotation; to o consider the appointment of a new director; to consider the payment of incentive for the year 2023 to the Company's directors; to consider consider and approve the payment of the remuneration of directors for the year 2024; to consider consider and approve the appointment of auditors and fixing of their remuneration for the year 2024; and to consider Other businesses (if any).お知らせ • Mar 01+ 1 more updateInternational Research Corporation Public Company Limited Announces Board ChangesInternational Research Corporation Public Company Limited announced that at its board meeting held on February 29, 2024, approved the appointment of Mr. Adisorn Singluedej as a new director to replace Miss Dulaya Phuangthong who resigned from the company's director on February 29, 2024. The resignation and appointment of a new director will be effective from March 1, 2024. Miss Dulaya Phuangthong has resigned from the position of director, independent director and audit committee of the company due to more missions. Therefore, she is unable to perform her duties fully.New Risk • Jan 29New 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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Market cap is less than US$100m (฿498.8m market cap, or US$14.0m).Reported Earnings • Nov 16Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.008 loss in 3Q 2022)Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.008 loss in 3Q 2022). Revenue: ฿378.6m (up 77% from 3Q 2022). Net income: ฿16.2m (up ฿20.2m from 3Q 2022). Profit margin: 4.3% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 13Second quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.026 profit in 2Q 2022)Second quarter 2023 results: ฿0.01 loss per share (down from ฿0.026 profit in 2Q 2022). Revenue: ฿219.8m (down 52% from 2Q 2022). Net loss: ฿5.73m (down 150% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 19First quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.03 profit in 1Q 2022)First quarter 2023 results: ฿0.01 loss per share (down from ฿0.03 profit in 1Q 2022). Revenue: ฿208.8m (down 34% from 1Q 2022). Net loss: ฿5.69m (down 146% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2023. Payment date: 17 May 2023. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 2.1%.Valuation Update With 7 Day Price Move • Jan 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to ฿1.17, the stock trades at a trailing P/E ratio of 56.1x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 248% over the past three years.Reported Earnings • Nov 20Third quarter 2022 earnings released: ฿7.82 loss per share (vs ฿0.13 profit in 3Q 2021)Third quarter 2022 results: ฿7.82 loss per share (down from ฿0.13 profit in 3Q 2021). Revenue: ฿214.5m (up 23% from 3Q 2021). Net loss: ฿3.96m (down 109% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.Board Change • Nov 16Less than half of directors are independentThere are 6 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: 6 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). CEO & Director Dan Hetrakul is the most experienced director on the board, commencing their role in 2019. Independent Director Cholruk Sayawatana was the last independent director to join the board, commencing their role in 2022. 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.Reported Earnings • Aug 17Second quarter 2022 earnings released: EPS: ฿0.026 (vs ฿0.12 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.026 (down from ฿0.12 in 2Q 2021). Revenue: ฿461.6m (up 127% from 2Q 2021). Net income: ฿11.4m (down 64% from 2Q 2021). Profit margin: 2.5% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. 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 26% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to ฿1.08, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 116% over the past three years.お知らせ • Jun 01International Research Corporation Public Company Limited announced that it expects to receive THB 300 million in funding from ZICO Asset Management Pte. Ltd., Advance Capital Partners Asset Management Private LimitedInternational Research Corporation Public Company Limited announced that it has entered into a Convertible Debenture Issuance Agreement to issue convertible debentures for gross proceeds of THB 300,000,000 on May 31, 2022. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. The debentures will mature on March 23, 2025. The transaction will be completed in three tranches. Tranche one will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set, tranche two will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set and tranche three will have the value of not more than THB 100,000,000 divided into 10 sets, THB 10,000,000 per set. The debentures will be converted into 117,749,766 common shares. The debentures needs to be issued within one year from the shareholder's approval date. The debentures will bear an interest rate of 1% per annum payable on June 30 and December 31 each year. The debentures will mature after 3 years of completion of each tranche. The convertible debentures holders may exercise their conversion rights of the convertible debentures every day until the close of business hours 1 week prior to the convertible debenture maturity date. On the same date, the company received THB 20,000,000 in its first tranche. The company received THB 10,000,000 from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and THB 10,000,000 from Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd in the tranche.Reported Earnings • May 19First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: ฿0.03 (up from ฿0.18 loss in 1Q 2021). Revenue: ฿319.4m (up 57% from 1Q 2021). Net income: ฿12.4m (up ฿59.4m from 1Q 2021). Profit margin: 3.9% (up from net loss in 1Q 2021). