Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.057 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 11%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (7.7%). New Risk • Mar 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 127% Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 127% Earnings have declined by 7.4% per year over the past 5 years. Market cap is less than US$10m (฿187.2m market cap, or US$5.88m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.12 (vs ฿0.10 in FY 2024) Full year 2025 results: EPS: ฿0.12 (up from ฿0.10 in FY 2024). Revenue: ฿190.6m (up 5.0% from FY 2024). Net income: ฿21.5m (up 38% from FY 2024). Profit margin: 11% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Declared Dividend • Feb 28
Dividend of ฿0.057 announced Shareholders will receive a dividend of ฿0.057. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 10%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (89.7% earnings payout ratio) but not covered by cash flows (144% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share declined by 18% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.026 (vs ฿0.029 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.026 (down from ฿0.029 in 3Q 2024). Revenue: ฿46.5m (up 3.0% from 3Q 2024). Net income: ฿4.64m (down 3.4% from 3Q 2024). Profit margin: 10.0% (in line with 3Q 2024). Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.056 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 11 September 2025. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 9.3%. Within top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (5.0%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.029 (vs ฿0.03 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.029. Revenue: ฿46.2m (up 8.4% from 2Q 2024). Net income: ฿5.27m (up 36% from 2Q 2024). Profit margin: 11% (up from 9.1% in 2Q 2024). The increase in margin was driven by higher revenue. New Risk • Jul 11
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 7.4% 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 18% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (฿203.4m market cap, or US$6.25m). Minor Risks Dividend is not well covered by cash flows (247% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Reported Earnings • May 12
First quarter 2025 earnings released: EPS: ฿0.032 (vs ฿0.021 in 1Q 2024) First quarter 2025 results: EPS: ฿0.032 (up from ฿0.021 in 1Q 2024). Revenue: ฿49.0m (up 8.2% from 1Q 2024). Net income: ฿5.83m (up 112% from 1Q 2024). Profit margin: 12% (up from 6.1% in 1Q 2024). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • May 09
Now 22% undervalued Over the last 90 days, the stock has risen 7.0% to ฿1.07. The fair value is estimated to be ฿1.38, 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 declined by 114%. Announcement • Apr 29
Nice Call Public Company Limited Approves Dividend Payment for Remaining Nine Months of the Year 2024, Payable on May 23, 2025 Nice Call Public Company Limited at its AGM held on April 28, 2025, resolved to approve the allocation of profit as legal reserve in the amount of THB 777,979 (5% of net profit), and the dividend payment for the remaining nine months of the year 2024 at THB 0.068 per share, totaling THB 12,240,000, in accordance with the dividend payment policy of not less than 40% of net profit after corporate income tax and legal reserves. The Record Date for shareholders entitled to receive the dividend is set for May 7, 2025, and the dividend payment date is May 23, 2025. Buy Or Sell Opportunity • Mar 21
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ฿1.04. The fair value is estimated to be ฿1.32, 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 declined by 114%. New Risk • Mar 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.8% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (฿194.4m market cap, or US$5.78m). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Mar 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to ฿1.03. The fair value is estimated to be ฿1.32, 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 declined by 114%. Announcement • Feb 28
Nice Call Public Company Limited announces Annual dividend, payable on May 23, 2025 Nice Call Public Company Limited announced Annual dividend of THB 0.0680 per share payable on May 23, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.10 (vs ฿0.13 in FY 2023) Full year 2024 results: EPS: ฿0.10. Revenue: ฿181.6m (up 4.9% from FY 2023). Net income: ฿15.6m (up 24% from FY 2023). Profit margin: 8.6% (up from 7.2% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Feb 27
Nice Call Public Company Limited Proposes Dividend for the Period from January 1, 2024 to December 31, 2024, Payable on 23 May 2025 Nice Call Public Company Limited announced that the Board of Directors deems it appropriate to propose to shareholders to approve the dividend payment for the year 2024 of THB 0.068 per share, amounting to approximately THB 12.24 million. Record date for the right to receive dividends: 6 May 2025 and Payment date: 23 May 2025. Ex-dividend date is May 2, 2025. Paid from Operating period from January 1, 2024 to December 31, 2024. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.53, the stock trades at a trailing P/E ratio of 20.2x. Average forward P/E is 16x in the Professional Services industry in Thailand. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.035 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03. Revenue: ฿42.6m (down 2.2% from 2Q 2023). Net income: ฿3.87m (up 22% from 2Q 2023). Profit margin: 9.1% (up from 7.3% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Commercial Services industry in Asia. New Risk • Aug 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 3.9% over the past year. High level of non-cash earnings (151% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (฿363.6m market cap, or US$10.3m). 
