New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 0.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.55b market cap, or US$47.9m). Announcement • May 13
Healthlead Public Company Limited (SET:HL) announces an Equity Buyback for 6,000,000 shares, representing 2.21% for THB 42 million. Healthlead Public Company Limited (SET:HL) announces a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, representing 2.20% of its issued share capital, for THB 42 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through April 30, 2026. As of March 12, 2026, the company had 272,000,000 shares in outstanding. New Risk • Mar 25
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: 3.5% 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.64b market cap, or US$50.3m). 
