Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.22, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 10x in the Construction industry in Thailand. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿3.18, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 10x in the Construction industry in Thailand. Total loss to shareholders of 32% over the past three years. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: ฿0.32 (vs ฿3.84 loss in FY 2024) Full year 2025 results: EPS: ฿0.32 (up from ฿3.84 loss in FY 2024). Revenue: ฿525.9m (up 416% from FY 2024). Net income: ฿84.9m (up ฿303.3m from FY 2024). Profit margin: 16% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Aankondiging • Mar 04
Hydrotek Public Company Limited, Annual General Meeting, Apr 29, 2026 Hydrotek Public Company Limited, Annual General Meeting, Apr 29, 2026, at 17:00 SE Asia Standard Time. Location: 4/103 w building, moo11, lat sawai subdistrict, lam luk ka district, pathum thani 12150, Thailand Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: ฿0.22 (vs ฿0.68 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.22 (up from ฿0.68 loss in 3Q 2024). Revenue: ฿162.9m (up 242% from 3Q 2024). Net income: ฿63.9m (up ฿103.7m from 3Q 2024). Profit margin: 39% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Nov 11
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Director Pimjai Ariyakeereevarakup is the most experienced director on the board, commencing their role in 2025. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.024 (vs ฿0.32 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.024 (up from ฿0.32 loss in 2Q 2024). Revenue: ฿208.8m (up ฿191.3m from 2Q 2024). Net income: ฿7.08m (up ฿25.9m from 2Q 2024). Profit margin: 3.4% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.003 (vs ฿0.10 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.003 (up from ฿0.10 loss in 1Q 2024). Revenue: ฿44.8m (up 40% from 1Q 2024). Net income: ฿413.0k (up ฿5.82m from 1Q 2024). Profit margin: 0.9% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. New Risk • Apr 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 400% 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 Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-฿148m). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Revenue is less than US$5m (฿102m revenue, or US$3.0m). Market cap is less than US$100m (฿405.5m market cap, or US$12.0m). Board Change • Apr 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Surasak Meemanee is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Mar 13
Hydrotek Public Company Limited Announces Board and Committee Changes Hydrotek Public Company Limited announced that Mrs. Wipaporn Chairatana resigned from position as Independent Director, effective date is April 24, 2024 and expire date is March 14, 2025. From Audit Committee, effective date is April 24, 2024 and expire date is March 14, 2025. And from Chairman of the Nomination and Remuneration Committee, expire date is March 14, 2025. Terminate Reason: due to other missions. Further, the company appointed Dr. Narun Suwanchotchoung as Independent Director and Member of the Nomination and Remuneration Committee, effective date is March 13, 2025 and expire date is March 13, 2025. Also appointed Mr. Yutthana Taepangthong as Independent Director, Member of the Audit Committee and Member of the Nomination and Remuneration Committee, effective date is March 13, 2025. The Audit Committee is consisted of Chairman of the Audit Committee: Acmsurasak Meemanee, Audit Committee: Mr. Phongphat Chittanurak and Member of the Audit Committee: Mr. Yutthana Taepangthong. The Audit Committee is consisted of: ACMSURASAK MEEMANEE, CHAIRMAN OF THE AUDIT COMMITTEE, Mr.PHONGPHAT CHITTANURAK AUDIT COMMITTEE, Mr.Yutthana Taepangthong Member of the Audit Committee. New Risk • Mar 10
New major risk - Negative shareholders equity The company has negative equity. Total equity: -฿148m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-฿148m). Market cap is less than US$10m (฿100.5m market cap, or US$2.97m). Minor Risk Revenue is less than US$5m (฿102m revenue, or US$3.0m). Board Change • Mar 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Surasak Meemanee is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Feb 10
