Reported Earnings • May 17
First quarter 2026 earnings released: ฿0.07 loss per share (vs ฿0.065 profit in 1Q 2025) First quarter 2026 results: ฿0.07 loss per share (down from ฿0.065 profit in 1Q 2025). Revenue: ฿331.4m (down 38% from 1Q 2025). Net loss: ฿36.1m (down 206% from profit in 1Q 2025). 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 28% per year, which means it is significantly lagging earnings. New Risk • Apr 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (฿286.4m market cap, or US$8.93m). Reported Earnings • Feb 24
Full year 2025 earnings released: ฿0.052 loss per share (vs ฿0.31 loss in FY 2024) Full year 2025 results: ฿0.052 loss per share (improved from ฿0.31 loss in FY 2024). Revenue: ฿1.74b (down 8.3% from FY 2024). Net loss: ฿27.2m (loss narrowed 83% from FY 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Feb 21
Patkol Public Company Limited, Annual General Meeting, Apr 24, 2026 Patkol Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Location: the meeting room 3108, 1st floor, no. 348 chalerm prakiat rama 9 road, nongbon, pravate, bangkok., bangkok Thailand New Risk • Feb 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 6.2% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (฿223.9m market cap, or US$7.08m). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.06 loss per share (vs ฿0.11 loss in 3Q 2024) Third quarter 2025 results: ฿0.06 loss per share (improved from ฿0.11 loss in 3Q 2024). Revenue: ฿363.6m (down 22% from 3Q 2024). Net loss: ฿29.5m (loss narrowed 50% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.031 profit in 2Q 2024) Second quarter 2025 results: ฿0.03 loss per share (down from ฿0.031 profit in 2Q 2024). Revenue: ฿330.4m (down 39% from 2Q 2024). Net loss: ฿17.8m (down 212% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. New Risk • May 13
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 14% 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 40% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿333.3m market cap, or US$10.0m). Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.12 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.07 (up from ฿0.12 loss in 1Q 2024). Revenue: ฿531.7m (up 40% from 1Q 2024). Net income: ฿34.1m (up ฿96.0m from 1Q 2024). Profit margin: 6.4% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year whereas the company’s share price has fallen by 39% per year. Buy Or Sell Opportunity • Apr 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 40% to ฿0.33. The fair value is estimated to be ฿0.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 25
Full year 2024 earnings released: ฿0.31 loss per share (vs ฿0.28 loss in FY 2023) Full year 2024 results: ฿0.31 loss per share (further deteriorated from ฿0.28 loss in FY 2023). Revenue: ฿1.90b (up 9.5% from FY 2023). Net loss: ฿162.5m (loss widened 12% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 45% per year, which means it has not declined as severely as earnings. Announcement • Feb 22
Patkol Public Company Limited, Annual General Meeting, Apr 25, 2025 Patkol Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Location: the meeting room 3108, 1st floor, no. 348 chalerm, prakiat rama 9 road, nongbon, pravate, bangkok. Thailand Reported Earnings • Nov 14
Third quarter 2024 earnings released: ฿0.11 loss per share (vs ฿0.053 loss in 3Q 2023) Third quarter 2024 results: ฿0.11 loss per share (further deteriorated from ฿0.053 loss in 3Q 2023). Revenue: ฿468.7m (up 7.4% from 3Q 2023). Net loss: ฿58.9m (loss widened 113% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. New Risk • Nov 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿338.5m (US$9.94m) 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 3.8% per year over the past 5 years. Market cap is less than US$10m (฿338.5m market cap, or US$9.94m). Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (8.9% average weekly change). New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings have declined by 3.9% 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 (15% average weekly change). Earnings have declined by 3.9% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). Market cap is less than US$100m (฿401.0m market cap, or US$11.4m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.096 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.096 loss in 2Q 2023). Revenue: ฿541.9m (up 73% from 2Q 2023). Net income: ฿16.0m (up ฿65.8m from 2Q 2023). Profit margin: 2.9% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Jul 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿359.3m (US$9.90m) 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 Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (฿359.3m market cap, or US$9.90m). Minor Risk High level of debt (47% net debt to equity). New Risk • Jun 12
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 12% 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 (12% average weekly change). Market cap is less than US$10m (฿307.2m market cap, or US$8.38m). Minor Risk High level of debt (47% net debt to equity). Reported Earnings • May 12
First quarter 2024 earnings released: ฿120 loss per share (vs ฿0.016 profit in 1Q 2023) First quarter 2024 results: ฿120 loss per share (down from ฿0.016 profit in 1Q 2023). Revenue: ฿379.8m (down 26% from 1Q 2023). Net loss: ฿61.9m (down ฿70.0m from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. New Risk • Apr 10
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 6.3% 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: Minor Risks High level of debt (50% net debt to equity). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿546.8m market cap, or US$15.0m). Reported Earnings • Feb 28
Full year 2023 earnings released: ฿0.28 loss per share (vs ฿0.25 loss in FY 2022) Full year 2023 results: ฿0.28 loss per share (further deteriorated from ฿0.25 loss in FY 2022). Revenue: ฿1.73b (down 42% from FY 2022). Net loss: ฿144.8m (loss widened 11% from FY 2022). 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. Announcement • Feb 24
Patkol Public Company Limited, Annual General Meeting, Apr 25, 2024 Patkol Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Location: the Meeting Room 3108, 1st Floor, No. 348 Chalerm Prakiat Rama 9 Road, Nongbon, Pravate Bangkok Thailand Agenda: To consider and approve the minutes of the annual general meeting of shareholders for the year 2023 held on 22 April 2023; to consider and acknowledge the Company's operating results and to approve the Statements of Financial Position and the Statements of Comprehensive Income of the Company for the fiscal year ending 31 December 2023; to consider and approve omission of the allocation of net profit as legal reserve and the omission of the dividend payment from the operating result for the year 2023; and to consider other matters. New Risk • Oct 26