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Less than half of directors are independentThere are 5 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: 3 independent directors. 5 non-independent directors. Independent Director Natee Kittiwitchaowakul 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.Reported Earnings • Mar 02Full year 2021 earnings: EPS and revenues miss analyst expectationsFull year 2021 results: EPS: ฿0.059 (up from ฿0.029 in FY 2020). Revenue: ฿763.6m (down 15% from FY 2020). Net income: ฿18.6m (up 148% from FY 2020). Profit margin: 2.4% (up from 0.8% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth.お知らせ • Mar 01International Research Corporation Public Company Limited Announces Executive ChangesInternational Research Corporation Public Company Limited appointed Mr. Nikom Vanichwatanarumlock, acting the Company Secretary of the Company instead of Mr. Wootthikraj Kriengkraiyos, who resigned from the Company Secretary with effective March 1, 2022.お知らせ • Feb 05International Research Corporation Public Company Limited Announces Resignation of Wootthikrai Kriengkraiyos as Company SecretaryInternational Research Corporation Public Company Limited announced that Mr. Wootthikrai Kriengkraiyos has resigned from the position of the company secretary due to his resignation from the Company with effective date from February 4, 2022 onwards.Valuation Update With 7 Day Price Move • Dec 08Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿2.44, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 21x in the IT industry in Thailand. Total returns to shareholders of 361% over the past three years.Valuation Update With 7 Day Price Move • Nov 22Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿1.96, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 280% over the past three years.Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.072 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿177.5m (down 15% from 3Q 2020). Net income: ฿42.2m (up 130% from 3Q 2020). Profit margin: 24% (up from 8.8% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 37% per year.Valuation Update With 7 Day Price Move • Sep 07Investor sentiment improved over the past weekAfter last week's 21% share price gain to ฿1.82, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 165% over the past three years.Valuation Update With 7 Day Price Move • Aug 23Investor sentiment improved over the past weekAfter last week's 26% share price gain to ฿1.11, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 54% over the past three years.お知らせ • Aug 19International Research Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 145 million.International Research Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 145 million. Security Name: Shares Security Type: Common Stock Securities Offered: 181,250,000 Price\Range: THB 0.8 Transaction Features: Rights OfferingReported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.012 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿219.7m (down 24% from 2Q 2020). Net income: ฿31.1m (up ฿28.1m from 2Q 2020). Profit margin: 14% (up from 1.0% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Executive Departure • Jul 13Independent Director Siwa Sangmanee has left the companyOn the 1st of July, Siwa Sangmanee's tenure as Independent Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Siwa's name. Siwa is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.79 years, which is considered inexperienced in the Simply Wall St Risk Model.Reported Earnings • May 17First quarter 2021 earnings released: ฿0.18 loss per share (vs ฿0.14 loss in 1Q 2020)The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿203.1m (up 35% from 1Q 2020). Net loss: ฿47.0m (loss widened 36% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improved over the past weekAfter last week's 36% share price gain to ฿1.83, the stock is trading at a trailing P/E ratio of 62x, up from the previous P/E ratio of 45.8x. This compares to an average P/E of 14x in the IT industry in Thailand. Total returns to shareholders over the past three years are 14%.Is New 90 Day High Low • Mar 11New 90-day high: ฿1.83The company is up 151% from its price of ฿0.73 on 09 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 15% over the same period.Reported Earnings • Feb 20Full year 2020 earnings released: EPS ฿0.029 (vs ฿0.40 loss in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿942.3m (down 1.1% from FY 2019). Net income: ฿7.50m (up ฿109.0m from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.