New Risk • Jul 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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. Board Change • Jun 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Maris Sangiampongsa was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.37 (vs ฿0.41 in 1Q 2025) First quarter 2026 results: EPS: ฿0.37 (down from ฿0.41 in 1Q 2025). Revenue: ฿251.0m (down 6.3% from 1Q 2025). Net income: ฿114.0m (down 9.7% from 1Q 2025). Profit margin: 45% (down from 47% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Mar 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Maris Sangiampongsa was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 10 March 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (7.3%). In line with average of industry peers (2.5%). Board Change • Feb 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Maris Sangiampongsa was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Dec 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Maris Sangiampongsa was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.52 (vs ฿0.23 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.52 (up from ฿0.23 in 3Q 2024). Revenue: ฿281.0m (up 8.3% from 3Q 2024). Net income: ฿158.3m (up 126% from 3Q 2024). Profit margin: 56% (up from 27% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Oct 02
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Nipon Poapongsakorn was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.23 (vs ฿0.38 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.23 (down from ฿0.38 in 2Q 2024). Revenue: ฿285.4m (up 8.4% from 2Q 2024). Net income: ฿68.6m (down 40% from 2Q 2024). Profit margin: 24% (down from 44% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Jul 08
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nipon Poapongsakorn was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Jun 18
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nipon Poapongsakorn was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 21
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nipon Poapongsakorn was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.41 (vs ฿0.32 in 1Q 2024) First quarter 2025 results: EPS: ฿0.41 (up from ฿0.32 in 1Q 2024). Revenue: ฿291.0m (up 8.4% from 1Q 2024). Net income: ฿126.3m (up 28% from 1Q 2024). Profit margin: 43% (up from 37% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 28
Thanulux Public Company Limited Appoints Nipon Poapongsakorn as Independent Director and Chairman of Audit Committee Thanulux Public Company Limited approved the appointment of Nipon Poapongsakorn as Independent Director and Chairman of Audit Committee at the annual general meeting of shareholders held on April 28, 2025. Board Change • Apr 24
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Chairman Pravej Ongartsittikul was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Mar 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Chairman Pravej Ongartsittikul was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Feb 26
Dividend increased to ฿0.40 Dividend of ฿0.40 is 33% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.9%. Board Change • Jan 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Chairman Pravej Ongartsittikul was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.23 (vs ฿0.87 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.23 (down from ฿0.87 in 3Q 2023). Revenue: ฿268.6m (down 57% from 3Q 2023). Net income: ฿69.9m (down 74% from 3Q 2023). Profit margin: 26% (down from 42% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 03
Noble Development Public Company Limited (SET:NOBLE) acquired the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million. Noble Development Public Company Limited (SET:NOBLE) acquired the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million on October 1, 2024.
Noble Development Public Company Limited (SET:NOBLE) completed the acquisition of the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million on October 1, 2024. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.38 (vs ฿0.39 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.38 (down from ฿0.39 in 2Q 2023). Revenue: ฿289.0m (down 54% from 2Q 2023). Net income: ฿114.7m (down 3.7% from 2Q 2023). Profit margin: 40% (up from 19% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿26.00, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 17x in the Luxury industry in Thailand. Total returns to shareholders of 73% over the past three years. Aankondiging • Aug 01
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL). I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) agreed to acquire TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) for approximately THB 670 million on April 22, 2024. A cash consideration of THB 669.9 million will be paid by I.C.C. International Public Company Limited, Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited. As part of consideration, THB 669.9 million is paid towards common equity of TNLX Company Limited. The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) on July 31, 2024. Aankondiging • Jul 12
