New Risk • Apr 27
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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (฿384.1m market cap, or US$11.9m). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.01 (vs ฿0.055 in FY 2024) Full year 2025 results: EPS: ฿0.01 (down from ฿0.055 in FY 2024). Revenue: ฿3.50b (down 3.7% from FY 2024). Net income: ฿11.6m (down 84% from FY 2024). Profit margin: 0.3% (down from 2.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Right Tunnelling Public Company Limited, Annual General Meeting, Apr 28, 2026 Right Tunnelling Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.032 (vs ฿0.004 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.032 (up from ฿0.004 in 3Q 2024). Revenue: ฿995.7m (up 23% from 3Q 2024). Net income: ฿46.6m (up ฿41.5m from 3Q 2024). Profit margin: 4.7% (up from 0.6% 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 72% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.008 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (up from ฿0.008 in 2Q 2024). Revenue: ฿862.5m (down 1.4% from 2Q 2024). Net income: ฿13.2m (up 30% from 2Q 2024). Profit margin: 1.5% (up from 1.2% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.07 loss per share (vs ฿0.04 profit in 1Q 2024) First quarter 2025 results: ฿0.07 loss per share (down from ฿0.04 profit in 1Q 2024). Revenue: ฿699.6m (down 28% from 1Q 2024). Net loss: ฿102.1m (down 334% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. New Risk • Mar 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 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿428.4m market cap, or US$12.7m). Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.06 (vs ฿0.037 in FY 2023) Full year 2024 results: EPS: ฿0.06 (up from ฿0.037 in FY 2023). Revenue: ฿3.63b (up 15% from FY 2023). Net income: ฿71.1m (up 76% from FY 2023). Profit margin: 2.0% (up from 1.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Right Tunnelling Public Company Limited, Annual General Meeting, Apr 22, 2025 Right Tunnelling Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Announcement • Feb 27
Right Tunnelling Public Company Limited Announces Koson Kongdang Retires as Director Right Tunnelling Public Company Limited at its Annual General Meeting of Shareholders to be held on April 22, 2025, announced Mr. Koson Kongdang retired by rotation as Director. New Risk • Feb 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major 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: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿517.1m market cap, or US$15.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.004 (vs ฿0.051 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.004 (down from ฿0.051 in 3Q 2023). Revenue: ฿811.1m (down 7.1% from 3Q 2023). Net income: ฿5.12m (down 91% from 3Q 2023). Profit margin: 0.6% (down from 6.4% in 3Q 2023). The decrease in margin was driven by lower 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 39% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.019 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.01 (down from ฿0.019 in 2Q 2023). Revenue: ฿874.5m (up 5.3% from 2Q 2023). Net income: ฿10.1m (down 52% from 2Q 2023). Profit margin: 1.2% (down from 2.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Announcement • Jun 01
Right Tunnelling Public Company Limited announced that it has received THB 10.159389 million in funding Right Tunnelling Public Company Limited announced a private placement that it has issued 18,471,617 common shares at an issue price of THB 0.55 per share for the gross proceeds of THB 10,159,389 on May 31, 2024. The transaction included participation from individual investors such as Chaiporn Siripornpibul for 5,325,217 shares; Chuwit Jungtanasomboon for 6,573,200 shares; Sippakorn Kawsa-art for 6,573,200 shares. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.035 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.04 (up from ฿0.035 loss in 1Q 2023). Revenue: ฿975.4m (up 56% from 1Q 2023). Net income: ฿43.7m (up ฿81.9m from 1Q 2023). Profit margin: 4.5% (up from net loss in 1Q 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 29 percentage points per year, which is a significant difference in performance. Announcement • Mar 02
Right Tunnelling Public Company Limited, Annual General Meeting, Apr 29, 2024 Right Tunnelling Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Location: MR 214 Room, 2nd Floor, Bangkok International Trade & Exhibition Centre No. 88 Debaratna Road, Bangna Sub-District, Bangna District Bangkok Thailand Agenda: To acknowledge the Company's operating performance for 2023; to approve the audited financial statements for the fiscal year ended December 31, 2023; to approve the allocation of net profit as a legal reserve and the omission of the dividend payment for the Company operating performance of 2023; to approve appointment of the external auditor and determination of the audit fee for 2024; to appoint directors to replace those due to complete their terms; to approve the amendment of the authorized directors who can sign to bind the Company; to approve remuneration of directors and sub-directors for 2024; to approve an amendment of the Articles of Association; and to consider any other matters. Announcement • Mar 01
