New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 3.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.061 (vs ฿0.075 in 1Q 2025) First quarter 2026 results: EPS: ฿0.061 (down from ฿0.075 in 1Q 2025). Revenue: ฿1.66b (flat on 1Q 2025). Net income: ฿113.5m (down 18% from 1Q 2025). Profit margin: 6.8% (down from 8.3% in 1Q 2025). 공시 • Apr 23
Asia Network International Public Company Limited Approves Dividend Payment for the Year Ended December 31, 2025 Asia Network International Public Company Limited at its AGM held on April 20, 2026 approved the allocation of net profit as legal reserve for the year ended December 31, 2025, and acknowledged the interim dividend payment with the details as follows: Approved the allocation of net profit as legal reserve for the year ended December 31, 2025 in the amount of THB 17,400,000; Acknowledged the interim dividend payment for the first nine months (January 1, 2025 September 30, 2025) at a rate of THB 0.15 per share, totaling THB 277,200,000; and Approved the dividend payment for the year ended December 31, 2025 to shareholders at a rate of THB 0.20 per share, totaling THB 369,600,000, and approve the remaining dividend payment at a rate of THB 0.05 per share, totaling THB 92,400,000. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 19 May 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (5.8%). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.31 (vs ฿0.36 in FY 2024) Full year 2025 results: EPS: ฿0.31 (down from ฿0.36 in FY 2024). Revenue: ฿7.41b (down 12% from FY 2024). Net income: ฿573.2m (down 14% from FY 2024). Profit margin: 7.7% (down from 7.9% in FY 2024). The decrease in margin was driven by lower revenue. 공시 • Feb 26
Asia Network International Public Company Limited Proposes Dividend Payment for the Year Ended December 31, 2025, Payable on May 19, 2026 Asia Network International Public Company Limited proposed cash dividend of THB 0.05 per share. Record date for the right to receive dividends is April 28, 2026. Ex-dividend date is April 27, 2026. Payment date is May 19, 2026. Paid from: Operating period from 01 January 2025 to 31 December 2025. Shareholder's meeting date is 20 April 2026. 공시 • Feb 25
Asia Network International Public Company Limited, Annual General Meeting, Apr 20, 2026 Asia Network International Public Company Limited, Annual General Meeting, Apr 20, 2026, at 14:00 SE Asia Standard Time. New Risk • Jan 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 06
Dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 17th November 2025 Payment date: 2nd December 2025 Dividend yield will be 4.7%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 100% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: ฿0.079 (vs ฿0.095 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.079 (down from ฿0.095 in 3Q 2024). Revenue: ฿1.91b (down 19% from 3Q 2024). Net income: ฿146.1m (down 17% from 3Q 2024). Profit margin: 7.7% (up from 7.5% in 3Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: ฿0.074 (vs ฿0.092 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.074 (down from ฿0.092 in 2Q 2024). Revenue: ฿1.83b (down 15% from 2Q 2024). Net income: ฿136.0m (down 20% from 2Q 2024). Profit margin: 7.4% (down from 8.0% in 2Q 2024). The decrease in margin was driven by lower revenue. 공시 • Jul 03
Asia Network International Public Company Limited Announces Change of CFO Asia Network International Public Company Limited announced termination of Mr. Chairat Suwan as Chief Financial Officer, effective June 30, 2025 and appointed Mr. Prayudth Uasereevong as Acting CFO, effective July 1, 2025. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.44, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 10x in the Logistics industry in Thailand. Total loss to shareholders of 13% over the past year. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.88, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Logistics industry in Thailand. Total loss to shareholders of 28% over the past year. New Risk • May 28
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 9.2% 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: Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿2.88, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Logistics industry in Thailand. Total loss to shareholders of 34% over the past year. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.075 (vs ฿0.088 in 1Q 2024) First quarter 2025 results: EPS: ฿0.075 (down from ฿0.088 in 1Q 2024). Revenue: ฿1.68b (up 10.0% from 1Q 2024). Net income: ฿138.1m (down 15% from 1Q 2024). Profit margin: 8.2% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 18
Full year 2024 earnings released: EPS: ฿0.36 (vs ฿0.61 in FY 2023) Full year 2024 results: EPS: ฿0.36 (down from ฿0.61 in FY 2023). Revenue: ฿8.45b (up 43% from FY 2023). Net income: ฿664.4m (down 17% from FY 2023). Profit margin: 7.9% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. 공시 • Feb 17
Asia Network International Public Company Limited, Annual General Meeting, Apr 21, 2025 Asia Network International Public Company Limited, Annual General Meeting, Apr 21, 2025, at 14:00 SE Asia Standard Time. Upcoming Dividend • Nov 12
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 03 December 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (6.6%). Higher than average of industry peers (3.3%). Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: ฿0.095 (vs ฿0.19 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.095 (down from ฿0.19 in 3Q 2023). Revenue: ฿2.35b (up 72% from 3Q 2023). Net income: ฿176.4m (down 27% from 3Q 2023). Profit margin: 7.5% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿0.092 (vs ฿0.19 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.092 (down from ฿0.19 in 2Q 2023). Revenue: ฿2.15b (up 57% from 2Q 2023). Net income: ฿170.5m (down 29% from 2Q 2023). Profit margin: 7.9% (down from 18% in 2Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.088 (vs ฿0.74 in 1Q 2023) First quarter 2024 results: EPS: ฿0.088 (down from ฿0.74 in 1Q 2023). Revenue: ฿1.53b (up 26% from 1Q 2023). Net income: ฿163.0m (down 78% from 1Q 2023). Profit margin: 11% (down from 62% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Logistics industry in Thailand. 공시 • May 02
Asia Network International Public Company Limited Announces Committee Changes, Effective 1 May 2024 The Board of Directors' meeting of Asia Network International Public Company Limited held on 30 April 2024, resolved to appoint the following directors as the directors of the Company's sub-committees: Mr. Tipp Dalal- Chairman of Executive Committee, Mr. Thomas Tay Nguen Cheong- Member of the Executive Committee /Member of the Nomination and Remuneration Committee, Mr. Damien Seah Yang Hwee- Member of the Audit Committee. In this regard, the above appointment of the Company's sub-committees shall be effective from 1 May 2024 onwards. 공시 • Feb 22
Asia Network International Public Company Limited, Annual General Meeting, Apr 22, 2024 Asia Network International Public Company Limited, Annual General Meeting, Apr 22, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider Chairman's Report; to acknowledge the minutes of the 2023 Annual General Meeting of Shareholders held on April 17, 2023; to acknowledge the operating result of the Company for the year ended 2023; to consider and approve the statement of financial position and statement of comprehensive income for the year ended 31 December 2023; to consider and approve the dividend payment for the year ended 2023 and the allocation of net profit as legal reserve including to acknowledge the interim dividend payment; and to consider other matters. New Risk • Feb 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 20% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). 공시 • Feb 21
Asia Network International Public Company Limited Proposes Dividend Payment for the Year 2023, Payable on 20 May 2024 Asia Network International Public Company Limited board resolved to propose to the 2024 Annual General Meeting of Shareholders to consider and approve the annual dividend payment of the year 2023 to shareholders at the rate of THB 0.05 per share, totaling THB 92,400,000. However, the Company also had distributed an interim dividend payment in year 2023 at the rate of THB 0.46 per share therefore the accumulate dividend is THB 0.51 per share or totaling THB 687,300,106.00, which provided that the date to determine the shareholders who will be entitled to receive the dividend (Record Date) will be on 29 April 2024. The dividend payment date will be on date 20 May 2024.