Thanulux Public Company Limited Announces Board Changes Thanulux Public Company Limited announced that Mr. Maris Sangiampongsa has resigned from the positions of Independent Director and Audit Committee Member is effective from April 29, 2024. The Board of Directors Meeting No. 5/2024 held on July 11, 2024 has considered and appointed Ms. Choosri Kietkajornkul as Independent Director and Audit Committee. Therefore, the list of the Audit Committee is as follows; Prof.Dr. Suchatvee Suwansawat Independent Director and Chairman of Audit Committee Mr. Vittawat Panpanich Independent Director and Audit Committee Ms. Choosri Kietkajornkul Independent Director and Audit Committee. In this regard, the Company's directors who appointed to replace the resigned directors shall remain in their office during the term which the director they replaced was entitled, effective from July 11, 2024 onwards. the chairman of the board should be an independent director and to align with these principles, the company has considered and appointed Mr. Prawet Ong-ajitkul (Independent Director) as Chairman of the Board of Directors, Therefore, the list of the Company's directors is as follows; (1) Mr. Pravej Ongartsittikul Chairman and Independent Director (2) Mr. Thamarat Chokwatana Vice Chairman and Director (3) Mr. Kittichai Treerachataphong Chief Executive Officer and Directors (4) Mr. Surayut Thavikulwat Director (5) Mrs. Lapika Sasanavin Director (6) Ms. Chawadee Rungruang Director (7) Ms. Suthida Jongjenkit Director (8) Mr. Nuntawat Surawatsatien Director (9) Mr. Yotsakorn Srisuksawadi Director (10) Prof.Dr. Suchatvee Suwansawat Independent Director and Chairman of Audit Committee (11) Mr. Vittawat Panpanich Independent Director and Audit Committee (12) Ms. Choosri Kietkajornkul Independent Director and Audit Committee. Aankondiging • May 15
Thanulux Public Company Limited Announces Committee Changes Thanulux Public Company Limited informed that the Board of Directors Meeting No. 4/2024 held on May 13, 2024 has resolved the appointment of the Company's sub-committee as follows: Nomination and Remuneration Committee: Mr. Vichai Kulsomphob- Chairman of Nomination and Remuneration Committee and Mr. Kavin Kanjanapas- Nomination and Remuneration Committee. Corporate Governance, Risk Management and Sustainability Committee: SC.D.Suchatvee Suwansawat- Chairman of Corporate Governance, Risk Management and Sustainability Committee, Mr. Kittichai Treerachataphong- Corporate Governance, Risk Management and Sustainability Committee, Ms. Lapika Sasanavin- Corporate Governance, Risk Management and Sustainability Committee, Ms. Suthida Jongjenkit- Corporate Governance, Risk Management and Sustainability Committee, Mr. Nuntawat Surawatsatien- Corporate Governance, Risk Management and Sustainability Committee, Mr. Yotsakorn Srisuksawadi-Corporate Governance, Risk Management and Sustainability Committee. Executive Committee: Mr. Kavin Kanjanapas-Chairman of Executive Committee, Mr. Vichai Kulsomphob-Executive Committee. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.46 in 1Q 2023) First quarter 2024 results: EPS: ฿0.40. Revenue: ฿674.3m (up 7.1% from 1Q 2023). Net income: ฿122.5m (up 18% from 1Q 2023). Profit margin: 18% (up from 17% in 1Q 2023). Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (3.8%). Declared Dividend • Feb 29
Dividend increased to ฿0.30 Dividend of ฿0.30 is 50% higher than last year. Ex-date: 2nd May 2024 Payment date: 20th May 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.9%. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿1.76 (vs ฿0.87 in FY 2022) Full year 2023 results: EPS: ฿1.76 (up from ฿0.87 in FY 2022). Revenue: ฿2.87b (up 60% from FY 2022). Net income: ฿503.4m (up 353% from FY 2022). Profit margin: 18% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Nov 19
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 Risks High level of non-cash earnings (20% accrual ratio). Shareholders have been substantially diluted in the past year (144% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: ฿0.87 (vs ฿0.30 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.87 (up from ฿0.30 in 3Q 2022). Revenue: ฿841.9m (up 65% from 3Q 2022). Net income: ฿265.7m (up ฿229.6m from 3Q 2022). Profit margin: 32% (up from 7.1% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.39 (vs ฿0.18 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.39 (up from ฿0.18 in 2Q 2022). Revenue: ฿656.4m (up 50% from 2Q 2022). Net income: ฿119.1m (up 438% from 2Q 2022). Profit margin: 18% (up from 5.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 12