お知らせ • Feb 20International Research Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021International Research Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021, at 07:00 Coordinated Universal Time. Location: 199 Column Tower 7 Floor Ratchadapisek Road, Khlong Toei Subdistrict, Khlong Toei District Bangkok Thailand Agenda: To consider and certify the Minutes of the 2021 Annual General Shareholders' Meeting; To acknowledge the Board of Directors' report on the Company's performance in the past year; To consider and approve the statement of financial position and profit and loss statements of the Company for the accounting period ended December 31, 2020; To consider the allocation of profit and dividend payment for the performance of the year 2020; To consider and approve the election of directors replacing those who retired by rotation; To consider appointment of new directors; To consider the payment of incentive for the year 2020 to the Company's directors; and to consider others.Is New 90 Day High Low • Jan 14New 90-day high: ฿0.95The company is up 27% from its price of ฿0.75 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period.Is New 90 Day High Low • Dec 16New 90-day high: ฿0.80The company is up 11% from its price of ฿0.72 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is flat over the same period.Reported Earnings • Nov 15Third quarter 2020 earnings released: EPS ฿0.072The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿247.3m (up 8.5% from 3Q 2019). Net income: ฿18.4m (up 264% from 3Q 2019). Profit margin: 7.4% (up from 2.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year.決済の安定と成長配当データの取得安定した配当: IRCPの 1 株当たり配当が過去に安定していたかどうかを判断するにはデータが不十分です。増加する配当: IRCPの配当金が増加しているかどうかを判断するにはデータが不十分です。配当利回り対市場International Research Corporation 配当利回り対市場IRCP 配当利回りは市場と比べてどうか？セグメント配当利回り会社 (IRCP)0%市場下位25% (TH)3.5%市場トップ25% (TH)7.5%業界平均 (IT)5.4%アナリスト予想 (IRCP) (最長3年)n/a注目すべき配当: IRCPは最近配当金を報告していないため、配当金支払者の下位 25% に対して同社の配当利回りを評価することはできません。高配当: IRCPは最近配当金を報告していないため、配当金支払者の上位 25% に対して同社の配当利回りを評価することはできません。株主への利益配当収益カバレッジ: IRCP TH市場において目立った配当金を支払っていません。株主配当金キャッシュフローカバレッジ: IRCPが配当金を報告していないため、配当金の持続可能性を計算できません。高配当企業の発掘7D1Y7D1Y7D1YTH 市場の強力な配当支払い企業。View Management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2026/05/08 07:17終値2026/05/08 00:00収益2025/12/31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International Research Corporation 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Sontanawoot RatchatrakulTisco Securities Co. Ltd.
お知らせ • Apr 29International Research Corporation Public Company Limited Omits Dividend Payment for the Year 2024International Research Corporation Public Company Limited at its AGM held on April 28, 2025, approved the omitted dividends payment for the performance for the year 2024 as the Company needs to use the profits to expand its business and implement new projects with the unanimous vote.
お知らせ • Feb 26International Research Corporation Public Company Limited Proposes Omission of Dividend for the Operating Period from 01 January 2024 to 31 December 2024International Research Corporation Public Company Limited at its Annual General Meeting of Shareholders to be held on 28 April 2025, proposed omission of dividend for the operating period from 01 January 2024 to 31 December 2024.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.6%).
Declared Dividend • Mar 02Dividend of ฿0.025 announcedShareholders will receive a dividend of ฿0.025. Ex-date: 14th March 2024 Payment date: 27th May 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2023. Payment date: 17 May 2023. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 2.1%.
Board Change • Apr 28Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Derekrid Jenkrongtham was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Feb 26Full year 2025 earnings released: ฿0.33 loss per share (vs ฿0.032 profit in FY 2024)Full year 2025 results: ฿0.33 loss per share (down from ฿0.032 profit in FY 2024). Revenue: ฿733.7m (down 22% from FY 2024). Net loss: ฿204.5m (down ฿224.6m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 24International Research Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026International Research Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time.
New Risk • Feb 16New 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 Earnings have declined by 15% per year over the past 5 years. Market cap is less than US$10m (฿162.1m market cap, or US$5.21m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change).
Reported Earnings • Nov 14Third quarter 2025 earnings released: ฿0.28 loss per share (vs ฿0.021 profit in 3Q 2024)Third quarter 2025 results: ฿0.28 loss per share (down from ฿0.021 profit in 3Q 2024). Revenue: ฿110.4m (down 55% from 3Q 2024). Net loss: ฿177.3m (down ฿190.5m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance.
New Risk • Aug 29New 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 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: Major Risk Market cap is less than US$10m (฿249.4m market cap, or US$7.71m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change).
