New Risk • Mar 13
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 6.9% 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 Risks Interest payments are not well covered by earnings (1.4x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 125% Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿964.8m market cap, or US$29.9m). Reported Earnings • Feb 26
Full year 2025 earnings released: ฿1.62 loss per share (vs ฿0.76 loss in FY 2024) Full year 2025 results: ฿1.62 loss per share (further deteriorated from ฿0.76 loss in FY 2024). Revenue: ฿6.83b (down 13% from FY 2024). Net loss: ฿77.7m (loss widened 114% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
Fine Metal Technologies Public Company Limited, Annual General Meeting, Apr 29, 2026 Fine Metal Technologies Public Company Limited, Annual General Meeting, Apr 29, 2026, at 10:00 SE Asia Standard Time. Location: grand hall room,28th floor bangkok club, sathorn city tower building, tower building Thailand Reported Earnings • Nov 15
Third quarter 2025 earnings released: ฿1.04 loss per share (vs ฿1.59 loss in 3Q 2024) Third quarter 2025 results: ฿1.04 loss per share (improved from ฿1.59 loss in 3Q 2024). Revenue: ฿1.39b (down 29% from 3Q 2024). Net loss: ฿50.0m (loss narrowed 34% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 08
Second quarter 2025 earnings released: ฿0.30 loss per share (vs ฿0.24 loss in 2Q 2024) Second quarter 2025 results: ฿0.30 loss per share (further deteriorated from ฿0.24 loss in 2Q 2024). Revenue: ฿1.69b (down 15% from 2Q 2024). Net loss: ฿14.2m (loss widened 25% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • Jun 19
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 7.8% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (฿1.27b market cap, or US$38.7m). Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: ฿0.48 (vs ฿0.44 in 1Q 2024) First quarter 2025 results: EPS: ฿0.48 (up from ฿0.44 in 1Q 2024). Revenue: ฿2.07b (up 7.6% from 1Q 2024). Net income: ฿22.9m (up 7.6% from 1Q 2024). Profit margin: 1.1% (in line with 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 26
Dividend of ฿1.00 announced Shareholders will receive a dividend of ฿1.00. Ex-date: 7th March 2025 Payment date: 28th May 2025 Dividend yield will be 3.2%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 10% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Feb 22
Full year 2024 earnings released: ฿0.76 loss per share (vs ฿2.01 profit in FY 2023) Full year 2024 results: ฿0.76 loss per share (down from ฿2.01 profit in FY 2023). Revenue: ฿7.84b (up 16% from FY 2023). Net loss: ฿36.4m (down 138% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 14
Third quarter 2024 earnings released: ฿1.59 loss per share (vs ฿0.16 profit in 3Q 2023) Third quarter 2024 results: ฿1.59 loss per share (down from ฿0.16 profit in 3Q 2023). Revenue: ฿1.97b (up 37% from 3Q 2023). Net loss: ฿76.2m (down ฿83.8m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Aug 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 5.1% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (334% payout ratio). Market cap is less than US$100m (฿1.72b market cap, or US$48.7m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.24 loss per share (vs ฿0.60 profit in 2Q 2023) Second quarter 2024 results: ฿0.24 loss per share (down from ฿0.60 profit in 2Q 2023). Revenue: ฿2.00b (up 7.8% from 2Q 2023). Net loss: ฿11.3m (down 140% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 01
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ฿35.50. The fair value is estimated to be ฿29.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 27%. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.84 in 1Q 2023) First quarter 2024 results: EPS: ฿0.44 (down from ฿0.84 in 1Q 2023). Revenue: ฿1.93b (down 6.7% from 1Q 2023). Net income: ฿21.2m (down 47% from 1Q 2023). Profit margin: 1.1% (down from 1.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Apr 30
Fine Metal Technologies Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 28, 2024 Fine Metal Technologies Public Company Limited announced that at the AGM held on April 29, 2024, approved the dividend payment for 2023 from the Company's retained earnings at the rate of THB 2.625 per share for the year ended December 31, 2023, amounting to THB 126,000,000. The record date of share register for the right to receive the dividend payment was on 11 March 2024. The dividend payment date shall be on 28 May 2024. Announcement • Mar 13
Fine Metal Technologies Public Company Limited Announces Executive Changes Fine Metal Technologies Public Company Limited at its board meeting held on 23 February 2024 approved the appointment of Mrs. Unchana Yoosuk as the company secretary, effective from 23 February 2024 onwards, in place of Mrs. Siriporn Lueangrachanee, due to her retirement on December 31, 2023. Upcoming Dividend • Mar 01
