Reported Earnings • Mar 04
Full year 2025 earnings released: ฿0.14 loss per share (vs ฿0.052 loss in FY 2024) Full year 2025 results: ฿0.14 loss per share (further deteriorated from ฿0.052 loss in FY 2024). Revenue: ฿533.6m (up 16% from FY 2024). Net loss: ฿102.5m (loss widened 162% from FY 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Announcement • Mar 02
BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 21, 2026 BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 18
Third quarter 2025 earnings released: ฿0.04 loss per share (vs ฿0.035 loss in 3Q 2024) Third quarter 2025 results: ฿0.04 loss per share (further deteriorated from ฿0.035 loss in 3Q 2024). Revenue: ฿163.5m (up 73% from 3Q 2024). Net loss: ฿30.1m (loss widened 13% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Aug 27
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 (-฿57m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (฿98.3m market cap, or US$3.02m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.002 profit in 2Q 2024) Second quarter 2025 results: ฿0.03 loss per share (down from ฿0.002 profit in 2Q 2024). Revenue: ฿143.4m (up 35% from 2Q 2024). Net loss: ฿22.7m (down ฿24.5m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. New Risk • May 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿3.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-฿3.5m free cash flow). Earnings have declined by 38% per year over the past 5 years. Market cap is less than US$10m (฿136.1m market cap, or US$4.08m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Mar 20
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 10% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (฿158.8m market cap, or US$4.70m). Reported Earnings • Feb 27
Full year 2024 earnings released: ฿0.05 loss per share (vs ฿1.02 loss in FY 2023) Full year 2024 results: ฿0.05 loss per share (improved from ฿1.02 loss in FY 2023). Revenue: ฿458.5m (down 23% from FY 2023). Net loss: ฿39.1m (loss narrowed 95% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 39% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 22, 2025 BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 17
Now 24% overvalued Over the last 90 days, the stock has fallen 25% to ฿0.21. The fair value is estimated to be ฿0.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Earnings per share has declined by 74%. Buy Or Sell Opportunity • Jan 16
Now 27% overvalued Over the last 90 days, the stock has fallen 27% to ฿0.22. The fair value is estimated to be ฿0.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Earnings per share has declined by 74%. Buy Or Sell Opportunity • Dec 24
Now 23% overvalued Over the last 90 days, the stock has fallen 31% to ฿0.22. The fair value is estimated to be ฿0.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Earnings per share has declined by 74%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0.41 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.003 (up from ฿0.41 loss in 2Q 2023). Revenue: ฿108.0m (down 39% from 2Q 2023). Net income: ฿1.79m (up ฿311.1m from 2Q 2023). Profit margin: 1.7% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Jul 17
Bt Wealth Industries Public Company Limited Announces Resignation of Mr. Nopparat Phumphant as CFO BT Wealth Industries Public Company Limited announced resignation of Mr. Nopparat PhumPhant as (Acting) Vice President, Finance and Accounting Division (CFO), effective from July 15, 2024. Reported Earnings • Feb 22
Full year 2023 earnings released: ฿1.02 loss per share (vs ฿0.046 profit in FY 2022) Full year 2023 results: ฿1.02 loss per share (down from ฿0.046 profit in FY 2022). Revenue: ฿596.6m (down 74% from FY 2022). Net loss: ฿769.5m (down ฿804.0m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Feb 21
BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 23, 2024 BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 23, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledge the company's operating performance, the management discussion and analysis and other important information for the year 2023; to consider and approve the audited financial statements for the year ended December 31, 2023; and to consider other matters. Announcement • Dec 06
BT Wealth Industries Public Company Limited Announces CFO Changes BT Wealth Industries Public Company Limited appointed Mr. Nopparat PhumPhant as (Acting) Vice President, Finance and Accounting Division (CFO) effective from December 7, 2023 and termination of Pornphimol Buthburee as Vice President Finance and Accounting Division (CFO), effective from December 6, 2023. Announcement • Nov 29
BT Wealth Industries Public Company Limited Announces Board Changes BT Wealth Industries Public Company Limited informed that The Board of Directors' meeting on November 29, 2023 passed important resolutions, summarized as follows: To acknowledge the resignation of Mr. Visuth Jirathiyut from the position Executive Director and Authorized Directorof the Company and its subsidiaries (Best Tech and Engineering Ltd.) with effect from November 27, 2023 onwards. Appointment Mr. Piyapat Russamitinakornkul as an Executive Director and Authorized Director, effective from November 30, 2023 onwards. Reported Earnings • Nov 20