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 2.6% per year over the past 5 years. Minor Risks High level of debt (54% net debt to equity). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿546.8m market cap, or US$15.1m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.096 loss per share (vs ฿0.19 loss in 2Q 2022) Second quarter 2023 results: ฿0.096 loss per share (improved from ฿0.19 loss in 2Q 2022). Revenue: ฿312.9m (down 43% from 2Q 2022). Net loss: ฿49.9m (loss narrowed 49% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 12
Patkol Public Company Limited Announces Board Changes Patkol Public Company Limited at its board meeting held on August 11, 2023 announced Acknowledge of the resignation of Mr. Preecha Chantarangkul from Director (Independent Director), Member of the Audit and Risk Management Committee, due to health reasons, effective on 11 August 2023 onward, Mr. Sumet Jiambutr from Director, due to having another mission, effective on 11 August 2023 onward and appointment of Ms. Boonnada Kuhakarn to the position Director (Independent Director), Member of the Audit and Risk Management Committee to replace Mr. Preecha Chantarangkul whose resignation, effective on 11 August 2023 onward. With the term of being a directorship equal to the remaining term of Mr. Preecha Chantarangkul. The Board of Directors will consist of 10 Directors includes: Mr. Petipong Pungbun Na Ayudhya, Sangchai Chotchuangchutchaval, Pairoj Sanyadechakul, Virachai Srikajon, Paradon Chulajata, Rangsan Thammaneewon, Nongluck Sakdakrai, Panet Chongvatana, Natiya Chongvatana and Boonnada Kuhakarn. The audit committee is consisted of: 1. Chairman of the audit committee Mr. Pairoj Sanyadechakul remaining term in office 1 year(s) 2. Member of the audit committee Mr. Veerachai Srikajon remaining term in office 3 year(s) 3. Member of the audit committee Miss Boonnada Kuhakarn remaining term in office 3 year(s). Reported Earnings • Mar 06
Full year 2022 earnings released: ฿0.25 loss per share (vs ฿0.20 profit in FY 2021) Full year 2022 results: ฿0.25 loss per share (down from ฿0.20 profit in FY 2021). Revenue: ฿2.98b (down 7.1% from FY 2021). Net loss: ฿130.4m (down 235% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.028 loss per share (vs ฿0.067 profit in 3Q 2021) Third quarter 2022 results: ฿0.028 loss per share (down from ฿0.067 profit in 3Q 2021). Revenue: ฿648.6m (down 10% from 3Q 2021). Net loss: ฿14.6m (down 142% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. 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. 3 experienced directors. 9 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Phungbun Na Pitipong was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 16
Second quarter 2022 earnings released: ฿0.19 loss per share (vs ฿0.05 profit in 2Q 2021) Second quarter 2022 results: ฿0.19 loss per share (down from ฿0.05 profit in 2Q 2021). Revenue: ฿549.9m (down 17% from 2Q 2021). Net loss: ฿97.3m (down ฿119.1m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released: ฿0.054 loss per share (vs ฿0.053 profit in 1Q 2021) First quarter 2022 results: ฿0.054 loss per share (down from ฿0.053 profit in 1Q 2021). Revenue: ฿648.4m (flat on 1Q 2021). Net loss: ฿27.9m (down 226% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 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. 4 experienced directors. 8 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Phungbun Na Pitipong was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.065 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.20 (up from ฿0.054 in FY 2020). Revenue: ฿3.21b (up 4.8% from FY 2020). Net income: ฿96.8m (up 331% from FY 2020). Profit margin: 3.0% (up from 0.7% 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 94% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿724.2m (up 7.2% from 3Q 2020). Net income: ฿34.7m (up 157% from 3Q 2020). Profit margin: 4.8% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 25% share price gain to ฿3.04, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 16x in the Machinery industry in Thailand. Total loss to shareholders of 19% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.046 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿663.3m (down 11% from 2Q 2020). Net income: ฿21.8m (up 13% from 2Q 2020). Profit margin: 3.3% (up from 2.6% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.84, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 26% share price decline to ฿2.12, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 25% share price gain to ฿3.14, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total loss to shareholders of 5.4% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.053 (vs ฿0.05 loss 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: ฿643.9m (down 34% from 1Q 2020). Net income: ฿22.1m (up ฿42.9m from 1Q 2020). Profit margin: 3.4% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% 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. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 25x in the Machinery industry in Thailand. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improved over the past week After last week's 17% share price gain to ฿2.40, the stock trades at a trailing P/E ratio of 44.3x. Average trailing P/E is 27x in the Machinery industry in Thailand. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 29% share price gain to ฿2.06, the stock trades at a trailing P/E ratio of 38x, up from the previous P/E ratio of 29.5x. Average P/E is 21x in the Machinery industry in Thailand. Total return to shareholders over the past three years was a loss of 63%. Is New 90 Day High Low • Mar 16
New 90-day high: ฿2.06 The company is up 18% from a price of ฿1.75 on 16 December 2020. Outperformed the Thai market which is up 6.0% over the last 90 days. Exceeded the Machinery industry, which is up 15% over the same period. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿0.054 (vs ฿0.45 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿3.06b (down 16% from FY 2019). Net income: ฿22.5m (up ฿208.1m from FY 2019). Profit margin: 0.7% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 19
New 90-day high: ฿1.70 The company is up 13% from its price of ฿1.50 on 21 August 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 2.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.033 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿675.8m (down 29% from 3Q 2019). Net income: ฿13.5m (up ฿53.0m from 3Q 2019). Profit margin: 2.0% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 94% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. 