Reported Earnings • Aug 09Second quarter 2025 earnings released: ฿0.019 loss per share (vs ฿0.007 profit in 2Q 2024)Second quarter 2025 results: ฿0.019 loss per share (down from ฿0.007 profit in 2Q 2024). Revenue: ฿200.1m (down 25% from 2Q 2024). Net loss: ฿11.9m (down 357% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings.
Buy Or Sell Opportunity • Aug 07Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.7% to ฿0.36. The fair value is estimated to be ฿0.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 50%.
Buy Or Sell Opportunity • Jun 25Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 4.9% to ฿0.39. The fair value is estimated to be ฿0.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 50%.
New Risk • Jun 24New 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 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿249.4m market cap, or US$7.64m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin).
New Risk • May 17New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.7% Last year net profit margin: 3.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿230.7m market cap, or US$6.91m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.7% net profit margin).
Reported Earnings • May 17First quarter 2025 earnings released: ฿0.012 loss per share (vs ฿0.01 profit in 1Q 2024)First quarter 2025 results: ฿0.012 loss per share (down from ฿0.01 profit in 1Q 2024). Revenue: ฿215.2m (down 13% from 1Q 2024). Net loss: ฿7.55m (down 221% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings.
お知らせ • Apr 29International Research Corporation Public Company Limited Omits Dividend Payment for the Year 2024International Research Corporation Public Company Limited at its AGM held on April 28, 2025, approved the omitted dividends payment for the performance for the year 2024 as the Company needs to use the profits to expand its business and implement new projects with the unanimous vote.
Reported Earnings • Feb 28Full year 2024 earnings released: EPS: ฿0.032 (vs ฿0.047 in FY 2023)Full year 2024 results: EPS: ฿0.032 (down from ฿0.047 in FY 2023). Revenue: ฿951.7m (down 14% from FY 2023). Net income: ฿20.1m (down 31% from FY 2023). Profit margin: 2.1% (down from 2.6% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings.
お知らせ • Feb 27International Research Corporation Public Company Limited, Annual General Meeting, Apr 28, 2025International Research Corporation Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Location: (2020), Thailand
お知らせ • Feb 26International Research Corporation Public Company Limited Proposes Omission of Dividend for the Operating Period from 01 January 2024 to 31 December 2024International Research Corporation Public Company Limited at its Annual General Meeting of Shareholders to be held on 28 April 2025, proposed omission of dividend for the operating period from 01 January 2024 to 31 December 2024.
お知らせ • Jan 07International Research Corporation Public Company Limited Announces Chief Financial Officer ChangesInternational Research Corporation Public Company Limited announced the termination of Miss Orathai Rongthongaram as Chief Financial Officer. Effective Date of Termination is December 31, 2024. Mr. Natthawat Chilajindalert appointed as Chief Financial Officer. Effective date of appointment is January 2, 2025.
New Risk • Nov 07New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿336.7m (US$9.82m) 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 High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (฿336.7m market cap, or US$9.82m). Minor Risk Paying a dividend despite having no free cash flows.
Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.006 (vs ฿0.009 loss in 2Q 2023)Second quarter 2024 results: EPS: ฿0.006 (up from ฿0.009 loss in 2Q 2023). Revenue: ฿261.1m (up 21% from 2Q 2023). Net income: ฿3.52m (up ฿9.25m from 2Q 2023). Profit margin: 1.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.
New Risk • Jun 14New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: ฿355.4m (US$9.68m) 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 High level of non-cash earnings (63% accrual ratio). Market cap is less than US$10m (฿355.4m market cap, or US$9.68m). Minor Risk Paying a dividend despite having no free cash flows.
Reported Earnings • May 17First quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.01 loss in 1Q 2023)First quarter 2024 results: EPS: ฿0.01 (up from ฿0.01 loss in 1Q 2023). Revenue: ฿251.3m (up 23% from 1Q 2023). Net income: ฿6.22m (up ฿11.9m from 1Q 2023). Profit margin: 2.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.