Thanulux Public Company Limited Announces Management Changes Thanulux Public Company Limited at the Board of Directors Meeting No. 8/2023 held on August 11, 2023 has resolved appointment of Mr. Vichai Kulsomphob Chairman of Nomination and Remuneration Committe; Mr. Kavin Kanjanapas Nomination and Remuneration Committee; Ms. Suthida Jongjenkit Corporate Governance, Risk Management and Sustainability Committee; Mr. Nuntawat Surawatsatien Corporate Governance, Risk Management and Sustainability Committee; Mr. Yotsakorn Srisuksawadi Corporate Governance, Risk Management and Sustainability Committee; Mr. Kavin Kanjanapas Chairman of Executive Committee; Mr. Vichai Kulsomphob Executive Committee. The appointment of the Company's sub-committee, the details are: Honorary Advisor of the Company's Board of Directors: Mr. Boonsithi Chokwatana, Honorary Advisor; Mr. Keeree Kanjanapas, Honorary Advisor; Mr. Manu Leelanuwatana, Honorary Advisor. The duration of the term is 1 year. Audit Committee: SC.D.Suchatvee Suwansawat, Chairman of Audit Committee; Mr. Maris Sangiampongsa, Audit Committee; Mr. Vittawat Panpanich, Audit Committee. The duration of the term is 1 year. Nomination and Remuneration Committee: Mr. Vichai Kulsomphob, Chairman of Nomination and Remuneration Committee; Mr. Kavin Kanjanapas, Nomination and Remuneration Committee; Mr. Surayut Thavikulwat, Nomination and Remuneration Committee; Ms. Suthida Jongjenkit, Nomination and Remuneration Committee. The duration of the term is 1 year. Corporate Governance, Risk Management and Sustainability Committee: SC.D.Suchatvee Suwansawat, Chairman of Corporate Governance, Risk Management and Sustainability Committee; Mr. Kittichai Treerachataphong Corporate Governance, Risk Management and Sustainability Committee; Ms. Lapika Sasanavin, Corporate Governance, Risk Management and Sustainability Committee; Ms. Suthida Jongjenkit, Corporate Governance, Risk Management and Sustainability Committee; Mr. Nuntawat Surawatsatien, Corporate Governance, Risk Management and Sustainability Committee; Mr. Yotsakorn Srisuksawadi, Corporate Governance, Risk Management and Sustainability Committee. The duration of the term is 1 year. Executive Committee: Mr. Kavin Kanjanapas, Chairman of Executive Committee; Mr. Vichai Kulsomphob, Executive Committee; Mr. Surayut Thavikulwat, Executive Committee; Mr. Kittichai Treerachataphong, Executive Committee; Ms. Lapika Sasanavin, Executive Committee; Ms. Suthida Jongjenkit, Executive Committee. The duration of the term is 1 year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ฿42.00, the stock trades at a trailing P/E ratio of 65.8x. Average trailing P/E is 21x in the Luxury industry in Thailand. Total returns to shareholders of 163% over the past three years. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.20 per share at 0.6% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.6%). Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Suchatchavee Suwansawas was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.30 (vs ฿0.09 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.30 (up from ฿0.09 in 3Q 2021). Revenue: ฿537.1m (up 80% from 3Q 2021). Net income: ฿36.1m (up 243% from 3Q 2021). Profit margin: 6.7% (up from 3.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 34% share price gain to ฿29.50, the stock trades at a trailing P/E ratio of 58.6x. Average trailing P/E is 17x in the Luxury industry in Thailand. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 23% share price gain to ฿20.90, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 18x in the Luxury industry in Thailand. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 96% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.4%). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wasin Teyateeti was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.52 (up from ฿0.09 in FY 2020). Revenue: ฿1.44b (up 27% from FY 2020). Net income: ฿62.6m (up 482% from FY 2020). Profit margin: 4.4% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.09 (vs ฿0.17 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿316.7m (up 26% from 3Q 2020). Net income: ฿10.5m (up ฿30.6m from 3Q 2020). Profit margin: 3.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.17 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿304.0m (up 58% from 2Q 2020). Net income: ฿24.5m (up 23% from 2Q 2020). Profit margin: 8.1% (down from 10% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Jul 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wasin Teyateeti was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Executive Departure • May 21
Independent Director has left the company On the 11th of May, Padoong Techasarintr's tenure as Independent Director ended after 27.1 years in the role. We don't have any record of a personal shareholding under Padoong's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.14 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿363.4m (down 8.3% from 1Q 2020). Net income: ฿18.0m (up 7.0% from 1Q 2020). Profit margin: 4.9% (up from 4.2% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 25 May 2021. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (3.5%). Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿0.17 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿274.6m (down 32% from 3Q 2019). Net loss: ฿20.0m (down 214% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has remained flat, which means it is well ahead of earnings. 