Third quarter 2023 earnings released: ฿0.19 loss per share (vs ฿0.037 loss in 3Q 2022) Third quarter 2023 results: ฿0.19 loss per share (further deteriorated from ฿0.037 loss in 3Q 2022). Revenue: ฿48.1m (down 93% from 3Q 2022). Net loss: ฿145.7m (loss widened 415% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 15% per year over the past 5 years. Market cap is less than US$10m (฿257.0m market cap, or US$7.24m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.41 loss per share (vs ฿0.03 profit in 2Q 2022) Second quarter 2023 results: ฿0.41 loss per share (down from ฿0.03 profit in 2Q 2022). Revenue: ฿176.5m (down 70% from 2Q 2022). Net loss: ฿309.3m (down ฿332.3m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿0.05 (vs ฿0.19 loss in FY 2021) Full year 2022 results: EPS: ฿0.05 (up from ฿0.19 loss in FY 2021). Revenue: ฿2.26b (up 78% from FY 2021). Net income: ฿34.5m (up ฿177.0m from FY 2021). Profit margin: 1.5% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2022 earnings released: ฿0.037 loss per share (vs ฿0.002 loss in 3Q 2021) Third quarter 2022 results: ฿0.037 loss per share (further deteriorated from ฿0.002 loss in 3Q 2021). Revenue: ฿707.7m (up 83% from 3Q 2021). Net loss: ฿28.3m (loss widened ฿27.0m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 16
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be ฿1.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 32%. Announcement • Feb 25
BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 19, 2022 BT Wealth Industries Public Company Limited, Annual General Meeting, Apr 19, 2022, at 07:00 Coordinated Universal Time. Location: 3rd meeting room at BT Wealth Industries Plc. no. 593/3 Ramkhamhaeng Rd Wangthonglang Bangkok Thailand Agenda: To approve company's operating performance, the management discussion and analysis and other important information for the year 2021; to approve audited financial statements for the year ended December 31, 2021; to consider and approve allocation of net profit for the year 2021 and dividend payment; to consider and elect directors in replacement of those retired by rotation; to consider and approve directors' remuneration for the year 2022 and the allocation of directors' annual gratuity; to consider and appoint the auditors and fix the auditing fee for the year 2022; and to consider other matters. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: ฿0.19 loss per share (down from ฿0.057 profit in FY 2020). Revenue: ฿1.27b (down 14% from FY 2020). Net loss: ฿142.5m (down 433% from profit in FY 2020). Revenue missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 24
BT Wealth Industries Public Company Limited Announces Board Appointments BT Wealth Industries Public Company Limited approved the appointment of Mr. Sarawut Charuchinda as vice chairman of the board. The company also approved the appointment of Mr. Chotic Russamitinakornkul as vice chairman of the board. The effective date is on February 22, 2022, at the board meeting held on February 22, 2022. Reported Earnings • Nov 11
Third quarter 2021 earnings released: ฿0.002 loss per share (vs ฿0.009 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: ฿385.9m (up 30% from 3Q 2020). Net loss: ฿1.27m (loss narrowed 82% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.028 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿260.9m (down 27% from 2Q 2020). Net loss: ฿84.0m (down ฿104.8m from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿1.01, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 27x in the Construction industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.02 loss per share (vs ฿0.017 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿357.1m (down 22% from 1Q 2020). Net loss: ฿13.9m (down 210% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.31, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 23x in the Construction industry in Thailand. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 15% share price gain to ฿1.21, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 22x in the Construction industry in Thailand. Total loss to shareholders of 40% over the past three years. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.06 (vs ฿0.26 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.47b (up 2.2% from FY 2019). Net income: ฿42.8m (up ฿240.5m from FY 2019). Profit margin: 2.9% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 04
New 90-day high: ฿0.86 The company is up 12% from its price of ฿0.77 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 7.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿0.01 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: ฿297.5m (down 8.0% from 3Q 2019). Net loss: ฿7.10m (loss narrowed 91% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day low: ฿0.74 The company is down 12% from its price of ฿0.84 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 19% over the same period. 