お知らせ • Apr 30International Research Corporation Public Company Limited Appoints Directors to the Sub-CommitteesThe Board of Directors' Meeting of International Research Corporation Public Company Limited held on April 29, 2024, approved the appointment of directors to serve in the sub-committees of the Company. The details are as follows: The Board of Directors consists of 9 persons as follows: Mr. Pracha Hetrakul-Chairman of the Board; Mr. Natee Kittiwitchaowakul-Independent Director; Mr. Derekrid Janekrongtham-Independent Director; Miss Titaporn Sincharoonsak-Independent Director; Mr. Dan Hetrakul-Director; Mr. Nikom Vanichwatanarumlock-Director; Mr. Kungval Kusoltammaratana- Director; Mr. Jitkasame Ngarmnil-Director; Mr. Adisorn Singluedej-Director. Audit Committee consists of 3 persons as follows:Mr. Natee Kittiwitchaowakul-Chairman; Mr. Derekrid Janekrongtham-Director; Miss Titaporn Sincharoonsak-Director; Nomination and Remuneration Committee consists of 3 persons as follows: Mr. Kungval Kusoltammaratana-Chairman; Mr. Natee Kittiwitchaowakul-Director; Mr. Dan Hetrakul-Director. Executive Committee consists of 4 persons as follows: Mr. Dan Hetrakul-Chairman; Mr. Nikom Vanichwatanarumlock-Director; Mr. Jitkasame Ngarmnil-Director; Mr. Adisorn Singluedej-Director. Risk Management and Corporate Governance Committee consists of 3 persons as follows: Mr. Kungval Kusoltammaratana-Chairman; Mr. Dan Hetrakul-Director; Mr. Nikom Vanichwatanarumlock-Director. This appointment becomes effective from April 29, 2024.
お知らせ • Mar 29+ 1 more updateInternational Research Corporation Public Company Limited Announces Board ChangesInternational Research Corporation Public Company Limited announced that at its board meeting held on March 28, 2024, approved the election of Mr. Derekrid Janekrongtham to be a director of the Company in place of Mrs. Cholruk Sayawatana, the Company's director who retired by rotation. Approved to cancel Agenda 6 of the 2024 Annual General Meeting of Shareholders that will be held on April 29, 2024. The other agendas of the said meeting have not been changed Approved the appointment of Mr. Adisorn Singuedej as a new director to replace Miss Dulaya Phuangthong who resigned from the company's director on February 29, 2024. The said resignation and appointment of a new director will be effective from March 1, 2024.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.6%).
Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿0.047 (vs ฿0.10 in FY 2022)Full year 2023 results: EPS: ฿0.047 (down from ฿0.10 in FY 2022). Revenue: ฿1.14b (down 11% from FY 2022). Net income: ฿29.0m (down 41% from FY 2022). Profit margin: 2.5% (down from 3.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings.
Declared Dividend • Mar 02Dividend of ฿0.025 announcedShareholders will receive a dividend of ฿0.025. Ex-date: 14th March 2024 Payment date: 27th May 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 02International Research Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024International Research Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Location: 199 Column Tower, 7th Floor Ratchadapisek Road, Khlong Toei Subdistrict, Khlong Toei Distric Bangkok Thailand Agenda: To acknowledge the Board of Directors' report on the Company's performance in the past year; to consider and approve the statement of financial position and profit and loss statements of the Company for the accounting period end December 31, 2023; to consider and approve the allocation of profit and dividend payment for the performance of the year 2023; to consider and approve the election of directors replacing those who retired by rotation; to o consider the appointment of a new director; to consider the payment of incentive for the year 2023 to the Company's directors; to consider consider and approve the payment of the remuneration of directors for the year 2024; to consider consider and approve the appointment of auditors and fixing of their remuneration for the year 2024; and to consider Other businesses (if any).
お知らせ • Mar 01+ 1 more updateInternational Research Corporation Public Company Limited Announces Board ChangesInternational Research Corporation Public Company Limited announced that at its board meeting held on February 29, 2024, approved the appointment of Mr. Adisorn Singluedej as a new director to replace Miss Dulaya Phuangthong who resigned from the company's director on February 29, 2024. The resignation and appointment of a new director will be effective from March 1, 2024. Miss Dulaya Phuangthong has resigned from the position of director, independent director and audit committee of the company due to more missions. Therefore, she is unable to perform her duties fully.
New Risk • Jan 29New 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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Market cap is less than US$100m (฿498.8m market cap, or US$14.0m).
