Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.69 loss per share (vs ฿0.13 loss in FY 2024) Full year 2025 results: ฿0.69 loss per share (further deteriorated from ฿0.13 loss in FY 2024). Revenue: ฿3.33b (up 2.3% from FY 2024). Net loss: ฿394.3m (loss widened 430% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Announcement • Feb 27
Thai Polycons Public Company Limited, Annual General Meeting, Apr 22, 2026 Thai Polycons Public Company Limited, Annual General Meeting, Apr 22, 2026, at 13:00 SE Asia Standard Time. New Risk • Nov 14
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 9.6% 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 (9.6% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (฿137.5m market cap, or US$4.24m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.20 loss per share (vs ฿0.048 profit in 3Q 2024) Third quarter 2025 results: ฿0.20 loss per share (down from ฿0.048 profit in 3Q 2024). Revenue: ฿815.2m (up 1.0% from 3Q 2024). Net loss: ฿115.9m (down ฿143.7m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. New Risk • Sep 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 7.5% 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 Risks Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (฿292.1m market cap, or US$9.23m). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.25 loss per share (vs ฿0.008 loss in 2Q 2024) Second quarter 2025 results: ฿0.25 loss per share (further deteriorated from ฿0.008 loss in 2Q 2024). Revenue: ฿817.6m (up 5.5% from 2Q 2024). Net loss: ฿142.2m (loss widened ฿137.9m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Full year 2024 earnings released: ฿0.13 loss per share (vs ฿0.42 loss in FY 2023) Full year 2024 results: ฿0.13 loss per share (improved from ฿0.42 loss in FY 2023). Revenue: ฿3.25b (down 46% from FY 2023). Net loss: ฿74.4m (loss narrowed 69% from FY 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Feb 20
Thai Polycons Public Company Limited, Annual General Meeting, Apr 23, 2025 Thai Polycons Public Company Limited, Annual General Meeting, Apr 23, 2025, at 13:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to ฿0.53. The fair value is estimated to be ฿0.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Buy Or Sell Opportunity • Jan 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to ฿0.53. The fair value is estimated to be ฿0.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. New Risk • Jan 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿337.9m (US$9.82m) 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 38% per year over the past 5 years. Market cap is less than US$10m (฿337.9m market cap, or US$9.82m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings have declined by 38% 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 Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (฿366.6m market cap, or US$10.5m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ฿0.048 (vs ฿0.54 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.048 (up from ฿0.54 loss in 3Q 2023). Revenue: ฿806.8m (down 47% from 3Q 2023). Net income: ฿27.8m (up ฿335.7m from 3Q 2023). Profit margin: 3.4% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: ฿0.008 loss per share (vs ฿0.17 profit in 2Q 2023) Second quarter 2024 results: ฿0.008 loss per share (down from ฿0.17 profit in 2Q 2023). Revenue: ฿775.1m (down 48% from 2Q 2023). Net loss: ฿4.33m (down 105% from profit in 2Q 2023). 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 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 12
First quarter 2024 earnings released: ฿0.10 loss per share (vs ฿0.005 profit in 1Q 2023) First quarter 2024 results: ฿0.10 loss per share (down from ฿0.005 profit in 1Q 2023). Revenue: ฿888.7m (down 54% from 1Q 2023). Net loss: ฿58.9m (down ฿61.7m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Buy Or Sell Opportunity • May 10
Now 23% undervalued Over the last 90 days, the stock has risen 106% to ฿1.34. The fair value is estimated to be ฿1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued Over the last 90 days, the stock has risen 88% to ฿1.35. The fair value is estimated to be ฿1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued Over the last 90 days, the stock has risen 133% to ฿1.35. The fair value is estimated to be ฿1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.41 loss per share (vs ฿0.32 loss in FY 2022) Full year 2023 results: ฿0.41 loss per share (further deteriorated from ฿0.32 loss in FY 2022). Revenue: ฿6.00b (up 19% from FY 2022). Net loss: ฿234.9m (loss widened 27% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Feb 23