Right Tunnelling Public Company Limited Announces Directorate Changes Right Tunnelling Public Company Limited announced that Mr. Surasak Seekhiew, Managing Director who did not wish to be re-elected as a director for another office term due to his upcoming retirement. Therefore, the Board's meeting No. 2/2024 on February 27, 2024 has approved the appointment of Mr. Chaiya Wonglappanich, Director, Risk Management, Corporate Governance and Sustainability Director and Executive Director as Managing Director in replacement of Mr. Surasak Seekhiew. This is to be effective on April 30, 2024 onwards. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.04 (vs ฿0.28 loss in FY 2022) Full year 2023 results: EPS: ฿0.04 (up from ฿0.28 loss in FY 2022). Revenue: ฿3.15b (up 53% from FY 2022). Net income: ฿40.4m (up ฿352.6m from FY 2022). Profit margin: 1.3% (up from net loss in FY 2022). 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 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.051 (vs ฿0.041 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.051 (up from ฿0.041 loss in 3Q 2022). Revenue: ฿872.7m (up 45% from 3Q 2022). Net income: ฿56.2m (up ฿101.3m from 3Q 2022). Profit margin: 6.4% (up from net loss in 3Q 2022). 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 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.019 (up from ฿0 in 2Q 2022). Revenue: ฿830.8m (up 42% from 2Q 2022). Net income: ฿21.0m (up ฿20.8m from 2Q 2022). Profit margin: 2.5% (up from 0% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Nov 20
Third quarter 2022 earnings released: ฿0.041 loss per share (vs ฿0.01 profit in 3Q 2021) Third quarter 2022 results: ฿0.041 loss per share (down from ฿0.01 profit in 3Q 2021). Revenue: ฿602.6m (flat on 3Q 2021). Net loss: ฿45.1m (down 493% from profit in 3Q 2021). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Chairman of the Board Songpope Polachan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ฿0 (vs ฿0.007 in 2Q 2021) Second quarter 2022 results: EPS: ฿0 (down from ฿0.007 in 2Q 2021). Revenue: ฿584.8m (down 2.2% from 2Q 2021). Net income: ฿222.0k (down 97% from 2Q 2021). Profit margin: 0% (down from 1.2% in 2Q 2021). The decrease in margin was driven by lower revenue. Announcement • Aug 18
Right Tunnelling Public Company Limited Announces Management Changes Right Tunnelling Public Company Limited appointed Mr. Pattanapong Suwannachat as Deputy Managing Director for Accounting and Finance in place of Mr. Chaiya Wonglappanich, effective August 15, 2022. Reported Earnings • May 19
First quarter 2022 earnings released: ฿0.02 loss per share (vs ฿0.034 profit in 1Q 2021) First quarter 2022 results: ฿0.02 loss per share (down from ฿0.034 profit in 1Q 2021). Revenue: ฿503.7m (down 31% from 1Q 2021). Net loss: ฿25.3m (down 168% from profit in 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Chairman of the Board Songpope Polachan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 03
Right Tunnelling Public Company Limited Proposes Dividend for the Year 2021, Payable on May 24, 2022 Right Tunnelling Public Company Limited proposed to pay dividend to the shareholders at the rate of THB 0.014 per share, totaling THB 15,400,000 equivalent to 41.71% of the net profit of 2021 from the separate financial statements after deduction of legal reserve, which was in accordance with the dividend payment policy of the Company. The date for determination of the list of shareholders entitled to dividends, the record date, would be March 14, 2022, and the dividend payment shall be made on May 24, 2022. However, the dividend entitlement is uncertain and pending approval of the Annual General Meeting of Shareholders. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.04 (down from ฿0.28 in FY 2020). Revenue: ฿2.49b (down 13% from FY 2020). Net income: ฿41.6m (down 83% from FY 2020). Profit margin: 1.7% (down from 8.3% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Announcement • Mar 01
Right Tunnelling Public Company Limited, Annual General Meeting, Apr 25, 2022 Right Tunnelling Public Company Limited, Annual General Meeting, Apr 25, 2022, at 10:00 SE Asia Standard Time. Location: SILK 1 Room, 2nd Floor, Bangkok International Trade & Exhibition Centre (BITEC) No. 88 Debaratna Road, Bangna Sub-District, Bangna District Bangkok Thailand Agenda: To acknowledge the company's operating performance for 2021; to approve the audited financial statements for the fiscal year ended December 31, 2021; to approve the allocation of net profit of 2021 as legal reserve and the dividend payment; to approve appointment of the external auditor and determination of the audit fee for 2022; to appoint directors to replace those due to complete their terms; to approve remuneration of directors for 2022; to approve the issuance and offering of debentures in the amount not exceeding Baht 2,000 million; to approve the issuance and offering for sale of the warrants to purchase the newly issued ordinary shares of the company no. 1 to the existing shareholders of the company proportionately to their respective shareholdings; and to consider other matters, if any. Announcement • Feb 02
Right Tunnelling Public Company Limited Appoints Koson Kongdang as the Director in Replacement of Teerayut Chusilp, Effective from January 31, 2022 Onwards Right Tunnelling Public Company Limited appointed Koson Kongdang as the company's director in replacement of Teerayut Chusilp. The appointment is effective from January 31, 2022 onwards, and shall remain in office term for the duration of unexpired term of the director whom he replaces. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.084 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿598.3m (down 9.8% from 3Q 2020). Net income: ฿11.5m (down 83% from 3Q 2020). Profit margin: 1.9% (down from 10% in 3Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.071 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿598.0m (down 19% from 2Q 2020). Net income: ฿7.21m (down 87% from 2Q 2020). Profit margin: 1.2% (down from 7.7% in 2Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.071 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿734.0m (down 1.2% from 1Q 2020). Net income: ฿37.3m (down 35% from 1Q 2020). Profit margin: 5.1% (down from 7.7% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 18% share price gain to ฿2.36, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 23x in the Construction industry in Thailand. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.28 (vs ฿0.16 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.86b (up 22% from FY 2019). Net income: ฿238.1m (up 82% from FY 2019). Profit margin: 8.3% (up from 5.6% in FY 2019). The increase in margin was driven by higher revenue.