View Future GrowthMake To Win Holding 과거 순이익 실적과거 기준 점검 0/6Make To Win Holding 의 수입은 연평균 -39.7%의 비율로 감소해 온 반면, Luxury 산업은 연평균 2.8%의 비율로 감소했습니다. 매출은 연평균 8.1%의 비율로 증가해 왔습니다.핵심 정보-39.70%순이익 성장률-41.41%주당순이익(EPS) 성장률Luxury 산업 성장률3.11%매출 성장률8.08%자기자본이익률-3.40%순이익률-8.57%최근 순이익 업데이트31 Dec 2025최근 과거 실적 업데이트Reported Earnings • Mar 04Full year 2025 earnings released: ฿0.031 loss per share (vs ฿0.029 loss in FY 2024)Full year 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.029 loss in FY 2024). Revenue: ฿301.7m (up 4.6% from FY 2024). Net loss: ฿25.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance.Reported Earnings • Nov 16Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.017 loss in 3Q 2024)Third quarter 2025 results: ฿0.017 loss per share (in line with 3Q 2024). Revenue: ฿55.6m (up 16% from 3Q 2024). Net loss: ฿13.1m (loss widened 16% from 3Q 2024).Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.011 in 1Q 2024)First quarter 2025 results: EPS: ฿0.002 (down from ฿0.011 in 1Q 2024). Revenue: ฿98.6m (down 11% from 1Q 2024). Net income: ฿1.62m (down 78% from 1Q 2024). Profit margin: 1.6% (down from 6.6% in 1Q 2024). The decrease in margin was driven by lower revenue.Reported Earnings • Aug 16Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.021 profit in 2Q 2023)Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.021 profit in 2Q 2023). Revenue: ฿65.8m (down 47% from 2Q 2023). Net loss: ฿5.94m (down 143% from profit in 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.Reported Earnings • May 20First quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.025 in 1Q 2023)First quarter 2024 results: EPS: ฿0.011 (down from ฿0.025 in 1Q 2023). Revenue: ฿111.0m (down 18% from 1Q 2023). Net income: ฿7.33m (down 57% from 1Q 2023). Profit margin: 6.6% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.Reported Earnings • Feb 24Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.038 in FY 2022)Full year 2023 results: EPS: ฿0.08 (up from ฿0.038 in FY 2022). Revenue: ฿529.0m (up 111% from FY 2022). Net income: ฿54.2m (up 180% from FY 2022). Profit margin: 10% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue.모든 업데이트 보기Recent updatesReported Earnings • Mar 04Full year 2025 earnings released: ฿0.031 loss per share (vs ฿0.029 loss in FY 2024)Full year 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.029 loss in FY 2024). Revenue: ฿301.7m (up 4.6% from FY 2024). Net loss: ฿25.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance.공시 • Mar 02Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:30 SE Asia Standard Time. Location: hybrid meeting, deco green energy co., ltd., 20/11 , 20/12 moo 1, yai cha subdistrict, sam phran district, nakhon pathom province, ThailandNew Risk • Dec 23New minor risk - Dividend sustainabilityThe company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (฿694.6m market cap, or US$22.3m).공시 • Dec 20Make to Win Holding Public Company Limited Announces Interim Dividend Payment for the Period Ended 19 December 2025, Payable on 19 January 2026Make To Win Holding Public Company Limited announced Interim dividend payment from Operating period from 01 January 2025 to 19-December 2025 of THB 0.0301 per share with par value of THB 0.50; Ex-dividend date: 30 December 2025; Record date for the right to receive dividends 05 January 2026.New Risk • Nov 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿615.5m market cap, or US$19.1m).Reported Earnings • Nov 16Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.017 loss in 3Q 2024)Third quarter 2025 results: ฿0.017 loss per share (in line with 3Q 2024). Revenue: ฿55.6m (up 16% from 3Q 2024). Net loss: ฿13.1m (loss widened 16% from 3Q 2024).New Risk • Oct 15New 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 6.6% 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 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿984.8m market cap, or US$30.3m).Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.011 in 1Q 2024)First quarter 2025 results: EPS: ฿0.002 (down from ฿0.011 in 1Q 2024). Revenue: ฿98.6m (down 11% from 1Q 2024). Net income: ฿1.62m (down 78% from 1Q 2024). Profit margin: 1.6% (down from 6.6% in 1Q 2024). The decrease in margin was driven by lower revenue.New Risk • May 13New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major 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 Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿914.4m market cap, or US$27.3m).공시 • Apr 02Make To Win Holding Public Company Limited Approves the Election of Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent DirectorMake To Win Holding Public Company Limited at its AGM held on April 2, 2025, approved the election of Ms. Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent Director.New Risk • Mar 27New 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 10% 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 Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿721.2m market cap, or US$21.2m).