Thai Polycons Public Company Limited, Annual General Meeting, Apr 24, 2024 Thai Polycons Public Company Limited, Annual General Meeting, Apr 24, 2024, at 13:00 SE Asia Standard Time. Agenda: To adopt the minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the operating performance of the Company for year 2023; to consider and approve the financial statements ended December 31, 2023; to consider and approve the omission of dividend payment for the operating performance for year 2023; and to consider other matters. New Risk • Feb 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 9.7% 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 (9.7% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿446.8m market cap, or US$12.5m). New Risk • Dec 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿343.7m (US$9.76m) 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 60% per year over the past 5 years. Market cap is less than US$10m (฿343.7m market cap, or US$9.76m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.54 loss per share (vs ฿0.11 profit in 3Q 2022) Third quarter 2023 results: ฿0.54 loss per share (down from ฿0.11 profit in 3Q 2022). Revenue: ฿1.51b (up 12% from 3Q 2022). Net loss: ฿308.0m (down ฿368.5m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: ฿0.15 loss per share (vs ฿0.14 loss in 2Q 2022) Second quarter 2023 results: ฿0.15 loss per share (further deteriorated from ฿0.14 loss in 2Q 2022). Revenue: ฿1.50b (up 25% from 2Q 2022). Net loss: ฿86.5m (loss widened 7.0% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.11 (vs ฿0.075 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.11 (up from ฿0.075 loss in 3Q 2021). Revenue: ฿1.35b (up 19% from 3Q 2021). Net income: ฿60.5m (up ฿103.5m from 3Q 2021). Profit margin: 4.5% (up from net loss in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. 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. 2 experienced directors. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Srisuda Chongsithiphol was the last independent director to join the board, commencing their role in 2016. 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 19
Second quarter 2022 earnings released: ฿0.14 loss per share (vs ฿0.17 loss in 2Q 2021) Second quarter 2022 results: ฿0.14 loss per share (up from ฿0.17 loss in 2Q 2021). Revenue: ฿1.20b (up 6.4% from 2Q 2021). Net loss: ฿80.8m (loss narrowed 18% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. 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. 2 experienced directors. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Srisuda Chongsithiphol was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 26
Thai Polycons Public Company Limited, Annual General Meeting, Apr 21, 2022 Thai Polycons Public Company Limited, Annual General Meeting, Apr 21, 2022, at 06:00 Coordinated Universal Time. Agenda: To give announcement; to adopt the minutes of the 2021 Annual General Meeting of Shareholders; to acknowledge the Company's operating performance for the year of 2021; to approve the Company's financial statements ended December 31, 2021; to consider and approve omission of dividend payment for year 2021; to elect the Company's directors to replace those retiring by rotation; to approve the remuneration for the Company's directors for the year of 2022; to appoint the Company's auditors, and to fix the audit fee for the year of 2022; and to consider other matters (if any). Announcement • Feb 25
Thai Polycons Public Company Limited Proposes Omission of Dividend Payment for Year Ended December 31, 2021 Thai Polycons Public Company Limited proposed to the AGM to be held on April 21, 2022, omission of dividend payment for year ended December 31, 2021. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.075 loss per share (vs ฿0.052 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿1.13b (up 15% from 3Q 2020). Net loss: ฿43.0m (down 243% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.17 loss per share (vs ฿0.026 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ฿1.13b (up 15% from 2Q 2020). Net loss: ฿98.1m (down ฿112.9m from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.067 loss per share (vs ฿0.003 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿1.01b (up 7.3% from 1Q 2020). Net loss: ฿38.3m (loss widened ฿36.9m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.011 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 20 May 2021. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.0%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.027 (vs ฿0.17 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿3.97b (up 4.6% from FY 2019). Net income: ฿15.6m (down 84% from FY 2019). Profit margin: 0.4% (down from 2.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: ฿2.70 The company is up 32% from its price of ฿2.04 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: ฿2.30 The company is up 15% from its price of ฿2.00 on 03 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 2.0% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS ฿0.063 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿989.6m (down 9.1% from 3Q 2019). Net income: ฿30.0m (up 68% from 3Q 2019). Profit margin: 3.0% (up from 1.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. 
