Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 27 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.0%). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.20 (vs ฿0.22 in FY 2024) Full year 2025 results: EPS: ฿0.20 (down from ฿0.22 in FY 2024). Revenue: ฿375.9m (up 11% from FY 2024). Net income: ฿19.8m (down 10% from FY 2024). Profit margin: 5.3% (down from 6.5% in FY 2024). The decrease in margin was driven by higher expenses. Declared Dividend • Mar 01
Dividend increased to ฿0.21 Dividend of ฿0.21 is 11% higher than last year. Ex-date: 7th May 2026 Payment date: 27th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 12x earnings). However, it is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 16% 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 1,251% to bring the payout ratio under control. However, EPS has declined by 51% over the last 5 years so the company would need to reverse this trend. Aankondiging • Feb 28
TBN Corporation Public Company Limited announces Annual dividend, payable on May 27, 2026 TBN Corporation Public Company Limited announced Annual dividend of THB 0.1800 per share payable on May 27, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Aankondiging • Feb 27
TBN Corporation Public Company Limited, Annual General Meeting, Apr 27, 2026 TBN Corporation Public Company Limited, Annual General Meeting, Apr 27, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.13 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.04 (down from ฿0.13 in 3Q 2024). Revenue: ฿95.6m (up 4.8% from 3Q 2024). Net income: ฿4.17m (down 68% from 3Q 2024). Profit margin: 4.4% (down from 14% in 3Q 2024). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.14 in 2Q 2024). Revenue: ฿93.3m (up 4.2% from 2Q 2024). Net income: ฿1.07m (down 92% from 2Q 2024). Profit margin: 1.1% (down from 15% in 2Q 2024). New Risk • May 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 90% Dividend yield: 3.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (฿595.0m market cap, or US$18.2m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.079 in 1Q 2024) First quarter 2025 results: EPS: ฿0.09 (up from ฿0.079 in 1Q 2024). Revenue: ฿97.6m (up 5.3% from 1Q 2024). Net income: ฿8.85m (up 12% from 1Q 2024). Profit margin: 9.1% (up from 8.5% in 1Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 17% and the cash payout ratio is 84%. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (1.0%). Aankondiging • Apr 29
Tbn Corporation Public Company Limited Approves Dividend for the Year 2024, Payable on May 23, 2025 TBN Corporation Public Company Limited in its Annual General Meeting of Shareholders held on April 28, 2025 approved the non-allocation of profits for legal reserve and the payment of a final dividend for the year 2024 from the Company's net profit according to the financial statements for the period January 1, 2024 to December 31, 2024, at a rate of THB 0.19 per share, amounting to THB 19.00 million, or 96.76% of the net profit of THB 19.64 million according to the Company's financial statements for the period January 1, 2024 to December 31, 2024. The total dividend will be subject to withholding tax at the rate prescribed by law. The proposed dividend payment is in line with the Company's dividend policy. The details of the proposed dividend payment are as follows: Dividend from BOI Promoted Profit: At a rate of THB 0.14 per share, amounting to THB 14.00 million. Dividend from Non-BOI Promoted Profit: At a rate of THB 0.05 per share, amounting to THB 5.00 million. The Company has scheduled the Record Date on May 7, 2025, and the actual dividend payment for the operating results of the fiscal year 2024 on May 23, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.22 (vs ฿0.84 in FY 2023) Full year 2024 results: EPS: ฿0.22 (down from ฿0.84 in FY 2023). Revenue: ฿339.5m (down 23% from FY 2023). Net income: ฿22.0m (down 70% from FY 2023). Profit margin: 6.5% (down from 17% in FY 2023). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Feb 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to ฿6.15. The fair value is estimated to be ฿7.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 31%. Buy Or Sell Opportunity • Feb 07
Now 20% undervalued Over the last 90 days, the stock has risen 3.9% to ฿6.70. The fair value is estimated to be ฿8.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 31%. New Risk • Jan 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 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿775.0m market cap, or US$22.9m). Buy Or Sell Opportunity • Jan 16
Now 20% undervalued Over the last 90 days, the stock has risen 7.0% to ฿6.85. The fair value is estimated to be ฿8.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 31%. Buy Or Sell Opportunity • Dec 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to ฿6.80. The fair value is estimated to be ฿8.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 31%. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.75, the stock trades at a trailing P/E ratio of 11.6x. Average forward P/E is 22x in the Software industry in Asia. Total loss to shareholders of 66% over the past year. Aankondiging • Aug 17