공시 • Feb 25+ 1 more updateMake To Win Holding Public Company Limited (SET:MTW) and Chunchit Tangphichayaphothiwat agreed to acquire Jungthai group Company Limited from Latda Khamrat and Pikun Hongsomboon for THB 5.2 million.Make To Win Holding Public Company Limited (SET:MTW) and Chunchit Tangphichayaphothiwat agreed to acquire Jungthai group Company Limited from Latda Khamrat and Pikun Hongsomboon for THB 5.2 million on February 24, 2025. A cash consideration of THB 5.25 million valued at THB 105 per share will be paid by Make To Win Holding Public Company Limited. As part of consideration, THB 5.25 million is paid towards common equity of Jungthai group Company Limited. The expected completion of the transaction is April 1, 2025.New Risk • Nov 23New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (฿781.8m market cap, or US$22.7m).Valuation Update With 7 Day Price Move • Sep 07Investor sentiment improves as stock rises 24%After last week's 24% share price gain to ฿1.47, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 43% over the past year.Valuation Update With 7 Day Price Move • Aug 23Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿1.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year.Reported Earnings • Aug 16Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.021 profit in 2Q 2023)Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.021 profit in 2Q 2023). Revenue: ฿65.8m (down 47% from 2Q 2023). Net loss: ฿5.94m (down 143% from profit in 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.Buy Or Sell Opportunity • Aug 07Now 22% overvaluedOver the last 90 days, the stock has fallen 50% to ฿1.02. The fair value is estimated to be ฿0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 12%. Revenue is forecast to grow by 76% in a year. Earnings are forecast to grow by 213% in the next year.Valuation Update With 7 Day Price Move • Jul 19Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿1.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 65% over the past year.Valuation Update With 7 Day Price Move • Jun 26Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿1.57, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year.Valuation Update With 7 Day Price Move • Jun 05Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿1.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Luxury industry in Asia. Total loss to shareholders of 67% over the past year.Reported Earnings • May 20First quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.025 in 1Q 2023)First quarter 2024 results: EPS: ฿0.011 (down from ฿0.025 in 1Q 2023). Revenue: ฿111.0m (down 18% from 1Q 2023). Net income: ฿7.33m (down 57% from 1Q 2023). Profit margin: 6.6% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿1.64, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 54% over the past year.Valuation Update With 7 Day Price Move • Apr 22Investor sentiment deteriorates as stock falls 26%After last week's 26% share price decline to ฿2.16, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 38% over the past year.공시 • Apr 10Make To Win Holding Public Company Limited Approves the Appointment of Pawaphak Arayapong as Independent DirectorMake To Win Holding Public Company Limited at its AGM held on April 9, 2024, approved the increase in the number of company directors from 8 people to 9 people and the appointment of one new company director, namely Mr. Pawaphak Arayapong, independent director position.Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿2.82, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 10% over the past year.Reported Earnings • Feb 24Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.038 in FY 2022)Full year 2023 results: EPS: ฿0.08 (up from ฿0.038 in FY 2022). Revenue: ฿529.0m (up 111% from FY 2022). Net income: ฿54.2m (up 180% from FY 2022). Profit margin: 10% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue.공시 • Feb 23Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024, at 10:00 SE Asia Standard Time. Location: 9 / 7 0 , 9 / 8 8 Moo 3 , Om Yai, Sam Phran Nakorn Phathom Thailand Agenda: To consider certifying the minutes of the 2023 Annual General Meeting of Shareholders, held on April 24, 2023; to consider acknowledging the operating results for the year 2023 , ending on December 3 1, 2023; to consider and approve the financial statement report for the year 2023 ending December 31, 2023; to consider approving the cessation of allocation of net profits as legal reserve. and approved the suspension of dividend payments from the company's operating results. For the fiscal year ending 31 December 2023; to consider and approve the appointment of directors To replace directors whose terms expire in the year 2024; to consider approving the increase in the number of company directors from 8 to 9 people and the appointment of 1 new company director position.; to consider and approve the remuneration of the Company's Board of Directors and sub- committees for the year 2024.