Valuation Update With 7 Day Price Move • 7h
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.98, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 12x in the Consumer Durables industry in Thailand. Total returns to shareholders of 2.9% over the past three years. New Risk • Aug 17
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 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 Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿891.0m market cap, or US$27.0m). Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: ฿0.22 (vs ฿0.026 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.22 (up from ฿0.026 in 2Q 2025). Revenue: ฿228.7m (up 15% from 2Q 2025). Net income: ฿99.4m (up ฿87.7m from 2Q 2025). Profit margin: 44% (up from 5.9% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.09 (vs ฿0.081 in FY 2024) Full year 2025 results: EPS: ฿0.09 (up from ฿0.081 in FY 2024). Revenue: ฿762.6m (down 5.3% from FY 2024). Net income: ฿40.2m (up 9.9% from FY 2024). Profit margin: 5.3% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 02
Dividend of ฿0.04 announced Dividend of ฿0.04 is the same as last year. Ex-date: 11th March 2026 Payment date: 15th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 10% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 18% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Aankondiging • Feb 28
Function International Public Company Limited Proposes Cash Dividend for the Year Ended 31 December 2025, Payable on 15 May 2026 Function International Public Company Limited at its Annual General Meeting of Shareholders to be held on 30 April 2026, proposed cash dividend payment for the year ended 31 December 2025 to the shareholders at the rate of THB 0.08 per share, totaling 450,000,000 ordinary shares, amounted to THB 36,000,000. The Company has already paid interim dividend at the rate of THB 0.04 per share, totaling THB 18,000,000 on 15 December 2025. Therefore, the remaining dividend payment for 2025 performance in this period is THB 0.04 per share dividend (increase), totaling THB 18,000,000. And propose to the shareholders' meeting to consider refraining from allocating profits as legal reserve because the Company has legal reserve in the amount of THB 45,000,000, representing 10.00% of the registered capital. which is complete as required by law. The allocation of net profit and dividend payment are in line with the Company's policy. Payment date is 15 May 2026. Record date for the right to receive dividends is 12 March 2026. Ex-dividend date is 11 March 2026. Aankondiging • Feb 27
Function International Public Company Limited, Annual General Meeting, Apr 30, 2026 Function International Public Company Limited, Annual General Meeting, Apr 30, 2026, at 10:00 SE Asia Standard Time. New Risk • Dec 30
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 5.9% 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 Earnings have declined by 5.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (฿886.5m market cap, or US$28.2m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.028 (vs ฿0.004 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.028 (up from ฿0.004 loss in 3Q 2024). Revenue: ฿185.4m (down 2.2% from 3Q 2024). Net income: ฿12.5m (up ฿14.2m from 3Q 2024). Profit margin: 6.8% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.027 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿199.0m (down 12% from 2Q 2024). Net income: ฿11.7m (down 1.8% from 2Q 2024). Profit margin: 5.9% (up from 5.3% in 2Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.021 in 1Q 2024) First quarter 2025 results: EPS: ฿0.02 (down from ฿0.021 in 1Q 2024). Revenue: ฿203.8m (up 4.0% from 1Q 2024). Net income: ฿8.07m (down 17% from 1Q 2024). Profit margin: 4.0% (down from 4.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Aankondiging • May 01
Function International Public Company Limited Approves Dividend Payment for 2024, Payable on May 29, 2025 Function International Public Company Limited held its Annual General Meeting of Shareholders on April 30, 2025, in accordance with the requirements, approved the remaining dividend payment for 2024 performance which in this period is 0.04 baht per share, totaling 18,000,000 baht. The Company has set the date for determining the names of shareholders who are entitled to the dividend payment to be on March 18, 2025 (Record Date), and the dividend payment shall be made on May 29, 2025. And acknowledgement of interim dividend payment at the rate of 0.03 baht per share, totaling 13,500,000 baht on December 13, 2024. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ฿0.08 (vs ฿0.098 in FY 2023) Full year 2024 results: EPS: ฿0.08 (down from ฿0.098 in FY 2023). Revenue: ฿805.0m (up 3.4% from FY 2023). Net income: ฿36.6m (down 17% from FY 2023). Profit margin: 4.5% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Declared Dividend • Mar 02