TBN Corporation Public Company Limited Announces Director and Committee Changes TBN Corporation Public Company Limited announced that the Board of Directors' Meeting No. 3/2024 held on August 14, 2024, has resolved to approve the appointment of directors to replace Mr. Sam Tanskul, who resigned from all positions as a director of the Company on May 20, 2024, as follows: Appointment of Mr. Wirawat Panthawangkun, currently serving as Director, Independent Director, Chairman of the Audit Committee, and Member of the Nomination and Remuneration Committee, as Vice Chairman of the Board and Chairman of the Risk Management Committee in addition to his current positions, to replace the resigned director, effective from August 14, 2024 onwards. Appointment of Mr. Pradit Mahasaksiri, to be a director of the Company, Independent Director, and Audit Committee Member, and Chairman of the Nomination and Remuneration Committee of the Company, replacing the
resigned director, by serving out the remaining term of the resigned director, effective from August 14, 2024 onwards. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.16 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.14. Revenue: ฿89.6m (down 13% from 2Q 2023). Net income: ฿13.6m (up 7.3% from 2Q 2023). Profit margin: 15% (up from 12% in 2Q 2023). The increase in margin was driven by lower expenses. New Risk • Jul 23
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 9.0% 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 High level of non-cash earnings (58% accrual ratio). Minor Risks Dividend is not well covered by cash flows (372% cash payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (฿530.0m market cap, or US$14.6m). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿7.00, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 24x in the Software industry in Asia. Total loss to shareholders of 65% over the past year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.08 (vs ฿0.33 in 1Q 2023) First quarter 2024 results: EPS: ฿0.08 (down from ฿0.33 in 1Q 2023). Revenue: ฿92.6m (down 21% from 1Q 2023). Net income: ฿7.91m (down 68% from 1Q 2023). Profit margin: 8.5% (down from 21% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Software industry in Asia. Aankondiging • Mar 01
TBN Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024 TBN Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To Acknowledge the company's operating result and the Annual Report for the year 2023; to consider and approve the Financial Statements of the company for the fiscal year 2023, ending on December 31, 2023; to consider and approve the non-allocation of profits for legal reserve and the dividend payment from the company's operating result for the fiscal year ending on December 31, 2023; to consider and approve the election of directors to replace those who are due to retire by rotation; to consider and approve the appointment of auditors and fix the Annual Fee for the year 2024; and to consider other matters. Aankondiging • Feb 29
TBN Corporation Public Company Limited Proposes Cash Dividend for the Operating Period from July 1, 2023 to December 31, 2023, Payable on May 20, 2024 TBN Corporation Public Company Limited proposed cash dividend of THB 0.14 per share for the operating period from July 1, 2023 to December 31, 2023. Dividend payable on May 20, 2024, record date of May 10, 2024 and ex-dividend date of May 9, 2024. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿16.10, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 28x in the Software industry in Asia. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿16.10, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 27x in the Software industry in Asia. Buying Opportunity • Sep 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ฿22.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last year. Earnings per share has declined by 69%. Revenue is forecast to grow by 43% in 2 years. Earnings is forecast to grow by 130% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ฿0.16 (vs ฿0.15 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.16 (up from ฿0.15 in 2Q 2022). Revenue: ฿102.5m (up 19% from 2Q 2022). Net income: ฿12.7m (up 68% from 2Q 2022). Profit margin: 12% (up from 8.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Software industry in Asia. Aankondiging • Jun 22
TBN Corporation Public Company Limited Announces Resignation of Mr. Sayam Siwarapornskul and Mr. Visuth Udompitisub as Director of the Company and Authorized Director, Effective from June 19, 2023 Onwards TBN Corporation Public Company Limited announced that Mr. Sayam Siwarapornskul and Mr. Visuth Udompitisub have resigned from the position of Director of the Company and Authorized Director, effective from June 19, 2023 onwards. New Risk • Jun 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% 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 Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Dividend per share is over 17x earnings per share. Dividend per share is over 24x cash flows per share. High level of non-cash earnings (35% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (฿2.08b market cap, or US$59.7m). Reported Earnings • Jun 21
First quarter 2023 earnings released: EPS: ฿0.33 (vs ฿0.15 in 1Q 2022) First quarter 2023 results: EPS: ฿0.33 (up from ฿0.15 in 1Q 2022). Revenue: ฿116.8m (up 26% from 1Q 2022). Net income: ฿24.9m (up 7.0% from 1Q 2022). Profit margin: 21% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Software industry in Asia.