Reported Earnings • Nov 16Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.008 loss in 3Q 2022)Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.008 loss in 3Q 2022). Revenue: ฿378.6m (up 77% from 3Q 2022). Net income: ฿16.2m (up ฿20.2m from 3Q 2022). Profit margin: 4.3% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 13Second quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.026 profit in 2Q 2022)Second quarter 2023 results: ฿0.01 loss per share (down from ฿0.026 profit in 2Q 2022). Revenue: ฿219.8m (down 52% from 2Q 2022). Net loss: ฿5.73m (down 150% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 19First quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.03 profit in 1Q 2022)First quarter 2023 results: ฿0.01 loss per share (down from ฿0.03 profit in 1Q 2022). Revenue: ฿208.8m (down 34% from 1Q 2022). Net loss: ฿5.69m (down 146% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.025 per shareEligible shareholders must have bought the stock before 14 March 2023. Payment date: 17 May 2023. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 2.1%.
Valuation Update With 7 Day Price Move • Jan 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to ฿1.17, the stock trades at a trailing P/E ratio of 56.1x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 248% over the past three years.
Reported Earnings • Nov 20Third quarter 2022 earnings released: ฿7.82 loss per share (vs ฿0.13 profit in 3Q 2021)Third quarter 2022 results: ฿7.82 loss per share (down from ฿0.13 profit in 3Q 2021). Revenue: ฿214.5m (up 23% from 3Q 2021). Net loss: ฿3.96m (down 109% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.
Board Change • Nov 16Less than half of directors are independentThere are 6 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: 6 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). CEO & Director Dan Hetrakul is the most experienced director on the board, commencing their role in 2019. Independent Director Cholruk Sayawatana was the last independent director to join the board, commencing their role in 2022. 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.
Reported Earnings • Aug 17Second quarter 2022 earnings released: EPS: ฿0.026 (vs ฿0.12 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.026 (down from ฿0.12 in 2Q 2021). Revenue: ฿461.6m (up 127% from 2Q 2021). Net income: ฿11.4m (down 64% from 2Q 2021). Profit margin: 2.5% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. 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 26% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to ฿1.08, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 116% over the past three years.
お知らせ • Jun 01International Research Corporation Public Company Limited announced that it expects to receive THB 300 million in funding from ZICO Asset Management Pte. Ltd., Advance Capital Partners Asset Management Private LimitedInternational Research Corporation Public Company Limited announced that it has entered into a Convertible Debenture Issuance Agreement to issue convertible debentures for gross proceeds of THB 300,000,000 on May 31, 2022. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. The debentures will mature on March 23, 2025. The transaction will be completed in three tranches. Tranche one will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set, tranche two will have the value of not more than THB 100,000,000 divided into 20 sets, THB 5,000,000 per set and tranche three will have the value of not more than THB 100,000,000 divided into 10 sets, THB 10,000,000 per set. The debentures will be converted into 117,749,766 common shares. The debentures needs to be issued within one year from the shareholder's approval date. The debentures will bear an interest rate of 1% per annum payable on June 30 and December 31 each year. The debentures will mature after 3 years of completion of each tranche. The convertible debentures holders may exercise their conversion rights of the convertible debentures every day until the close of business hours 1 week prior to the convertible debenture maturity date. On the same date, the company received THB 20,000,000 in its first tranche. The company received THB 10,000,000 from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and THB 10,000,000 from Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd in the tranche.
Reported Earnings • May 19First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: ฿0.03 (up from ฿0.18 loss in 1Q 2021). Revenue: ฿319.4m (up 57% from 1Q 2021). Net income: ฿12.4m (up ฿59.4m from 1Q 2021). Profit margin: 3.9% (up from net loss in 1Q 2021). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Less than half of directors are independentThere are 5 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: 3 independent directors. 5 non-independent directors. Independent Director Natee Kittiwitchaowakul 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.
Reported Earnings • Mar 02Full year 2021 earnings: EPS and revenues miss analyst expectationsFull year 2021 results: EPS: ฿0.059 (up from ฿0.029 in FY 2020). Revenue: ฿763.6m (down 15% from FY 2020). Net income: ฿18.6m (up 148% from FY 2020). Profit margin: 2.4% (up from 0.8% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth.
