Buy Or Sell Opportunity • Jun 22
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 98% to ฿2.08. The fair value is estimated to be ฿1.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 12%. New Risk • May 28
New major risk - Revenue and earnings growth Earnings have declined by 0.5% 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿877.2m market cap, or US$26.9m). New Risk • May 15
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 5.5% 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 (5.5% average weekly change). Earnings have declined by 0.5% 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 (฿455.8m market cap, or US$14.1m). Buy Or Sell Opportunity • May 15
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to ฿1.38. The fair value is estimated to be ฿1.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.6%). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.13 (vs ฿0.12 in FY 2024) Full year 2025 results: EPS: ฿0.13 (up from ฿0.12 in FY 2024). Revenue: ฿644.5m (up 10% from FY 2024). Net income: ฿57.6m (up 8.1% from FY 2024). Profit margin: 8.9% (down from 9.1% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.022 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (up from ฿0.022 in 3Q 2024). Revenue: ฿161.8m (up 3.3% from 3Q 2024). Net income: ฿11.9m (up 26% from 3Q 2024). Profit margin: 7.4% (up from 6.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.031 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (down from ฿0.031 in 2Q 2024). Revenue: ฿140.5m (flat on 2Q 2024). Net income: ฿9.36m (down 29% from 2Q 2024). Profit margin: 6.7% (down from 9.3% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.02 in 1Q 2024) First quarter 2025 results: EPS: ฿0.03 (up from ฿0.02 in 1Q 2024). Revenue: ฿142.6m (up 11% from 1Q 2024). Net income: ฿13.1m (up 53% from 1Q 2024). Profit margin: 9.2% (up from 6.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • May 09
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 5.9% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (฿442.9m market cap, or US$13.4m). Buy Or Sell Opportunity • May 09
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ฿1.23. The fair value is estimated to be ฿0.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 15%. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (6.7%). Announcement • Apr 26
Kumwell Corporation Public Company Limited Approves Dividend for the Year 2024, Payable on May 23, 2025 Kumwell Corporation Public Company Limited announced that at its Annual General Meeting of Shareholders held on April 25, 2025, approved the dividend shall be paid from the net profits based on the separate financial statements of the year 2024 to the existing shareholders of the Company for 430,000,000 shares, at the rate of THB 0.06 per share, totaling a dividend payment of THB 25,800,000, which is equivalent to 48.36% of the net profits of the year 2024. This is in accordance with the dividend payment policy of the Company. In this regard, all dividend payments shall be subject to withholding tax at the rate specified by the law. In addition, the Company had set the list of shareholders who are entitled to the dividend (Record Date) on May 8, 2025, and the dividend payment shall be paid on May 23, 2025. Declared Dividend • Mar 02
Dividend increased to ฿0.06 Dividend of ฿0.06 is 20% higher than last year. Ex-date: 7th May 2025 Payment date: 23rd May 2025 Dividend yield will be 5.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.12 (vs ฿0.08 in FY 2023) Full year 2024 results: EPS: ฿0.12 (up from ฿0.08 in FY 2023). Revenue: ฿584.6m (up 11% from FY 2023). Net income: ฿53.3m (up 54% from FY 2023). Profit margin: 9.1% (up from 6.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.024 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.024 in 2Q 2023). Revenue: ฿141.8m (up 6.6% from 2Q 2023). Net income: ฿13.2m (up 28% from 2Q 2023). Profit margin: 9.3% (up from 7.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% 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 • May 12
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.02 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (in line with 1Q 2023). Revenue: ฿128.2m (flat on 1Q 2023). Net income: ฿8.58m (flat on 1Q 2023). Profit margin: 6.7% (in line with 1Q 2023). 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 2% per year, which means it is well ahead of earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (5.1%). Announcement • Apr 27
Kumwell Corporation Public Company Limited Approves Dividend from Operating Results for the Year Ended 31 December 2023, Payable on May 24, 2024 Kumwell Corporation Public Company Limited approved paying the dividend from operating results for the year ended 31 December 2023 with the dividend payment ratio of THB 0.05 per share or 66% of the profitafter tax from operations according to the separate financial statements. The Company will set the name list of shareholders who are entitled to receive dividends on May 10, 2024 (Record Date) and the payment of dividends to shareholders is scheduled on May 24, 2024, at the AGM held on April 26, 2024. Declared Dividend • Feb 29
