New Risk • May 17
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: 7.2% Last year net profit margin: 10% 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: Major Risk Earnings have declined by 15% 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. Profit margins are more than 30% lower than last year (7.2% net profit margin). Market cap is less than US$100m (฿390.8m market cap, or US$12.0m). Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.031 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (6.4%). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.079 (vs ฿0.10 in FY 2024) Full year 2025 results: EPS: ฿0.079 (down from ฿0.10 in FY 2024). Revenue: ฿387.8m (down 25% from FY 2024). Net income: ฿38.5m (down 25% from FY 2024). Profit margin: 9.9% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend reduced to ฿0.031 Dividend of ฿0.031 is 56% lower than last year. Ex-date: 5th May 2026 Payment date: 22nd May 2026 Dividend yield will be 3.2%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 2.2% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 7.0% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. Announcement • Feb 28
K.W. Metal Work Public Company Limited announces Annual dividend, payable on May 22, 2026 K.W. Metal Work Public Company Limited announced Annual dividend of THB 0.0307 per share payable on May 22, 2026, ex-date on May 05, 2026 and record date on May 06, 2026. Announcement • Feb 27
K.W. Metal Work Public Company Limited, Annual General Meeting, Apr 24, 2026 K.W. Metal Work Public Company Limited, Annual General Meeting, Apr 24, 2026, at 13:30 SE Asia Standard Time. Location: broadcast live from the meeting room, 3rd floor, companys office no. 259/86 sukhumvit 71 road, phrakhanong-nur sub-district, wattana district, bangkok, 10110 Thailand Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.009 (vs ฿0.026 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.009 (down from ฿0.026 in 3Q 2024). Revenue: ฿57.8m (down 45% from 3Q 2024). Net income: ฿4.31m (down 66% from 3Q 2024). Profit margin: 7.5% (down from 12% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.027 (vs ฿0.033 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.027 (down from ฿0.033 in 2Q 2024). Revenue: ฿118.4m (down 17% from 2Q 2024). Net income: ฿13.4m (down 16% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Jul 25
Piyaphorn Thongchua entered into a purchase agreement to acquire 51% stake in KWHB Co. Ltd. from K.W. Metal Work Public Company Limited (SET:KWM) for THB 4.1 million. Piyaphorn Thongchua entered into a purchase agreement to acquire 51% stake in KWHB Co. Ltd. from K.W. Metal Work Public Company Limited (SET:KWM) for THB 4.1 million on July 24, 2025. A cash consideration of THB 4.1 million will be paid by the buyer. The proceeds will be used as the K.W. Metal Work Public Company Limited’s working capital.
As of March 31, 2025, KWHB Co. Ltd. reported total assets of THB 18.83 million and total common equity of THB 8.04 million.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The transaction is expected to be completed within 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.037 (vs ฿0.036 in 1Q 2024) First quarter 2025 results: EPS: ฿0.037 (up from ฿0.036 in 1Q 2024). Revenue: ฿130.6m (down 15% from 1Q 2024). Net income: ฿18.0m (up 3.0% from 1Q 2024). Profit margin: 14% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. 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 29% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 67% and the cash payout ratio is 95%. Trailing yield: 6.5%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (7.6%). Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.10 (vs ฿0.048 in FY 2023) Full year 2024 results: EPS: ฿0.10 (up from ฿0.048 in FY 2023). Revenue: ฿519.7m (up 12% from FY 2023). Net income: ฿51.4m (up 121% from FY 2023). Profit margin: 9.9% (up from 5.0% 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 29% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.033 (vs ฿0.01 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.033 (up from ฿0.01 in 2Q 2023). Revenue: ฿143.1m (up 30% from 2Q 2023). Net income: ฿16.0m (up 223% from 2Q 2023). Profit margin: 11% (up from 4.5% 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 51% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.036 (vs ฿0.024 in 1Q 2023) First quarter 2024 results: EPS: ฿0.036 (up from ฿0.024 in 1Q 2023). Revenue: ฿154.3m (down 8.4% from 1Q 2023). Net income: ฿17.5m (up 55% from 1Q 2023). Profit margin: 11% (up from 6.7% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% 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 • Apr 27
K.W. Metal Work Public Company Limited Approves Dividend for the Year 2023, Payable on May 23, 2024 K.W. Metal Work Public Company Limited approved the appropriation of net profit of 2023 as follows: To appropriate as a legal reserve in the amount of THB 1,225,000 equivalent to 5.04% of the net profit of 2023 (separate financial statements). To pay dividend at the rate of THB 0.058 per share, totaling THB 28,335,638.59 as follows: To distribute the dividend at the rate of THB 0.0224 per share from the tax-exempt profit and retained earnings, due to privileges received from the BOI. Thus, the individual shareholders would not be entitled to the tax credit. To distribute the dividend at the rate of THB 0.0356 per share from the retained earnings with no tax exemption (Non-BOI), from which the corporate income tax has been imputed at 10%. Individual shareholders may apply for tax credit on the dividend at the rate of 10/90 of the amount of the dividend received. The aforementioned dividend payment is equivalent to 122.68% of the net profit from separate financial statements after deduction of legal reserve and is in accordance with the Company's dividend policy. The date on which the list of shareholders entitled to dividends is determined, the record date, would be May 7, 2024, and the dividend payment would be made on May 23, 2024. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.058 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 23 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.2%). Declared Dividend • Feb 29
