New Risk • May 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿325.5m (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿325.5m market cap, or US$9.96m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.5% net profit margin). New Risk • May 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (฿329.0m market cap, or US$10.1m). Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.073 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.2%). Announcement • Apr 23
Index International Group Public Company Limited Appoints Sangchai Theerakulwanich as New Director Index International Group Public Company Limited at its Annual General Meeting of Shareholders for 2026 held on April 22nd, 2026, approved the appointment of Mr. Sangchai Theerakulwanich as a new director to replace the director who retired by rotation. Buy Or Sell Opportunity • Mar 06
Now 24% overvalued Over the last 90 days, the stock has fallen 3.4% to ฿1.15. The fair value is estimated to be ฿0.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 65%. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: ฿0.21 (vs ฿0.17 in FY 2024) Full year 2025 results: EPS: ฿0.21 (up from ฿0.17 in FY 2024). Revenue: ฿1.10b (up 39% from FY 2024). Net income: ฿75.0m (up 30% from FY 2024). Profit margin: 6.8% (down from 7.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 14
Dividend increased to ฿0.073 Dividend of ฿0.073 is 10% higher than last year. Ex-date: 5th May 2026 Payment date: 20th May 2026 Dividend yield will be 6.2%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not covered by cash flows (dividend approximately 13x free cash flows). The dividend has increased by an average of 110% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.17, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 13x in the Construction industry in Thailand. Total loss to shareholders of 29% over the past three years. Announcement • Feb 13
Index International Group Public Company Limited, Annual General Meeting, Apr 22, 2026 Index International Group Public Company Limited, Annual General Meeting, Apr 22, 2026, at 13:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ฿1.45, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 12x in the Construction industry in Thailand. Total loss to shareholders of 3.4% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.21, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 12x in the Construction industry in Thailand. Total loss to shareholders of 5.0% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.047 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.07 (up from ฿0.047 in 3Q 2024). Revenue: ฿279.1m (up 28% from 3Q 2024). Net income: ฿24.0m (up 47% from 3Q 2024). Profit margin: 8.6% (up from 7.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Sep 25
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 7.1% 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 (47% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿409.5m market cap, or US$12.7m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.018 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (up from ฿0.018 in 2Q 2024). Revenue: ฿340.3m (up 136% from 2Q 2024). Net income: ฿31.6m (up 404% from 2Q 2024). Profit margin: 9.3% (up from 4.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.08, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 15x in the Construction industry in Thailand. Total loss to shareholders of 41% over the past three years. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chonthit Darawong was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿60.00 (vs ฿0.022 in 1Q 2024) First quarter 2025 results: EPS: ฿60.00 (up from ฿0.022 in 1Q 2024). Revenue: ฿227.3m (up 29% from 1Q 2024). Net income: ฿20.8m (up 165% from 1Q 2024). Profit margin: 9.1% (up from 4.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.066 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 40% and the cash payout ratio is 96%. Trailing yield: 7.6%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • Mar 12
Now 22% undervalued Over the last 90 days, the stock has risen 4.9% to ฿0.86. The fair value is estimated to be ฿1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 11%. Declared Dividend • Feb 20
Dividend of ฿0.066 announced Shareholders will receive a dividend of ฿0.066. Ex-date: 2nd May 2025 Payment date: 20th May 2025 Dividend yield will be 7.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 56% to shift the payout ratio to a potentially unsustainable range, which is more than the 12% EPS decline seen over the last 5 years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.17 (vs ฿0.038 in FY 2023) Full year 2024 results: EPS: ฿0.17 (up from ฿0.038 in FY 2023). Revenue: ฿795.7m (up 4.6% from FY 2023). Net income: ฿57.9m (up 333% from FY 2023). Profit margin: 7.3% (up from 1.8% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Feb 18
