Buy Or Sell Opportunity • Apr 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ฿2.02. The fair value is estimated to be ฿2.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 90%. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.01 (vs ฿0.53 in FY 2024) Full year 2025 results: EPS: ฿0.01 (down from ฿0.53 in FY 2024). Revenue: ฿565.0m (down 76% from FY 2024). Net income: ฿3.36m (down 98% from FY 2024). Profit margin: 0.6% (down from 7.3% in FY 2024). The decrease in margin was driven by lower revenue. お知らせ • Feb 19
NAT Absolute Technologies Public Company Limited, Annual General Meeting, Apr 28, 2026 NAT Absolute Technologies Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. New Risk • Jan 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.7% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 214% Cash payout ratio: 152% Revenue has declined by 63% over the past year. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (฿845.2m market cap, or US$26.9m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.008 (vs ฿0.13 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.008 (down from ฿0.13 in 3Q 2024). Revenue: ฿124.8m (down 79% from 3Q 2024). Net income: ฿2.46m (down 94% from 3Q 2024). Profit margin: 2.0% (down from 7.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0 (vs ฿0.17 in 2Q 2024) Second quarter 2025 results: EPS: ฿0 (down from ฿0.17 in 2Q 2024). Revenue: ฿163.8m (down 72% from 2Q 2024). Net loss: ฿143.3k (down 100% from profit in 2Q 2024). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.66, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 29% over the past year. お知らせ • May 14
NAT Absolute Technologies Public Company Limited (SET:NAT) announces an Equity Buyback for 8,000,000 shares, representing 2.44% for THB 32 million. NAT Absolute Technologies Public Company Limited (SET:NAT) announces a share repurchase program. Under the program, the company will repurchase up to up to 8,000,000 shares, representing 2.44% for THB 32 million. The share repurchases price will not exceed 115% of the average share closing price for 5 working days prior to the share repurchase date. The purpose of the program is to optimize the Company’s excess liquidity management conducted for the utmost benefit, increase the Return on Equity (ROE) ratio and Earnings per Share (EPS), and build investor and shareholder confidence in the company’s potential to generate future revenue and profit. The repurchased shares will be used for resale. The program is valid till November 30, 2025. As of March 13, 2025, the company had 328,000,000 shares are issued and outstanding. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.003 (vs ฿0.19 in 1Q 2024) First quarter 2025 results: EPS: ฿0.003 (down from ฿0.19 in 1Q 2024). Revenue: ฿145.8m (down 80% from 1Q 2024). Net income: ฿1.11m (down 98% from 1Q 2024). Profit margin: 0.8% (down from 7.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 9.1%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (7.0%). Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: ฿0.53 (vs ฿0.86 in FY 2023) Full year 2024 results: EPS: ฿0.53. Revenue: ฿2.30b (up 48% from FY 2023). Net income: ฿168.2m (up 44% from FY 2023). Profit margin: 7.3% (down from 7.5% in FY 2023). The decrease in margin was driven by higher expenses. Board Change • Dec 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 11 September 2024. Payout ratio is a comfortable 3.1% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.9%). In line with average of industry peers (5.0%). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: ฿0.17 (vs ฿1.27 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.17. Revenue: ฿593.0m (up 34% from 2Q 2023). Net income: ฿54.6m (up 7.5% from 2Q 2023). Profit margin: 9.2% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in Thailand. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿4.74, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the IT industry in Thailand. Buy Or Sell Opportunity • Aug 14
Now 26% overvalued Over the last 90 days, the stock has fallen 24% to ฿4.58. The fair value is estimated to be ฿3.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last year. Earnings per share has declined by 65%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. お知らせ • Jun 26
NAT Absolute Technologies Public Company Limited Announces Resignation of Suwanee Chenchitkhachorn as Director, Risk Committee and Executive Committee NAT Absolute Technologies Public Company Limited announced that Ms. Suwanee Chenchitkhachorn, Director, has submitted her resignation from the position of Director of the company (authorized signatory to bind the company) Risk Committee and Executive Committee due to personal commitments, effective from July 1, 2024, onwards. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿4.84, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the IT industry in Thailand. お知らせ • Apr 20
NAT Absolute Technologies Public Company Limited Approves Dividend for the Year 2023, Payable on May 17, 2024 NAT Absolute Technologies Public Company Limited announced that at the AGM held on April 19, 2024, approved dividend will be paid additionally from operating results from October 1, 2023 to December 31, 2023 at the rate of THB 0.025 per share or at the amount of THB 8.2 million The Company shall determine the shareholders' name list who has the right to receive the dividend (Record Date) on April 30, 2024 and to determine the dividend payment date on May 17, 2024. お知らせ • Feb 29
NAT Absolute Technologies Public Company Limited Proposes Dividend for the Year 2023, Payable on May 17, 2024 The board of directors of NAT Absolute Technologies Public Company Limited meeting held on February 27, 2024, approved to propose the AGM2024 to be held on April 19, 2024, to consider and approve the dividend payment from net profit & retained earnings for the year 2023. The dividend will be paid additionally at the rate of THB 0.025 per share, amounting of THB 8,200,000.00 Including the additional dividend and paid anall interim dividend for year 2023, the totaling amount of dividend payment for year 2023 is THB 177,200,000.00 Thus, the dividend payout ratio equals to 159.54% of net profit after deducting legal reserve, which comply to the dividend payment policy that more than 40% of the net profit after deducting legal reserve (Separated Financial Statement). The meeting resolves to set the record date for right to receive dividends (Record Date) on April 30, 2024 (the stated right is still uncertain due to the AGM2024 approval to pay the additional dividends) and set the dividend payment date on May 17, 2024. 