공시 • Feb 06Make to Win Holding Public Company Limited Announces Resignation of Sittichai Kiatpaiboon as ChairmanMake To Win Holding Public Company Limited announced that Mr. Sittichai Kiatpaiboon, the Chairman of the Board has announced his resignation from the position of Chairman of the company's Board of Directors. Effective from February 2, 2024 onwards. This resignation is intended to resign from being Chairman of the Company's Board of Directors due to not being ready to perform work in this position. The Nomination and Remuneration Committee will consider selecting individuals with appropriate qualifications. to fill the vacant position, They will hold the position for the remaining term of the department that resigned and will propose To the Board of Directors To consider and approve and report information to the Stock Exchange of Thailand on the next occasion.Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.006 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.019 (up from ฿0.006 in 3Q 2022). Revenue: ฿137.2m (up 127% from 3Q 2022). Net income: ฿12.9m (up 331% from 3Q 2022). Profit margin: 9.4% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia.Reported Earnings • Aug 19Second quarter 2023 earnings released: EPS: ฿0.021 (vs ฿0.007 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.021 (up from ฿0.007 in 2Q 2022). Revenue: ฿123.1m (up 151% from 2Q 2022). Net income: ฿13.8m (up 286% from 2Q 2022). Profit margin: 11% (up from 7.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia.Valuation Update With 7 Day Price Move • Aug 18Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿2.64, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Luxury industry in Asia.공시 • Jul 12Make to Win Holding Public Company Limited Announces Appointment of Thunsiree Danrungroj as Chief Financial OfficerMake To Win Holding Public Company Limited announced appointment of Miss THUNSIREE DANRUNGROJ as Chief Financial Officer. Effective Date of Appointment is July 1, 2023.공시 • Jun 02Make to Win Holding Public Company Limited Announces Resignation of Parama Rattanaubon as Chief Financial OfficerMake To Win Holding Public Company Limited announced resignation of Parama Rattanaubon as Chief Financial Officer. Effective Date of Termination: 01 June 2023.Valuation Update With 7 Day Price Move • Dec 21Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿2.90, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 18x in the Luxury industry in Thailand.매출 및 비용 세부 내역Make To Win Holding가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이SET:MTW 매출, 비용 및 순이익 (THB Millions)날짜매출순이익일반관리비연구개발비31 Dec 25298-2681030 Sep 25298-2577030 Jun 25291-2375031 Mar 25276-2572031 Dec 24288-2068030 Sep 24352167030 Jun 244412565031 Mar 244984461031 Dec 235235458030 Sep 234925554030 Jun 234154549031 Mar 233353345031 Dec 222491940030 Sep 222251735031 Mar 222121931031 Dec 212142031031 Dec 201751128031 Dec 191571229031 Dec 181319270양질의 수익: MTW 은(는) 현재 수익성이 없습니다.이익 마진 증가: MTW는 현재 수익성이 없습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: MTW은 수익성이 없으며 지난 5년 동안 손실이 연평균 39.7% 증가했습니다.성장 가속화: 현재 수익성이 없어 지난 1년간 MTW의 수익 성장률을 5년 평균과 비교할 수 없습니다.수익 대 산업: MTW은 수익성이 없어 지난 해 수익 성장률을 Luxury 업계(-15.6%)와 비교하기 어렵습니다.자기자본이익률높은 ROE: MTW는 현재 수익성이 없으므로 자본 수익률이 음수(-3.4%)입니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YConsumer-durables 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/21 11:59종가2026/05/21 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Make To Win Holding Public Company Limited는 1명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Theethanat JindaratYuanta Securities (Thailand) Company Limited
Reported Earnings • Mar 04Full year 2025 earnings released: ฿0.031 loss per share (vs ฿0.029 loss in FY 2024)Full year 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.029 loss in FY 2024). Revenue: ฿301.7m (up 4.6% from FY 2024). Net loss: ฿25.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance.
Reported Earnings • Nov 16Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.017 loss in 3Q 2024)Third quarter 2025 results: ฿0.017 loss per share (in line with 3Q 2024). Revenue: ฿55.6m (up 16% from 3Q 2024). Net loss: ฿13.1m (loss widened 16% from 3Q 2024).
Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.011 in 1Q 2024)First quarter 2025 results: EPS: ฿0.002 (down from ฿0.011 in 1Q 2024). Revenue: ฿98.6m (down 11% from 1Q 2024). Net income: ฿1.62m (down 78% from 1Q 2024). Profit margin: 1.6% (down from 6.6% in 1Q 2024). The decrease in margin was driven by lower revenue.
Reported Earnings • Aug 16Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.021 profit in 2Q 2023)Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.021 profit in 2Q 2023). Revenue: ฿65.8m (down 47% from 2Q 2023). Net loss: ฿5.94m (down 143% from profit in 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.