Upcoming dividend of ฿2.63 per share Eligible shareholders must have bought the stock before 08 March 2024. Payment date: 28 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (5.8%). Declared Dividend • Feb 26
Dividend of ฿2.63 announced Shareholders will receive a dividend of ฿2.63. Ex-date: 8th March 2024 Payment date: 28th May 2024 Dividend yield will be 7.3%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (136% earnings payout ratio) nor is it covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 52% to bring the payout ratio under control. However, EPS has declined by 7.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿2.01 (vs ฿2.06 in FY 2022) Full year 2023 results: EPS: ฿2.01 (down from ฿2.06 in FY 2022). Revenue: ฿6.76b (down 15% from FY 2022). Net income: ฿96.5m (down 2.5% from FY 2022). Profit margin: 1.4% (up from 1.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Feb 24
Fine Metal Technologies Public Company Limited, Annual General Meeting, Apr 29, 2024 Fine Metal Technologies Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Location: The Grand Hall Room, 28th Floor of Bangkok Club at Sathorn City Tower Building, No. 175, South Sathorn Road, Kwaeng Thung Mahamek, Khet Sathorn, Bangkok Metropolis Thailand Agenda: To certify the minutes of the annual general meeting of shareholders No. 36/2023; to consider and acknowledge the summarized report of the company's performance for the year 2023 and the annual report of the year 2023 of the board of directors; to consider and approve the company's financial statements for the year ended December 31, 2023 and independent auditor's report by KPMG Phoomchai Audit Limited; to consider and approve the annual dividend payment for the year 2023 from the company's retained earnings; to consider and approve re-election of five directors to replace those who retired by rotation in 2024; and to consider other matters. New Risk • Nov 14
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Earnings have declined by 0.8% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.58b market cap, or US$44.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.60 (vs ฿1.67 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.60 (down from ฿1.67 in 2Q 2022). Revenue: ฿1.85b (down 3.0% from 2Q 2022). Net income: ฿28.7m (down 64% from 2Q 2022). Profit margin: 1.5% (down from 4.2% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • May 02
First quarter 2023 earnings released: EPS: ฿0.84 (vs ฿0.70 in 1Q 2022) First quarter 2023 results: EPS: ฿0.84 (up from ฿0.70 in 1Q 2022). Revenue: ฿2.07b (flat on 1Q 2022). Net income: ฿40.2m (up 19% from 1Q 2022). Profit margin: 1.9% (up from 1.6% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 02
Upcoming dividend of ฿2.75 per share at 7.9% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 19 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.9%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (4.3%). Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: ฿2.06 (vs ฿4.57 in FY 2021) Full year 2022 results: EPS: ฿2.06 (down from ฿4.57 in FY 2021). Revenue: ฿7.96b (up 8.0% from FY 2021). Net income: ฿99.0m (down 55% from FY 2021). Profit margin: 1.2% (down from 3.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% 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 16
Third quarter 2022 earnings released: ฿0.74 loss per share (vs ฿1.43 profit in 3Q 2021) Third quarter 2022 results: ฿0.74 loss per share (down from ฿1.43 profit in 3Q 2021). Revenue: ฿2.03b (up 27% from 3Q 2021). Net loss: ฿35.4m (down 152% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 29% 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 • Aug 12
Second quarter 2022 earnings released: EPS: ฿1.66 (vs ฿0.33 in 2Q 2021) Second quarter 2022 results: EPS: ฿1.66 (up from ฿0.33 in 2Q 2021). Revenue: ฿1.91b (up 2.3% from 2Q 2021). Net income: ฿80.2m (up 411% from 2Q 2021). Profit margin: 4.2% (up from 0.8% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Fine Metal Technologies Public Company Limited Announces Resignation of Deja Tulananda as Independent Director The Extra Board of Directors' Meeting No. 1/2022 of Fine Metal Technologies Public Company Limited held on 1 July 2022 has unanimously passed the resolution and approved the resignation of Mr. Deja Tulananda has resigned from the Independent Director due to health problem; effective from 1 July 2022. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: ฿0.70 (vs ฿1.76 in 1Q 2021) First quarter 2022 results: EPS: ฿0.70 (down from ฿1.76 in 1Q 2021). Revenue: ฿2.07b (up 15% from 1Q 2021). Net income: ฿33.8m (down 60% from 1Q 2021). Profit margin: 1.6% (down from 4.7% in 1Q 2021). 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 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿31.25, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Mar 03