Dividend reduced to ฿0.05 Dividend of ฿0.05 is 29% lower than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.8%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (275% cash payout ratio). The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 42% to shift the payout ratio to a potentially unsustainable range, which is more than the 30% EPS decline seen over the last 5 years. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.14 in FY 2022) Full year 2023 results: EPS: ฿0.08 (down from ฿0.14 in FY 2022). Revenue: ฿528.4m (down 5.3% from FY 2022). Net income: ฿34.5m (down 44% from FY 2022). Profit margin: 6.5% (down from 11% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 21
Kumwell Corporation Public Company Limited Announces Changing of Chief Accountant Kumwell Corporation Public Company Limited announces Changing of Chief Accountant. The company announced the termination of Natenapa Wongwichaiwat as Chief Accountant, effective February 15, 2024, and the appointment of Miss Pikul Klinsuwan as Chief Accountant, effective February 16, 2024. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.021 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.021 in 3Q 2022). Revenue: ฿143.0m (up 22% from 3Q 2022). Net income: ฿11.5m (up 25% from 3Q 2022). Profit margin: 8.0% (up from 7.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.023 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.02. Revenue: ฿133.8m (up 1.5% from 2Q 2022). Net income: ฿10.3m (up 5.1% from 2Q 2022). Profit margin: 7.7% (up from 7.5% in 2Q 2022). The increase in margin was driven by higher revenue. Upcoming Dividend • May 02
Upcoming dividend of ฿0.07 per share at 3.5% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.7%). 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. Executive Director Surawut Kanchitvinijkul 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 15
Second quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.016 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.02 (up from ฿0.016 in 2Q 2021). Revenue: ฿131.8m (up 39% from 2Q 2021). Net income: ฿9.83m (up 42% from 2Q 2021). Profit margin: 7.5% (up from 7.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year and the company’s share price has also increased by 38% per year. Announcement • Aug 03
Kumwell Corporation Public Company Limited Appoints Chalee Thiraworakul as Chief Financial Officer Kumwell Corporation Public Company Limited announced the appointment of Mr. Chalee Thiraworakul as chief financial officer. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 32% share price gain to ฿3.12, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 18x in the Electrical industry in Thailand. Total loss to shareholders of 18% over the past year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿2.18, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 17x in the Electrical industry in Thailand. Total loss to shareholders of 54% over the past year. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.04. Revenue: ฿142.1m (up 25% from 1Q 2021). Net income: ฿15.4m (down 2.4% from 1Q 2021). Profit margin: 11% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 53%. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.1%). Board Change • Apr 27
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. 3 non-independent directors. Director Werachet Khan-ngern 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. Announcement • Feb 24
Kumwell Corporation Public Company Limited Recommends Dividend Kumwell Corporation Public Company Limited at the board meeting held on February 23, 2022, recommended dividend for 2022 Annual General Meeting of Shareholders to consider and approve the allocation of net profits from the Company's business operation for the year 2021 that the THB 2,800,000, equivalent to 5.19% of the net profit of 2021, is allocated as the legal reserve in accordance with the criteria under the relevant laws and to allocate the net profit and retained earnings at THB 0.06 per share, for 430,000,000 shares, totaling Million THB 25.80, as dividends. Announcement • Feb 03