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 7.3% 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: Major Risk Market cap is less than US$10m (฿287.0m market cap, or US$8.52m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.03 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.05 (up from ฿0.03 in 3Q 2023). Revenue: ฿217.9m (up 24% from 3Q 2023). Net income: ฿16.4m (up 57% from 3Q 2023). Profit margin: 7.5% (up from 5.9% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.10 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (up from ฿0.10 loss in 2Q 2023). Revenue: ฿144.3m (down 15% from 2Q 2023). Net income: ฿6.27m (up ฿42.3m from 2Q 2023). Profit margin: 4.3% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.036 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (down from ฿0.036 in 1Q 2023). Revenue: ฿176.3m (up 3.8% from 1Q 2023). Net income: ฿7.86m (down 37% from 1Q 2023). Profit margin: 4.5% (down from 7.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Apr 27
Index International Group Public Company Limited Approves Dividend Payment for the Year 2023, Payable on 21 May 2024 Index International Group Public Company Limited at its AGM held on April 25, 2024, approved the dividend payment from net profit of the year 2023 to the shareholders in the ratio of THB 0.015 per share. Total of dividend payment is not exceed THB 5,250,000. The dividend Payout Ratio equivalent to 40 % of net profit after legal reserve for the year 2023. The record date for the rights to receive the dividend will be on 7 May 2024. The cash dividend shall be paid on 21 May 2024. Announcement • Mar 22
Index International Group Public Company Limited Announces the Change of Chief Accountant Index International Group Public Company Limited announced the change of Chief Accountant. The company announced the termination of Miss Wiyada Ngamsom as Accounting Manager. Effective Date of Termination; April 1, 2024. The company announced the appointment of Miss Sudaporn Rachinta as Accounting Manager. Effective Date of Termination; April 1, 2024. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.038 (vs ฿0.093 in FY 2022) Full year 2023 results: EPS: ฿0.038 (down from ฿0.093 in FY 2022). Revenue: ฿760.5m (up 24% from FY 2022). Net income: ฿13.4m (down 59% from FY 2022). Profit margin: 1.8% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.011 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.011 in 3Q 2022). Revenue: ฿175.2m (up 35% from 3Q 2022). Net income: ฿10.4m (up 164% from 3Q 2022). Profit margin: 5.9% (up from 3.0% in 3Q 2022). The increase in margin was driven by higher revenue. New Risk • Aug 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿336.0m (US$9.47m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (฿336.0m market cap, or US$9.47m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Aug 11
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 6.5% 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 Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿364.0m market cap, or US$10.4m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.10 loss per share (vs ฿0.01 profit in 2Q 2022) Second quarter 2023 results: ฿0.10 loss per share (down from ฿0.01 profit in 2Q 2022). Revenue: ฿170.1m (up 39% from 2Q 2022). Net loss: ฿36.0m (down ฿39.5m from profit in 2Q 2022). Announcement • Jun 30
Index International Group Public Company Limited Announces Board Appointments Index International Group Public Company Limited Approved the appointment of Mrs. Woranut Na Lamphun to be Member of the Executive Committee. Approved the appointment of Mr. Nathapong Tubtimthong to be Member of the Executive Committee. Approved the appointment of Mr.Nukool Hencharoensuk to be Member of the Executive Committee. Dr. Chainarong Na Lamphun Chairman of the Executive Committee, Dr. Pornlapas Na Lamphun Vice- Chairman of the Executive Committee, Mr. Rathawit Na Lamphun Vice- Chairman of the Executive Committee, Dr. Surin Sony Vice- Chairman of the Executive Committee, Dr. Vuthichai Phanchet Member of the Executive Committee, Ms. Nannapat Kongrod Member of the Executive Committee, Mr. Sathaporn Naphapayarksiri Member of the Executive Committee, Mrs. Warangkana Na Lamphun Member of the Executive Committee, Mrs. Woranut Na Lamphun Member of the Executive Committee, Mr. Nathapong Tubtimthong Member of the Executive Committee, Mr. Nukool Hencharoensuk Member of the Executive Committee. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 19% share price gain to ฿1.66, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 32x in the Construction industry in Thailand. Total loss to shareholders of 17% over the past year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Assistant CEO, Company Secretary & Director Rathawit Na Lamphun was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.01 (vs ฿0.023 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.01 (up from ฿0.023 loss in 2Q 2021). Revenue: ฿122.4m (up 70% from 2Q 2021). Net income: ฿3.44m (up ฿11.6m from 2Q 2021). Profit margin: 2.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Announcement • Jul 20