Upcoming dividend of ฿2.63 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿4.57 (up from ฿0.98 in FY 2020). Revenue: ฿7.37b (up 53% from FY 2020). Net income: ฿219.5m (up 366% from FY 2020). Profit margin: 3.0% (up from 1.0% 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, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS ฿1.43 (vs ฿0.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.60b (up 40% from 3Q 2020). Net income: ฿68.6m (up ฿58.1m from 3Q 2020). Profit margin: 4.3% (up from 0.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.92 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.87b (up 134% from 2Q 2020). Net income: ฿15.7m (up ฿59.9m from 2Q 2020). Profit margin: 0.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Executive Departure • Aug 13
Director Takeshi Nishizawa has left the company On the 10th of August, Takeshi Nishizawa's tenure as Director ended after 5.3 years in the role. We don't have any record of a personal shareholding under Takeshi's name. Takeshi is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿26.75, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 25x in the Machinery industry in Thailand. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • May 04
Upcoming dividend of ฿1.63 per share Eligible shareholders must have bought the stock before 11 May 2021. Payment date: 25 May 2021. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (2.6%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS ฿1.76 (vs ฿0.77 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.81b (up 18% from 1Q 2020). Net income: ฿84.5m (up 129% from 1Q 2020). Profit margin: 4.7% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 22
New 90-day high: ฿20.70 The company is up 9.0% from its price of ฿19.00 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.98 (vs ฿2.59 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.81b (down 21% from FY 2019). Net income: ฿47.1m (down 62% from FY 2019). Profit margin: 1.0% (down from 2.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 12
New 90-day high: ฿20.00 The company is up 6.0% from its price of ฿18.90 on 14 October 2020. The Thai market is up 21% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Machinery industry, which is also up 6.0% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: ฿19.90 The company is up 8.0% from its price of ฿18.50 on 21 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: ฿19.40 The company is up 4.0% from its price of ฿18.70 on 01 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 6.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.22 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.14b (down 17% from 3Q 2019). Net income: ฿10.5m (down 49% from 3Q 2019). Profit margin: 0.9% (down from 1.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jul 23
CTJ Holdings2 LLC cancelled the acquisition of the remaining 57.75% stake in Furukawa Metal (Thailand) Public Company Limited (SET:FMT). CTJ Holdings2 LLC made a mandatory takeover offer to acquire the remaining 57.75% stake in Furukawa Metal (Thailand) Public Company Limited (SET:FMT) for approximately THB 290 million on June 10, 2020. Under the terms of the offer, CTJ Holdings will acquire 27.7 million shares of Furukawa Metal for THB 10.59 per share. Prior to the transaction CTJ already holds 42.25% stake in Furukawa Metal and will hold 100% stake upon full acceptance of the offer. The transaction will be financed from a cash deposit in a savings account with Mizuho Bank Limited with a current balance of approximately THB 780 million. CTJ also had entered into an agreement with Mizuho Bank Limited to request for financial support and Mizuho Bank Limited had provided financial support to CTJ by accepting to pay the consideration in respect of the Tender Offer in the amount up to approximately THB 290 million (¥1 billion) promptly upon CTJ Holdings2's failure to pay any amount of funds required for the Tender Offer. Upon completion, Gendai Yamaguchi one of the Director of Furukawa Metal will resign as the Board of Directors and one additional director, Hideki Shiraishi will be nominated to be the Board of Directors of Furukawa Metal. As of June 26, 2020, independent financial advisor Discover Management Co., Ltd. has opinion that shareholders should reject this Tender Offer due to the Tender Offer Price is inappropriate.
The tender offer will be for a total of 25 business days from June 15, 2020 to July 20, 2020. Vuthichai Tumasaroj, Kanokporn Pongjetanapong and Natthawut Ananthanawut of Discover Management Co., Ltd. acted as financial advisor to Furukawa Metal. Chandler MHM Limited acted as legal advisor for CTJ Holdings2 LLC. Taweechai Tangthanasup of TISCO Securities Company Limited acted as the Tender Offer agent.
CTJ Holdings2 LLC cancelled the acquisition of the remaining 57.75% stake in Furukawa Metal (Thailand) Public Company Limited (SET:FMT) on July 22, 2020. No shares were tendered. 