Dividend of ฿0.04 announced Dividend of ฿0.04 is the same as last year. Ex-date: 17th March 2025 Payment date: 29th May 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (144% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.0% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 60% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Aankondiging • Feb 28
Function International Public Company Limited, Annual General Meeting, Apr 30, 2025 Function International Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:00 SE Asia Standard Time. Location: the meeting will be arranged only via an, whose address is at 313 charoen phatthana rd, bangchan, khlong sam wa, bangkok 1051 Thailand New Risk • Nov 22
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: 2.8% Last year net profit margin: 6.6% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 145% Paying a dividend despite having no free cash flows. Earnings have declined by 6.1% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (฿945.0m market cap, or US$27.2m). Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 13 December 2024. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (4.9%). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.04 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (down from ฿0.04 in 2Q 2023). Revenue: ฿226.8m (up 5.6% from 2Q 2023). Net income: ฿11.9m (down 38% from 2Q 2023). Profit margin: 5.3% (down from 9.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Aankondiging • Apr 19
Function International Public Company Limited Approves Dividend for the Year 2023, Payable on May 15, 2024 Function International Public Company Limited approve the dividend payment for the year 2023 to the shareholders in cash at the rate of 0.07 baht per share, totaling 450,000,000 ordinary shares, amounted to 31,500,000 baht, or equivalent to 70.79% of the net profit. The Company has already paid interim dividend at the rate of 0.03 baht per share, totaling 13,500,000 baht. Therefore, the remaining dividend payment for 2023 performance in this period is 0.04 baht per share, totaling 18,000,000 baht. The Company has set the date for determining the names of shareholders who are entitled to the dividend payment to be on March 12, 2024 (Record Date), and the dividend payment shall be made on May 15, 2024. And acknowledgement of interim dividend payment at the rate of 0.03 baht per share, totaling 13,500,000 baht on September 12, 2023. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 15 May 2024. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.10 (up from ฿0.09 in FY 2022). Revenue: ฿778.7m (up 12% from FY 2022). Net income: ฿44.1m (up 22% from FY 2022). Profit margin: 5.7% (up from 5.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 23%. Declared Dividend • Feb 29
Final dividend of ฿0.04 announced Shareholders will receive a dividend of ฿0.04. Ex-date: 11th March 2024 Payment date: 15th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (80% 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 company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. New Risk • Nov 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿945.0m market cap, or US$26.9m). Aankondiging • Nov 15
Function International Public Company Limited Announces Sub-Committees Appointments Function International Public Company Limited announced that the Board of Directors Meeting held on November 13, 2023, has resolved to approve the appointment of directors in sub-committees. The details are as follows: Approved the appointment of Dr. Somchint Pilouk to be member of the Risk Management Committee. Approved the appointment of Pol. Lt. Gen. Suraphong Chaijant to be member of the Good Corporate Governance Committee. The appointment will be effective from November 14, 2023 onwards. Risk Management Committee: Dr. Vikorn Poovapat, Chairman of the Risk Management Committee; Pol. Lt. Gen. Suraphong Chaijant, Member of the Risk Management Committee /Independent Director; Mr. Arunsak Wongkawiwit, Member of the Risk Management Committee; Mr. Piyapong Suwannarat, Member of the Risk Management Committee and Dr. Somchint Pilouk, Member of the Risk Management Committee /Independent Director (New Appoint). Good Corporate Governance Committee: Dr. Naris Chaiyasoot, Member of Good Corporate Governance Committee /Independent Director; Dr. Vikorn Poovapat, Member of Good Corporate Governance Committee; Dr. Somchint Pilouk, Member of Good Corporate Governance Committee /Independent Director and Pol. Lt. Gen. Suraphong Chaijant, Member of Good Corporate Governance Committee /Independent Director (New Appoint). Aankondiging • Oct 13
