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: 3.6% Last year net profit margin: 8.1% 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: Minor Risks Dividend is not well covered by earnings (136% payout ratio). Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (฿1.35b market cap, or US$41.3m). Reported Earnings • May 17
First quarter 2026 earnings released: ฿0.024 loss per share (vs ฿0.009 profit in 1Q 2025) First quarter 2026 results: ฿0.024 loss per share (down from ฿0.009 profit in 1Q 2025). Revenue: ฿456.0m (down 2.0% from 1Q 2025). Net loss: ฿17.1m (down 358% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 21 April 2026. Payment date: 07 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.3%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (6.4%). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.14 (vs ฿0.19 in FY 2024) Full year 2025 results: EPS: ฿0.14 (down from ฿0.19 in FY 2024). Revenue: ฿2.24b (down 11% from FY 2024). Net income: ฿102.9m (down 24% from FY 2024). Profit margin: 4.6% (down from 5.4% 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 41% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Modernform Group Public Company Limited announces Annual dividend, payable on May 07, 2026 Modernform Group Public Company Limited announced Annual dividend of THB 0.1500 per share payable on May 07, 2026, ex-date on April 21, 2026 and record date on April 22, 2026. Announcement • Feb 27
Modernform Group Public Company Limited, Annual General Meeting, Apr 08, 2026 Modernform Group Public Company Limited, Annual General Meeting, Apr 08, 2026, at 14:00 SE Asia Standard Time. Location: modernform tower, 28th floor, 699 srinakarindr -, road,phattanakarn, suan luang, bangkok 10250 Thailand Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.023 (vs ฿0.085 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.023 (down from ฿0.085 in 3Q 2024). Revenue: ฿535.3m (down 20% from 3Q 2024). Net income: ฿16.4m (down 73% from 3Q 2024). Profit margin: 3.1% (down from 9.3% 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 48% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.099 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.013 (down from ฿0.099 in 2Q 2024). Revenue: ฿557.6m (down 12% from 2Q 2024). Net income: ฿9.35m (down 87% from 2Q 2024). Profit margin: 1.7% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.009 (vs ฿0.084 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.009 (up from ฿0.084 loss in 1Q 2024). Revenue: ฿467.6m (flat on 1Q 2024). Net income: ฿6.64m (up ฿69.5m from 1Q 2024). Profit margin: 1.4% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • May 08
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 7.2% 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 Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (97% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (฿1.74b market cap, or US$53.2m). Buy Or Sell Opportunity • May 08
Now 31% undervalued Over the last 90 days, the stock has risen 8.1% to ฿2.14. The fair value is estimated to be ฿3.08, 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 20%. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.58, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 10x in the Consumer Durables industry in Thailand. Total loss to shareholders of 26% over the past three years. Upcoming Dividend • May 01
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 23 May 2025. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (6.6%). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿2.18, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 10x in the Consumer Durables industry in Thailand. Total loss to shareholders of 39% over the past three years. Declared Dividend • Mar 01
Dividend increased to ฿0.18 Dividend of ฿0.18 is 100% higher than last year. Ex-date: 8th May 2025 Payment date: 23rd May 2025 Dividend yield will be 9.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: ฿0.099 (vs ฿0.017 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.099 (up from ฿0.017 in 2Q 2023). Revenue: ฿631.7m (down 1.1% from 2Q 2023). Net income: ฿73.8m (up 475% from 2Q 2023). Profit margin: 12% (up from 2.0% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • May 16
Modernform Group Public Company Limited (SET:MODERN) announces an Equity Buyback for 75,000,000 shares, representing 10% for THB 220 million. Modernform Group Public Company Limited (SET:MODERN) announces a share repurchase program. Under the program, the company will repurchase up to 75,000,000 shares, representing 10% of its issued share capital, for THB 220 million. The repurchase price shall not exceed 115% of the average closing price of 5 trading days prior to the share repurchase date. The purpose of the program is to maximize the company's excess liquidity and reflect an appropriate stock value, another reason is to
manage the surplus cash flow effectively. The offer is valid till November 19, 2024. As of March 15, 2024, the company had 750,000,000 shares outstanding. Reported Earnings • May 14
First quarter 2024 earnings released: ฿0.084 loss per share (vs ฿0.005 profit in 1Q 2023) First quarter 2024 results: ฿0.084 loss per share (down from ฿0.005 profit in 1Q 2023). Revenue: ฿466.5m (down 16% from 1Q 2023). Net loss: ฿62.8m (down ฿66.9m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Apr 20
Modernform Group Public Company Limited Approves Dividend for the Year 2023, Payable on May 17, 2024 Modernform Group Public Company Limited at its AGM held on April 19, 2024 approved the annual dividend payment for the year 2023 operating performance at THB 0.09 per share, totaling approximately THB 67.50 which accounted for 112.25% of the net profit, allocated from the unappropriated retained earnings and paid to shareholders whose names were listed on the Record Date on which shareholders entitled to receive dividend was on May 3, 2024 and the dividend payment would be on May 17, 2024. Declared Dividend • Feb 29