Reported Earnings • May 20First quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.025 in 1Q 2023)First quarter 2024 results: EPS: ฿0.011 (down from ฿0.025 in 1Q 2023). Revenue: ฿111.0m (down 18% from 1Q 2023). Net income: ฿7.33m (down 57% from 1Q 2023). Profit margin: 6.6% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.
Reported Earnings • Feb 24Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.038 in FY 2022)Full year 2023 results: EPS: ฿0.08 (up from ฿0.038 in FY 2022). Revenue: ฿529.0m (up 111% from FY 2022). Net income: ฿54.2m (up 180% from FY 2022). Profit margin: 10% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue.
Reported Earnings • Mar 04Full year 2025 earnings released: ฿0.031 loss per share (vs ฿0.029 loss in FY 2024)Full year 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.029 loss in FY 2024). Revenue: ฿301.7m (up 4.6% from FY 2024). Net loss: ฿25.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance.
공시 • Mar 02Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:30 SE Asia Standard Time. Location: hybrid meeting, deco green energy co., ltd., 20/11 , 20/12 moo 1, yai cha subdistrict, sam phran district, nakhon pathom province, Thailand
New Risk • Dec 23New minor risk - Dividend sustainabilityThe company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (฿694.6m market cap, or US$22.3m).
공시 • Dec 20Make to Win Holding Public Company Limited Announces Interim Dividend Payment for the Period Ended 19 December 2025, Payable on 19 January 2026Make To Win Holding Public Company Limited announced Interim dividend payment from Operating period from 01 January 2025 to 19-December 2025 of THB 0.0301 per share with par value of THB 0.50; Ex-dividend date: 30 December 2025; Record date for the right to receive dividends 05 January 2026.
New Risk • Nov 26New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿615.5m market cap, or US$19.1m).
Reported Earnings • Nov 16Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.017 loss in 3Q 2024)Third quarter 2025 results: ฿0.017 loss per share (in line with 3Q 2024). Revenue: ฿55.6m (up 16% from 3Q 2024). Net loss: ฿13.1m (loss widened 16% from 3Q 2024).
New Risk • Oct 15New 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 6.6% 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 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿984.8m market cap, or US$30.3m).
Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.011 in 1Q 2024)First quarter 2025 results: EPS: ฿0.002 (down from ฿0.011 in 1Q 2024). Revenue: ฿98.6m (down 11% from 1Q 2024). Net income: ฿1.62m (down 78% from 1Q 2024). Profit margin: 1.6% (down from 6.6% in 1Q 2024). The decrease in margin was driven by lower revenue.
New Risk • May 13New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major 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 Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿914.4m market cap, or US$27.3m).
공시 • Apr 02Make To Win Holding Public Company Limited Approves the Election of Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent DirectorMake To Win Holding Public Company Limited at its AGM held on April 2, 2025, approved the election of Ms. Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent Director.
New Risk • Mar 27New 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 10% 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 Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿721.2m market cap, or US$21.2m).
공시 • Feb 25+ 1 more updateMake To Win Holding Public Company Limited (SET:MTW) and Chunchit Tangphichayaphothiwat agreed to acquire Jungthai group Company Limited from Latda Khamrat and Pikun Hongsomboon for THB 5.2 million.Make To Win Holding Public Company Limited (SET:MTW) and Chunchit Tangphichayaphothiwat agreed to acquire Jungthai group Company Limited from Latda Khamrat and Pikun Hongsomboon for THB 5.2 million on February 24, 2025. A cash consideration of THB 5.25 million valued at THB 105 per share will be paid by Make To Win Holding Public Company Limited. As part of consideration, THB 5.25 million is paid towards common equity of Jungthai group Company Limited. The expected completion of the transaction is April 1, 2025.
New Risk • Nov 23New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (฿781.8m market cap, or US$22.7m).
Valuation Update With 7 Day Price Move • Sep 07Investor sentiment improves as stock rises 24%After last week's 24% share price gain to ฿1.47, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 43% over the past year.
Valuation Update With 7 Day Price Move • Aug 23Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿1.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year.
Reported Earnings • Aug 16Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.021 profit in 2Q 2023)Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.021 profit in 2Q 2023). Revenue: ฿65.8m (down 47% from 2Q 2023). Net loss: ฿5.94m (down 143% from profit in 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.
Buy Or Sell Opportunity • Aug 07Now 22% overvaluedOver the last 90 days, the stock has fallen 50% to ฿1.02. The fair value is estimated to be ฿0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 12%. Revenue is forecast to grow by 76% in a year. Earnings are forecast to grow by 213% in the next year.
Valuation Update With 7 Day Price Move • Jul 19Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿1.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 65% over the past year.