お知らせ • Mar 01International Research Corporation Public Company Limited Announces Executive ChangesInternational Research Corporation Public Company Limited appointed Mr. Nikom Vanichwatanarumlock, acting the Company Secretary of the Company instead of Mr. Wootthikraj Kriengkraiyos, who resigned from the Company Secretary with effective March 1, 2022.
お知らせ • Feb 05International Research Corporation Public Company Limited Announces Resignation of Wootthikrai Kriengkraiyos as Company SecretaryInternational Research Corporation Public Company Limited announced that Mr. Wootthikrai Kriengkraiyos has resigned from the position of the company secretary due to his resignation from the Company with effective date from February 4, 2022 onwards.
Valuation Update With 7 Day Price Move • Dec 08Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿2.44, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 21x in the IT industry in Thailand. Total returns to shareholders of 361% over the past three years.
Valuation Update With 7 Day Price Move • Nov 22Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿1.96, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 280% over the past three years.
Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.072 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿177.5m (down 15% from 3Q 2020). Net income: ฿42.2m (up 130% from 3Q 2020). Profit margin: 24% (up from 8.8% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 37% per year.
Valuation Update With 7 Day Price Move • Sep 07Investor sentiment improved over the past weekAfter last week's 21% share price gain to ฿1.82, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 165% over the past three years.
Valuation Update With 7 Day Price Move • Aug 23Investor sentiment improved over the past weekAfter last week's 26% share price gain to ฿1.11, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 54% over the past three years.
お知らせ • Aug 19International Research Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 145 million.International Research Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 145 million. Security Name: Shares Security Type: Common Stock Securities Offered: 181,250,000 Price\Range: THB 0.8 Transaction Features: Rights Offering
Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.012 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿219.7m (down 24% from 2Q 2020). Net income: ฿31.1m (up ฿28.1m from 2Q 2020). Profit margin: 14% (up from 1.0% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Executive Departure • Jul 13Independent Director Siwa Sangmanee has left the companyOn the 1st of July, Siwa Sangmanee's tenure as Independent Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Siwa's name. Siwa is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.79 years, which is considered inexperienced in the Simply Wall St Risk Model.
Reported Earnings • May 17First quarter 2021 earnings released: ฿0.18 loss per share (vs ฿0.14 loss in 1Q 2020)The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿203.1m (up 35% from 1Q 2020). Net loss: ฿47.0m (loss widened 36% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improved over the past weekAfter last week's 36% share price gain to ฿1.83, the stock is trading at a trailing P/E ratio of 62x, up from the previous P/E ratio of 45.8x. This compares to an average P/E of 14x in the IT industry in Thailand. Total returns to shareholders over the past three years are 14%.
Is New 90 Day High Low • Mar 11New 90-day high: ฿1.83The company is up 151% from its price of ฿0.73 on 09 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 15% over the same period.
Reported Earnings • Feb 20Full year 2020 earnings released: EPS ฿0.029 (vs ฿0.40 loss in FY 2019)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿942.3m (down 1.1% from FY 2019). Net income: ฿7.50m (up ฿109.0m from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 20International Research Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021International Research Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021, at 07:00 Coordinated Universal Time. Location: 199 Column Tower 7 Floor Ratchadapisek Road, Khlong Toei Subdistrict, Khlong Toei District Bangkok Thailand Agenda: To consider and certify the Minutes of the 2021 Annual General Shareholders' Meeting; To acknowledge the Board of Directors' report on the Company's performance in the past year; To consider and approve the statement of financial position and profit and loss statements of the Company for the accounting period ended December 31, 2020; To consider the allocation of profit and dividend payment for the performance of the year 2020; To consider and approve the election of directors replacing those who retired by rotation; To consider appointment of new directors; To consider the payment of incentive for the year 2020 to the Company's directors; and to consider others.
Is New 90 Day High Low • Jan 14New 90-day high: ฿0.95The company is up 27% from its price of ฿0.75 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period.
Is New 90 Day High Low • Dec 16New 90-day high: ฿0.80The company is up 11% from its price of ฿0.72 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is flat over the same period.
Reported Earnings • Nov 15Third quarter 2020 earnings released: EPS ฿0.072The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿247.3m (up 8.5% from 3Q 2019). Net income: ฿18.4m (up 264% from 3Q 2019). Profit margin: 7.4% (up from 2.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year.