Dividend increased to ฿0.09 Dividend of ฿0.09 is 50% higher than last year. Ex-date: 2nd May 2024 Payment date: 17th May 2024 Dividend yield will be 4.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 15% EPS decline seen over the last 5 years. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.052 in FY 2022) Full year 2023 results: EPS: ฿0.08 (up from ฿0.052 in FY 2022). Revenue: ฿2.57b (up 6.0% from FY 2022). Net income: ฿60.0m (up 54% from FY 2022). Profit margin: 2.3% (up from 1.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Nov 17
Modernform Group Public Company Limited Announces Appointment of Ms. Chuthanon Sasisophonkhan as Company Secretary Modernform Group Public Company Limited informed that the Board of Directors' meeting no. 6/2023 has resolved to appoint Ms. Chuthanon Sasisophonkhan as the Company Secretary. This appointment shall be effective from 13 November 2023 onwards. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.035 (vs ฿0.035 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.035 (in line with 3Q 2022). Revenue: ฿719.7m (up 19% from 3Q 2022). Net income: ฿26.1m (flat on 3Q 2022). Profit margin: 3.6% (down from 4.3% 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 42% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.017 (vs ฿0.002 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.017 (up from ฿0.002 loss in 2Q 2022). Revenue: ฿640.5m (up 14% from 2Q 2022). Net income: ฿12.9m (up ฿14.6m from 2Q 2022). Profit margin: 2.0% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Aug 05
Modernform Group Public Company Limited Announces Executive Changes Modernform Group Public Company Limited announced that Ms. Penpun Kasetsiri has resigned from the position of the Company Secretary. The Board of Directors' Meeting No. 4/2023 held on July 20, 2023 had resolved to appoint Ms. Chuthanon Sasisophonkhan to be the acting Company Secretary effective from July 20, 2023 onwards until further change. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.005 (vs ฿0.014 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0.005 (up from ฿0.014 loss in 1Q 2022). Revenue: ฿554.5m (up 1.3% from 1Q 2022). Net income: ฿4.10m (up ฿14.5m from 1Q 2022). Profit margin: 0.7% (up from net loss in 1Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.06 per share at 2.0% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 17 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.3%). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.035 (vs ฿0.015 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.035 (up from ฿0.015 in 3Q 2021). Revenue: ฿607.1m (up 6.3% from 3Q 2021). Net income: ฿26.1m (up 137% from 3Q 2021). Profit margin: 4.3% (up from 1.9% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.002 loss per share (vs ฿0.031 profit in 2Q 2021) Second quarter 2022 results: ฿0.002 loss per share (down from ฿0.031 profit in 2Q 2021). Revenue: ฿560.5m (down 4.1% from 2Q 2021). Net loss: ฿1.74m (down 108% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 20 May 2022. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.4%). Announcement • Mar 10
Modernform Group Public Company Limited Announces Board Changes Modernform Group Public Company Limited announced at the board meeting held on March 8, 2022 that the company approved to Appoint Mr. Yothin Nerngchamnong as a Chairman replacing Mr. Thaksa Busayapoka who had resigned from Chairman effective on March 8, 2022. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ฿0.12 (down from ฿0.19 in FY 2020). Revenue: ฿2.42b (down 18% from FY 2020). Net income: ฿88.1m (down 38% from FY 2020). Profit margin: 3.6% (down from 4.8% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.1%. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿0.015 (vs ฿0.055 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿571.1m (down 30% from 3Q 2020). Net income: ฿11.0m (down 74% from 3Q 2020). Profit margin: 1.9% (down from 5.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Sep 27
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 14 October 2021. Trailing yield: 5.3%. Within top quartile of Thai dividend payers (4.8%). In line with average of industry peers (5.0%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.031 (vs ฿0.036 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿591.0m (down 15% from 2Q 2020). Net income: ฿23.1m (down 15% from 2Q 2020). Profit margin: 3.9% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.039 (vs ฿0.037 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: ฿579.3m (down 24% from 1Q 2020). Net income: ฿29.5m (up 7.0% from 1Q 2020). Profit margin: 5.1% (up from 3.6% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 20 May 2021. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.8%). Announcement • Mar 20
Modernform Group Public Company Limited, Annual General Meeting, Apr 22, 2021 Modernform Group Public Company Limited, Annual General Meeting, Apr 22, 2021, at 07:30 Coordinated Universal Time. Location: 699 Modernform Tower Srinakarindr rd. Phatthanakan, Suan Luang Bangkok Thailand Is New 90 Day High Low • Mar 01
New 90-day high: ฿3.14 The company is up 14% from its price of ฿2.76 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 10.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.19 (vs ฿0.17 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: ฿2.99b (down 5.6% from FY 2019). Net income: ฿141.6m (up 13% from FY 2019). Profit margin: 4.7% (up from 4.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year and the company’s share price has also fallen by 17% per year. Is New 90 Day High Low • Dec 17
New 90-day high: ฿3.06 The company is up 25% from its price of ฿2.44 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: ฿2.54 The company is up 9.0% from its price of ฿2.34 on 26 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 8.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.058 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿830.9m (down 8.7% from 3Q 2019). Net income: ฿41.1m (down 56% from 3Q 2019). Profit margin: 4.9% (down from 10% in 3Q 2019). The decrease in margin was driven by lower revenue. 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 25% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 28
Upcoming Dividend of ฿0.05 Per Share Will be paid on the 16th of October to those who are registered shareholders by the 5th of October. The trailing yield of 6.8% is below the top quartile of Thai dividend payers (7.0%), but it is higher than industry peers (4.8%).