Valuation Update With 7 Day Price Move • Jun 26Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿1.57, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year.
Valuation Update With 7 Day Price Move • Jun 05Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿1.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Luxury industry in Asia. Total loss to shareholders of 67% over the past year.
Reported Earnings • May 20First quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.025 in 1Q 2023)First quarter 2024 results: EPS: ฿0.011 (down from ฿0.025 in 1Q 2023). Revenue: ฿111.0m (down 18% from 1Q 2023). Net income: ฿7.33m (down 57% from 1Q 2023). Profit margin: 6.6% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia.
Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿1.64, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 54% over the past year.
Valuation Update With 7 Day Price Move • Apr 22Investor sentiment deteriorates as stock falls 26%After last week's 26% share price decline to ฿2.16, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 38% over the past year.
공시 • Apr 10Make To Win Holding Public Company Limited Approves the Appointment of Pawaphak Arayapong as Independent DirectorMake To Win Holding Public Company Limited at its AGM held on April 9, 2024, approved the increase in the number of company directors from 8 people to 9 people and the appointment of one new company director, namely Mr. Pawaphak Arayapong, independent director position.
Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿2.82, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 10% over the past year.
Reported Earnings • Feb 24Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.038 in FY 2022)Full year 2023 results: EPS: ฿0.08 (up from ฿0.038 in FY 2022). Revenue: ฿529.0m (up 111% from FY 2022). Net income: ฿54.2m (up 180% from FY 2022). Profit margin: 10% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue.
공시 • Feb 23Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024, at 10:00 SE Asia Standard Time. Location: 9 / 7 0 , 9 / 8 8 Moo 3 , Om Yai, Sam Phran Nakorn Phathom Thailand Agenda: To consider certifying the minutes of the 2023 Annual General Meeting of Shareholders, held on April 24, 2023; to consider acknowledging the operating results for the year 2023 , ending on December 3 1, 2023; to consider and approve the financial statement report for the year 2023 ending December 31, 2023; to consider approving the cessation of allocation of net profits as legal reserve. and approved the suspension of dividend payments from the company's operating results. For the fiscal year ending 31 December 2023; to consider and approve the appointment of directors To replace directors whose terms expire in the year 2024; to consider approving the increase in the number of company directors from 8 to 9 people and the appointment of 1 new company director position.; to consider and approve the remuneration of the Company's Board of Directors and sub- committees for the year 2024.
공시 • Feb 06Make to Win Holding Public Company Limited Announces Resignation of Sittichai Kiatpaiboon as ChairmanMake To Win Holding Public Company Limited announced that Mr. Sittichai Kiatpaiboon, the Chairman of the Board has announced his resignation from the position of Chairman of the company's Board of Directors. Effective from February 2, 2024 onwards. This resignation is intended to resign from being Chairman of the Company's Board of Directors due to not being ready to perform work in this position. The Nomination and Remuneration Committee will consider selecting individuals with appropriate qualifications. to fill the vacant position, They will hold the position for the remaining term of the department that resigned and will propose To the Board of Directors To consider and approve and report information to the Stock Exchange of Thailand on the next occasion.
Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.006 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.019 (up from ฿0.006 in 3Q 2022). Revenue: ฿137.2m (up 127% from 3Q 2022). Net income: ฿12.9m (up 331% from 3Q 2022). Profit margin: 9.4% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia.
Reported Earnings • Aug 19Second quarter 2023 earnings released: EPS: ฿0.021 (vs ฿0.007 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.021 (up from ฿0.007 in 2Q 2022). Revenue: ฿123.1m (up 151% from 2Q 2022). Net income: ฿13.8m (up 286% from 2Q 2022). Profit margin: 11% (up from 7.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia.
Valuation Update With 7 Day Price Move • Aug 18Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿2.64, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Luxury industry in Asia.
공시 • Jul 12Make to Win Holding Public Company Limited Announces Appointment of Thunsiree Danrungroj as Chief Financial OfficerMake To Win Holding Public Company Limited announced appointment of Miss THUNSIREE DANRUNGROJ as Chief Financial Officer. Effective Date of Appointment is July 1, 2023.
공시 • Jun 02Make to Win Holding Public Company Limited Announces Resignation of Parama Rattanaubon as Chief Financial OfficerMake To Win Holding Public Company Limited announced resignation of Parama Rattanaubon as Chief Financial Officer. Effective Date of Termination: 01 June 2023.
Valuation Update With 7 Day Price Move • Dec 21Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to ฿2.90, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 18x in the Luxury industry in Thailand.