Index International Group Public Company Limited Announces Executive Changes Index International Group Public Company Limited resolved to approve the appointment of directors in sub-committees as follows: Approved the appointment of Mr.Suchart Kadjinakul to be Member of the Risk Management Committee. Approved the appointment of Mr. Sathaporn Naphapayarksiri to be Member of the Executive Committee. the effective date is July 19, 2022 onwards. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿1.79, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 25x in the Construction industry in Thailand. Total loss to shareholders of 9.1% over the past year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.04 (vs ฿0.025 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.04 (up from ฿0.025 loss in 1Q 2021). Revenue: ฿154.7m (up 103% from 1Q 2021). Net income: ฿13.7m (up ฿22.6m from 1Q 2021). Profit margin: 8.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 20% share price gain to ฿2.36, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 35x in the Construction industry in Thailand. Total returns to shareholders of 17% over the past year. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.041 (down from ฿0.08 in FY 2020). Revenue: ฿473.7m (down 17% from FY 2020). Net income: ฿14.3m (down 20% from FY 2020). Profit margin: 3.0% (down from 3.1% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.006 loss per share (vs ฿0.039 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿68.9m (down 49% from 3Q 2020). Net loss: ฿2.02m (down 125% from profit in 3Q 2020). Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.023 loss per share (vs ฿0.033 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ฿71.2m (down 49% from 2Q 2020). Net loss: ฿8.19m (loss widened 129% from 2Q 2020). Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.03 loss per share (vs ฿0.01 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: ฿78.8m (down 46% from 1Q 2020). Net loss: ฿8.85m (down ฿10.3m from profit in 1Q 2020). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.14, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 21x in the Construction industry in Thailand. Announcement • Mar 14
Index International Group Public Company Limited Announces Signing Contract for Construction Supervision of Pipeline Laying Through Tak Province Under the Design-Build Project for Nakhon Lampang Oil Depot Index International Group Public Company Limited announced that the Company has signed the Contract with Fuel Pipeline Transportation Company Limited for Construction Supervision
of Pipeline Laying through Tak Province under the Design-Build Project for Nakhon Lampang Oil Depot. Signing Date was March 1, 2021 Estimated Contract Value is THB 9,800,000 (Excluding VAT) and the project duration is approximately 8 months. Announcement • Mar 12
Index International Group Public Company Limited Announces Signing of Contract for the Feasibility Study of the Construction of Phayao Airport Index International Group Public Company Limited informed that the Company has signed the Contract for the Feasibility Study of the Construction of Phayao Airport, Phayao Province. The details are as follows; Client: Department of Airports; Signing Date: March 10, 2021; Estimated Contract Value: THB 2,896,300.00 (Including VAT); Project Duration: Approximately 270 days. Announcement • Feb 23
Index International Group Public Company Limited Announces Signing Contract for the Survey and Design Project to Improve and Resolve Traffic Problems on Highway No.4, Nakhon Pathom Index International Group Public Company Limited announced that the company has signed the Contract for the Survey and Design Project to Improve and Resolve Traffic Problems on Highway No.4, Nakhon Pathom – Ratchaburi Section. The details are as follows; Client: Department of Highways, Signing Date: February 22, 2021, Estimated Contract Value: THB 11,045,610.00 (Including VAT), Project Duration: Approximately 450 days. Announcement • Dec 23
Index International Group Public Company Limited has completed an IPO in the amount of THB 99 million. Index International Group Public Company Limited has completed an IPO in the amount of THB 99 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 90,000,000
Price\Range: THB 1.1
Transaction Features: Reserved Share Offering 