Dividend of ฿0.058 announced Dividend of ฿0.058 is the same as last year. Ex-date: 3rd May 2024 Payment date: 23rd May 2024 Dividend yield will be 3.9%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (147% earnings payout ratio). However, it is well covered by cash flows (22% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 63% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 28
K.W. Metal Work Public Company Limited, Annual General Meeting, Apr 25, 2024 K.W. Metal Work Public Company Limited, Annual General Meeting, Apr 25, 2024, at 13:30 SE Asia Standard Time. Location: Meeting room, 3rd Floor, Company's office no.259/86 Sukhumvit 71 Road Phrakhanong-nur Sub-District, Wattana District Bangkok Thailand Agenda: To adopt the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Company's operating performance of 2023; to approve the financial statements of 2023 for the fiscal year ended December 31, 2023; to approve the appropriation of net profit as a legal reserve and the dividend payment for 2023; to appoint directors to replace those due to complete their terms; to approve the remuneration of the directors for 2024; to approve the appointment of the external auditor and determination of the audit fee for 2024; to approve the amendment of the Company's Articles of Association; and to consider any other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.048 (vs ฿0.065 in FY 2022) Full year 2023 results: EPS: ฿0.048 (down from ฿0.065 in FY 2022). Revenue: ฿462.9m (down 3.1% from FY 2022). Net income: ฿23.2m (down 24% from FY 2022). Profit margin: 5.0% (down from 6.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. New Risk • Jan 17
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 9.4% 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 Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Dividend is not well covered by earnings (147% payout ratio). Profit margins are more than 30% lower than last year (4.4% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (฿757.2m market cap, or US$21.3m). Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿1.65, the stock trades at a trailing P/E ratio of 42.6x. Average trailing P/E is 18x in the Machinery industry in Thailand. Total returns to shareholders of 56% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.004 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.002 (down from ฿0.004 in 3Q 2022). Revenue: ฿69.1m (up 9.1% from 3Q 2022). Net income: ฿1.08m (down 46% from 3Q 2022). Profit margin: 1.6% (down from 3.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Nov 06
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: Minor Risks Dividend is not well covered by earnings (139% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (฿659.5m market cap, or US$18.6m). Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.20, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 15x in the Machinery industry in Thailand. Total returns to shareholders of 16% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.023 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.01 (down from ฿0.023 in 2Q 2022). Revenue: ฿110.4m (down 30% from 2Q 2022). Net income: ฿4.96m (down 55% from 2Q 2022). Profit margin: 4.5% (down from 7.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Jul 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (฿781.7m market cap, or US$22.3m). Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.058 per share at 3.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 22 May 2023. Payout ratio is on the higher end at 90% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (5.4%). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.83, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 15x in the Machinery industry in Thailand. Total returns to shareholders of 191% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Sermsak Vudhirak was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 30% share price gain to ฿3.14, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 23x in the Machinery industry in Thailand. Total returns to shareholders of 289% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 18% share price gain to ฿3.00, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total returns to shareholders of 264% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.026 (vs ฿0.061 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.026 (down from ฿0.061 in 2Q 2021). Revenue: ฿156.7m (flat on 2Q 2021). Net income: ฿11.0m (down 57% from 2Q 2021). Profit margin: 7.0% (down from 16% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 41% per year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿2.28, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 22x in the Machinery industry in Thailand. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿2.70, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 24x in the Machinery industry in Thailand. Total returns to shareholders of 182% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.06 in 1Q 2021) First quarter 2022 results: EPS: ฿0.03 (down from ฿0.06 in 1Q 2021). Revenue: ฿176.8m (up 15% from 1Q 2021). Net income: ฿15.9m (down 37% from 1Q 2021). Profit margin: 9.0% (down from 16% 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 39% per year whereas the company’s share price has increased by 41% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.096 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (3.0%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Sermsak Vudhirak was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 17% share price gain to ฿3.80, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 23x in the Machinery industry in Thailand. Total returns to shareholders of 248% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.20 (up from ฿0.10 in FY 2020). Revenue: ฿572.8m (up 61% from FY 2020). Net income: ฿83.2m (up 92% from FY 2020). Profit margin: 14% (up from 12% 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 37% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.046 (vs ฿0.03 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿129.6m (up 78% from 3Q 2020). Net income: ฿19.4m (up 55% from 3Q 2020). Profit margin: 15% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.061 (vs ฿0.04 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿157.3m (up 32% from 2Q 2020). Net income: ฿25.6m (up 52% from 2Q 2020). Profit margin: 16% (up from 14% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ฿4.38, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 20x in the Machinery industry in Thailand. Total returns to shareholders of 405% over the past year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿5.35, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total returns to shareholders of 588% over the past year. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿5.10, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 19x in the Machinery industry in Thailand. Total returns to shareholders of 581% over the past year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.012 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿154.3m (up 103% from 1Q 2020). Net income: ฿25.0m (up 407% from 1Q 2020). Profit margin: 16% (up from 6.5% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improved over the past week After last week's 18% share price gain to ฿5.70, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 26x in the Machinery industry in Thailand. Total returns to shareholders of 652% over the past year. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.072 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 21 May 2021. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.7%). Announcement • Mar 06
Cooperation in Sourcing Industrial Hemp Between K. W. Metal Work Public Company Limited and N.E. Hemp Co., Ltd K. W. Metal Work Public Company Limited reports that on March 3rd, 2021 KWM has organized the press conference and the signing ceremony of the cooperation with N.E Hemp Company Limited in sourcing of industrial hemp. The cooperation between two well established companies will enhance the future of industry hemp. KWM will install the extraction machines and extract hemps from N.E. Hemp and vend other private sectors for reproductions. This cooperation aims to expand the industrial hemp business in Thai market that have high potential in becoming an industrial crop in the near future. This cooperation will also help to assign the plant species, purchased price and other future use. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS ฿0.10 (vs ฿0.064 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿355.1m (up 3.9% from FY 2019). Net income: ฿43.3m (up 60% from FY 2019). Profit margin: 12% (up from 7.9% in FY 2019). Announcement • Feb 26
K. W. Metal Work Public Company Limited, Annual General Meeting, Apr 23, 2021 K. W. Metal Work Public Company Limited, Annual General Meeting, Apr 23, 2021, at 06:30 Coordinated Universal Time. Location: Sirivit I Room, 26th floor,ibis Styles Bangkok Sukhumvit Phra Khanong Hotel, No. 1122, Sukhumvit Road, Phra Khanong Toei Bangkok Thailand Agenda: To adopt the minutes of the 2020 annual general meeting of shareholders; to acknowledge the company's operating performance of 2020; to approve the financial statements of 2020 for the fiscal year ended December 31, 2020; to approve the appropriation of net profit as a legal reserve and the dividend payment for 2020; to appoint directors to replace those due to complete their terms; to approve the remuneration of the directors for 2021; to approve the appointment of the external auditor and determination of the audit fee for 2021; and to consider other business (if any). Is New 90 Day High Low • Feb 20
New 90-day high: ฿2.80 The company is up 150% from its price of ฿1.12 on 20 November 2020. The Thai market is up 8.0% 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. Announcement • Feb 19
K.W. Metal Work Public Company Limited Signs the MOU with JSP Pharmaceutical Manufacturing (Thailand) Public Company Limited K. W. Metal Work Public Company Limited (KWM) announced that on February 18th, 2021, K.W. Metal Work Public Company Limited has signed the MOU with JSP Pharmaceutical Manufacturing (Thailand) Public Company Limited on the Research & Development Project of Hemp/Marijuana extraction for both modern and traditional medicine purpose with the period of 1 year to February 2022. This co-operation between the two companies is the synergy of both companies strong point. KWM is the experienced and successful company in manufacturing agricultural machine and equipment that leads to the development of the SUPERCRITICAL FLUID CO2 EXTRACTION MACHINE and the ULTRASONIC EXTRACTION MACHINE that can be used in Hemp/Marijuana extraction. While JSP Pharma has experience in manufacturing of modern and traditional medicines under GMP PIC/s and ISO9001 factory standard and JSP Pharma can expand their expertise in using their knowledge on high quality Hemp/Marijuana extraction for medicine, traditional medicine or even supplements. This MOU will allow other SME to join and develop their own product by sharing economy with high quality machine and high standard factory. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 25% share price gain to ฿2.32, the stock is trading at a trailing P/E ratio of 25.1x, up from the previous P/E ratio of 20.1x. This compares to an average P/E of 21x in the Machinery industry in Thailand. Total returns to shareholders over the past year are 213%. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 25% share price gain to ฿1.62, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 17x in the Machinery industry in Thailand. Total returns to shareholders over the past year are 111%. Is New 90 Day High Low • Feb 04
New 90-day high: ฿1.62 The company is up 46% from its price of ฿1.11 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: ฿1.17 The company is up 6.0% from its price of ฿1.10 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 9.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿73.0m (up 15% from 3Q 2019). Net income: ฿12.6m (up 156% from 3Q 2019). Profit margin: 17% (up from 7.7% in 3Q 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 17% share price gain to ฿1.18, the stock is trading at a trailing P/E ratio of 15.9x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 19x in the Machinery industry in Thailand. Total returns to shareholders over the past year are 41%. Is New 90 Day High Low • Oct 14
New 90-day high: ฿1.13 The company is up 47% from its price of ฿0.77 on 16 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is flat over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ฿0.95 The company is up 25% from its price of ฿0.76 on 30 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 2.0% over the same period. 