Kumwell Corporation Public Company Limited, Annual General Meeting, Apr 22, 2022 Kumwell Corporation Public Company Limited, Annual General Meeting, Apr 22, 2022. Agenda: To consider the Reasonability and necessity and the benefits and worthiness that shareholders will receive from the change in the purpose of using the capital; to consider the Capital utilization plan after revision the purpose of using capital, the adequacy of funding sources and supporting measures in the event that the proceeds from the IPO offering are insufficient for the implementation of such plans; and to consider other matter also. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 18% share price gain to ฿3.36, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 202% over the past year. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 17% share price gain to ฿3.52, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 22x in the Electrical industry in Thailand. Total returns to shareholders of 260% over the past year. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 29% share price decline to ฿3.02, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 192% over the past year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 18% share price gain to ฿4.88, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 22x in the Electrical industry in Thailand. Total returns to shareholders of 436% over the past year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 44% share price gain to ฿2.82, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 21x in the Electrical industry in Thailand. Total returns to shareholders of 207% over the past year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 18% share price gain to ฿2.00, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 18x in the Electrical industry in Thailand. Total returns to shareholders of 158% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.037 (vs ฿0.03 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿114.0m (down 4.6% from 1Q 2020). Net income: ฿15.7m (up 20% from 1Q 2020). Profit margin: 14% (up from 11% in 1Q 2020). The increase in margin was driven by lower expenses. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 21 May 2021. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 21% share price gain to ฿2.16, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 23x in the Electrical industry in Thailand. Total returns to shareholders of 224% over the past year. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 15% share price gain to ฿1.67, the stock is trading at a trailing P/E ratio of 15.2x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 18x in the Electrical industry in Thailand. Total returns to shareholders over the past year are 162%. Announcement • Feb 25
Kumwell Corporation Public Company Limited, Annual General Meeting, Apr 23, 2021 Kumwell Corporation Public Company Limited, Annual General Meeting, Apr 23, 2021, at 07:00 Coordinated Universal Time. Location: Kumwell Academy, Bang Yai factory No. 26/2 Moo 10 Bang Len Sub-district Bang Yai District, Nonthaburi Province 11140 Bang Yai Thailand Agenda: To acknowledge the 2020 Company's operating result for the year ended December 31, 2020; to consider and approve the Company's financial statements for the accounting period ended December 31, 2020; to consider and approve the allocation of net profits as legal reserve and distribution of dividends from the Company's business operation for the year 2020; to consider and approve the appointment of the Company's auditor and audit fee for the year 2021; to consider and approve the election of Company's directors to replace of those who will retire by rotation; and to consider other matters. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.11 (vs ฿0.062 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿437.5m (flat on FY 2019). Net income: ฿46.7m (up 100% from FY 2019). Profit margin: 11% (up from 5.4% in FY 2019). Is New 90 Day High Low • Feb 17
New 90-day high: ฿1.58 The company is up 41% from its price of ฿1.12 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 15% share price gain to ฿1.45, the stock is trading at a trailing P/E ratio of 19.9x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 15x in the Electrical industry in Thailand. Total returns to shareholders over the past year are 121%. Is New 90 Day High Low • Jan 22
New 90-day high: ฿1.24 The company is up 2.0% from its price of ฿1.21 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 19% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.02 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿113.2m (up 5.9% from 3Q 2019). Net income: ฿10.6m (up 123% from 3Q 2019). Profit margin: 9.4% (up from 4.5% in 3Q 2019). The increase in margin was driven by higher revenue. Announcement • Oct 29
Kumwell Corporation Public Company Limited Appoints Werachet Khanngern to Be Executive Committee Kumwell Corporation Public Company Limited resolved in its Board of Directors' meeting held on October 28, 2020, to approve Mr.Werachet Khanngern,the company's research and innovation director, to be the company's Executive Committee effective from October 28, 2020. Is New 90 Day High Low • Oct 07
New 90-day high: ฿1.22 The company is up 14% from its price of ฿1.07 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 10.0% over the same period. Is New 90 Day High Low • Sep 21
New 90-day high: ฿1.15 The company is up 21% from its price of ฿0.95 on 23 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 10.0% over the same period. 