Function International Public Company Limited Announces Board Changes Function International Public Company Limited announced the resolution of the board of directors Meeting held on October 12, 2023, has resolved to appointment Miss Somchint Pilouk as Independent Director, Nomination and Compensation Committee and Corporate Governance Committee in replacement of General Pichit Boonyatikarn the former director who retired from office. This appointment effective from October 12, 2023, and having a term of office equal to the remaining term of the former director. Aankondiging • Oct 11
Function International Public Company Limited Announces the Resignation of Pichit Boonyatikarn as Independent Director, Chairman of Corporate Governance Committee and Nomination and Compensation Committee Function International Public Company Limited notified that General Pichit Boonyatikarn has resigned from Independent Director, Chairman of Corporate Governance Committee and Nomination and Compensation Committee of the Company because of his other businesses. The resignation iseffective from October 9, 2023 onwards. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.03 per share at 2.8% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 12 September 2023. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.38, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 29x in the Consumer Durables industry in Thailand. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.84, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 36x in the Consumer Durables industry in Thailand. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.019 (vs ฿0.039 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.019 (down from ฿0.039 in 2Q 2021). Revenue: ฿179.8m (flat on 2Q 2021). Net income: ฿7.30m (down 16% from 2Q 2021). Profit margin: 4.1% (down from 4.8% in 2Q 2021). Aankondiging • Aug 03
Function International Public Company Limited Announces Executive Changes Function International Public Company Limited announced the termination of Miss Vanida Issarasurakij as Accounting Manager while announced the appointment of Miss Thanuttha Junbangplee as Assistant Accounting Manager. Effective Date of Appointment is 01-Aug-2022. Aankondiging • Jul 08
Function International Public Company Limited Announces Executive Changes Function International Public Company Limited at its Board of Directors Meeting held on 7 July 2022, approved the appointment of Mr. Kaweewat Siriwongmongkol as the company's Director to replace Acting Sub Lt. Tanachot Saenharn with the effective on 7 July 2022; approved the appointment of Mr. Piyapong Suwannarat as the Executive Committee to replace Acting Sub Lt. Tanachot Saenharn with the effective on 7 July 2022; approved the appointment of Mr. Piyapong Suwannarat as the Risk Management Committee to replace Acting Sub Lt. Tanachot Saenharn with the effective on 7 July 2022. The company's Executive Committee comprise of: Mr. Vikorn Poovapat - Chairman of Executive Committee /Chief Executive Officer; Mrs. Voraya Poovapat - Executive Committee; Mr. Surapong Rungjang - Executive Committee; Mr. Charan Lerdteeraphoj - Executive Committee; Mr. Arunsak Wongkawiwit - Executive Committee; and Mr. Piyapong Suwannarat - Executive Committee (Newly Appointed). The company's Risk Management Committee comprise of: Mr. Vikorn Poovapat - Chairman of Risk Management Committee /Chief Executive Officer; Pol. Lt. Gen. Suraphong Chaijant - Risk Management Committee /Independent Director; Mr. Arunsak Wongkawiwit - Risk Management Committee; and Mr. Piyapong Suwannarat - Risk Management Committee (Newly Appointed). Aankondiging • Jul 02
Function International Public Company Limited Announces Resignation of Director Function International Public Company Limited would like to notify that Acting Sub Lt. Tanachot Saenharn has resigned from a director of the Company because of his other businesses. The resignation is effective from 1 July 2022 onwards. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿2.68, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 31x in the Consumer Durables industry in Thailand. Aankondiging • May 20
Function International Public Company Limited has completed an IPO in the amount of THB 325 million. Function International Public Company Limited has completed an IPO in the amount of THB 325 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 130,000,000
Price\Range: THB 2.5
Transaction Features: Reserved Share Offering 