Hydrotek Public Company Limited Announces Board and Committee Changes Hydrotek Public Company Limited resolved at the Board of Directors' Meeting No. 2/2025 held on 7 February 2025 as follows: Acknowledged the resignation of Mr. Somprasong Panjalak, the Chairman of the Board /Executive committee /Authorized Director, due to his personal missions, effective from 6 February 2025 onwards; and Acknowledged the resignation of Mr. Somchan Panjalak, the Director /Executive committee /Authorized Director /Nomination and Remuneration Committee, due to his personal missions, effective from 7 February 2025 At 12.00 PM onwards; and Acknowledged the resignation of Mr. Pramin Phantawesak, the Independent Director /Member of the Audit Committee, due to his personal missions, effective from 7 February 2025 onwards; and Approved the appointment of Asst.Prof.Dr.Phongphat Chittanurak to be an independent Director /the Chairman of the Board and Member of the Audit Committee, effective from 7 February 2025 onwards; and Approved the appointment of Miss Pimjai Ariyakeereevarakup to be the Director /Authorized Director, effective from 7 February 2025 onwards; and Approved the appointment of Miss Sidapan Sombuttheera to be the Director /Authorized Director, effective from 7 February 2025 onwards. Aankondiging • Aug 30
Hydrotek Public Company Limited Announces Resignation of Siridech Kumsuprom as Independent Director and Member of the Nomination, Remuneration and Audit Committee Hydrotek Public Company Limited announced that Dr. Siridech Kumsuprom, a Director, an Independent Director, Member of the Nomination and Remuneration Committee and Member of Audit Committee, has informed of his resignation to be effective from 29 August 2024 onward due to his other missions. In this regard, the Company is in the process of selecting a qualified person to fill such vacancy and will nominate to the Board for further consideration and appointment. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.043 loss per share (vs ฿0.055 loss in 2Q 2023) Second quarter 2024 results: ฿0.043 loss per share. Revenue: ฿18.6m (up 1.5% from 2Q 2023). Net loss: ฿18.8m (loss widened 9.7% from 2Q 2023). Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.013 loss per share (vs ฿0.04 loss in 1Q 2023) First quarter 2024 results: ฿0.013 loss per share (improved from ฿0.04 loss in 1Q 2023). Revenue: ฿31.9m (up 82% from 1Q 2023). Net loss: ฿5.41m (loss narrowed 57% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 26
Hydrotek Public Company Limited Announces Board Changes Hydrotek Public Company Limited announced the appointment of Appointed Mr. Pramin Panthaveesak to be an Independent Director instead of Mr. Slib Soongsawang who resigned from the Company on February 8, 2022, with additional details appearing in the letter which the Company Sent to the Stock Exchange of Thailand on February 10, 2022, effective from February 28, 2022 onwards. Approve the change of authorized director of the Company. which will be effective from February 28, 2022 onwards. Originally, Mr. Somchan Panjalak, Mr. Slib Soongsawang, Mr. Banjerd Thongcharoen and Mr. Somprasong Panjalak Two-quarter joint signature and company seal. Changed to Mr. Somchan Panjalak, Mr. Banjerd Thongcharoen and Mr. Somprasong Panjalak Two-thirds jointly signed and stamped with the company's seal. Reported Earnings • Mar 03
Full year 2023 earnings released: ฿0.23 loss per share (vs ฿0.26 loss in FY 2022) Full year 2023 results: ฿0.23 loss per share (improved from ฿0.26 loss in FY 2022). Revenue: ฿76.9m (down 42% from FY 2022). Net loss: ฿71.7m (loss narrowed 11% from FY 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Aankondiging • Mar 01
Hydrotek Public Company Limited, Annual General Meeting, Apr 30, 2024 Hydrotek Public Company Limited, Annual General Meeting, Apr 30, 2024, at 10:00 SE Asia Standard Time. Agenda: To certify the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2023 held on 14 December 2023; to consider and acknowledge the Company's operating results for the year 2023; to consider and approve the consolidated Financial Statements for the year ended 31 December 2023; to consider and approve the non-allocation of net profit as legal reserve and the omission of dividend payment Results for performance; to consider electing directors to replace those who retire by rotation; to consider and approve the remuneration of directors Yearly 2024; to consider and approve the appointment of the auditor and determine the audit fee for the year 2024; to consider approving the decrease of the Company's registered capital and the amendment of Clause 4 of the Company's Memorandum of Association to comply with the reduction of registered capital; and to consider other related matters (if any). New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Market cap is less than US$10m (฿155.1m market cap, or US$4.34m). Minor Risk Revenue is less than US$5m (฿73m revenue, or US$2.0m). Aankondiging • Dec 27
Hydrotek Public Company Limited has filed a Follow-on Equity Offering. Hydrotek Public Company Limited has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 207,950,336
Transaction Features: Rights Offering Reported Earnings • Nov 16
Third quarter 2023 earnings released: ฿0.041 loss per share (vs ฿0.11 loss in 3Q 2022) Third quarter 2023 results: ฿0.041 loss per share (improved from ฿0.11 loss in 3Q 2022). Revenue: ฿28.7m (up 150% from 3Q 2022). Net loss: ฿12.8m (loss narrowed 63% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. New Risk • Oct 09
New major risk - Share price stability The 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 Less than 1 year of cash runway based on free cash flow trend (-฿40m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (฿99.8m market cap, or US$2.69m). Minor Risk Revenue is less than US$5m (฿56m revenue, or US$1.5m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: ฿0.055 loss per share (vs ฿0.037 loss in 2Q 2022) Second quarter 2023 results: ฿0.055 loss per share (further deteriorated from ฿0.037 loss in 2Q 2022). Revenue: ฿18.3m (down 66% from 2Q 2022). Net loss: ฿17.1m (loss widened 47% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.04 loss per share (vs ฿0.033 loss in 1Q 2022) First quarter 2023 results: ฿0.04 loss per share (further deteriorated from ฿0.033 loss in 1Q 2022). Revenue: ฿17.6m (down 70% from 1Q 2022). Net loss: ฿12.6m (loss widened 23% from 1Q 2022). Board Change • Jan 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Siridech Kumsuprom was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.11 loss per share (vs ฿0.017 loss in 3Q 2021) Third quarter 2022 results: ฿0.11 loss per share (further deteriorated from ฿0.017 loss in 3Q 2021). Revenue: ฿11.5m (down 87% from 3Q 2021). Net loss: ฿34.7m (loss widened ฿31.4m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Siridech Kumsuprom was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿53.8m (up 14% from 2Q 2021). Net loss: ฿11.7m (loss widened 74% from 2Q 2021). Reported Earnings • May 16
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: ฿59.2m (down 30% from 1Q 2021). Net loss: ฿10.2m (down 275% from profit in 1Q 2021). Revenue missed analyst estimates by 2.5%. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Siridech Kumsuprom was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Siridech Kumsuprom was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: ฿0.013 loss per share (up from ฿0.31 loss in FY 2020). Revenue: ฿293.0m (up 74% from FY 2020). Net loss: ฿20.0m (loss narrowed 73% from FY 2020). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.002 loss per share (vs ฿0.018 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿63.4m (up 71% from 3Q 2020). Net loss: ฿3.31m (loss narrowed 86% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.004 (vs ฿0.02 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿84.2m (up 175% from 1Q 2020). Net income: ฿5.83m (up ฿21.8m from 1Q 2020). Profit margin: 6.9% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿0.077 loss per share (vs ฿0.35 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ฿168.4m (down 40% from FY 2019). Net loss: ฿74.3m (loss narrowed 73% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 08
New 90-day high: ฿0.29 The company is up 4.0% from its price of ฿0.28 on 09 October 2020. The Thai market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: ฿0.02 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: ฿37.0m (up 48% from 3Q 2019). Net loss: ฿23.4m (loss narrowed 61% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings.