Reported Earnings • Mar 04
Full year 2025 earnings released: ฿0.031 loss per share (vs ฿0.029 loss in FY 2024) Full year 2025 results: ฿0.031 loss per share (further deteriorated from ฿0.029 loss in FY 2024). Revenue: ฿301.7m (up 4.6% from FY 2024). Net loss: ฿25.6m (loss widened 30% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Mar 02
Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026 Make To Win Holding Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:30 SE Asia Standard Time. Location: hybrid meeting, deco green energy co., ltd., 20/11 , 20/12 moo 1, yai cha subdistrict, sam phran district, nakhon pathom province, Thailand New Risk • Dec 23
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.8% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (฿694.6m market cap, or US$22.3m). Announcement • Dec 20
Make to Win Holding Public Company Limited Announces Interim Dividend Payment for the Period Ended 19 December 2025, Payable on 19 January 2026 Make To Win Holding Public Company Limited announced Interim dividend payment from Operating period from 01 January 2025 to 19-December 2025 of THB 0.0301 per share with par value of THB 0.50; Ex-dividend date: 30 December 2025; Record date for the right to receive dividends 05 January 2026. New Risk • Nov 26
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 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿615.5m market cap, or US$19.1m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.017 loss in 3Q 2024) Third quarter 2025 results: ฿0.017 loss per share (in line with 3Q 2024). Revenue: ฿55.6m (up 16% from 3Q 2024). Net loss: ฿13.1m (loss widened 16% from 3Q 2024). New Risk • Oct 15
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 6.6% 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 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿984.8m market cap, or US$30.3m). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.011 in 1Q 2024) First quarter 2025 results: EPS: ฿0.002 (down from ฿0.011 in 1Q 2024). Revenue: ฿98.6m (down 11% from 1Q 2024). Net income: ฿1.62m (down 78% from 1Q 2024). Profit margin: 1.6% (down from 6.6% in 1Q 2024). The decrease in margin was driven by lower revenue. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% 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 Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿914.4m market cap, or US$27.3m). Announcement • Apr 02
Make To Win Holding Public Company Limited Approves the Election of Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent Director Make To Win Holding Public Company Limited at its AGM held on April 2, 2025, approved the election of Ms. Suwimol Thiangtae, Chairwoman of the Audit Committee, Independent Director. New Risk • Mar 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 10% 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 Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿721.2m market cap, or US$21.2m). New Risk • Nov 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (฿781.8m market cap, or US$22.7m). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿1.47, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 43% over the past year. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.021 profit in 2Q 2023) Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.021 profit in 2Q 2023). Revenue: ฿65.8m (down 47% from 2Q 2023). Net loss: ฿5.94m (down 143% from profit in 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia. Buy Or Sell Opportunity • Aug 07
Now 22% overvalued Over the last 90 days, the stock has fallen 50% to ฿1.02. The fair value is estimated to be ฿0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 12%. Revenue is forecast to grow by 76% in a year. Earnings are forecast to grow by 213% in the next year. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 65% over the past year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.57, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Luxury industry in Asia. Total loss to shareholders of 55% over the past year. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿1.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Luxury industry in Asia. Total loss to shareholders of 67% over the past year. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.025 in 1Q 2023) First quarter 2024 results: EPS: ฿0.011 (down from ฿0.025 in 1Q 2023). Revenue: ฿111.0m (down 18% from 1Q 2023). Net income: ฿7.33m (down 57% from 1Q 2023). Profit margin: 6.6% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿1.64, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 54% over the past year. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ฿2.16, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 38% over the past year. Announcement • Apr 10
Make To Win Holding Public Company Limited Approves the Appointment of Pawaphak Arayapong as Independent Director Make To Win Holding Public Company Limited at its AGM held on April 9, 2024, approved the increase in the number of company directors from 8 people to 9 people and the appointment of one new company director, namely Mr. Pawaphak Arayapong, independent director position. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.82, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Luxury industry in Asia. Total loss to shareholders of 10% over the past year. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.038 in FY 2022) Full year 2023 results: EPS: ฿0.08 (up from ฿0.038 in FY 2022). Revenue: ฿529.0m (up 111% from FY 2022). Net income: ฿54.2m (up 180% from FY 2022). Profit margin: 10% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue. Announcement • Feb 23
Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024 Make To Win Holding Public Company Limited, Annual General Meeting, Apr 09, 2024, at 10:00 SE Asia Standard Time. Location: 9 / 7 0 , 9 / 8 8 Moo 3 , Om Yai, Sam Phran Nakorn Phathom Thailand Agenda: To consider certifying the minutes of the 2023 Annual General Meeting of Shareholders, held on April 24, 2023; to consider acknowledging the operating results for the year 2023 , ending on December 3 1, 2023; to consider and approve the financial statement report for the year 2023 ending December 31, 2023; to consider approving the cessation of allocation of net profits as legal reserve. and approved the suspension of dividend payments from the company's operating results. For the fiscal year ending 31 December 2023; to consider and approve the appointment of directors To replace directors whose terms expire in the year 2024; to consider approving the increase in the number of company directors from 8 to 9 people and the appointment of 1 new company director position.; to consider and approve the remuneration of the Company's Board of Directors and sub- committees for the year 2024. Announcement • Feb 06
Make to Win Holding Public Company Limited Announces Resignation of Sittichai Kiatpaiboon as Chairman Make To Win Holding Public Company Limited announced that Mr. Sittichai Kiatpaiboon, the Chairman of the Board has announced his resignation from the position of Chairman of the company's Board of Directors. Effective from February 2, 2024 onwards. This resignation is intended to resign from being Chairman of the Company's Board of Directors due to not being ready to perform work in this position. The Nomination and Remuneration Committee will consider selecting individuals with appropriate qualifications. to fill the vacant position, They will hold the position for the remaining term of the department that resigned and will propose To the Board of Directors To consider and approve and report information to the Stock Exchange of Thailand on the next occasion. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.006 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.019 (up from ฿0.006 in 3Q 2022). Revenue: ฿137.2m (up 127% from 3Q 2022). Net income: ฿12.9m (up 331% from 3Q 2022). Profit margin: 9.4% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in Asia. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: ฿0.021 (vs ฿0.007 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.021 (up from ฿0.007 in 2Q 2022). Revenue: ฿123.1m (up 151% from 2Q 2022). Net income: ฿13.8m (up 286% from 2Q 2022). Profit margin: 11% (up from 7.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Asia. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.64, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Luxury industry in Asia. Announcement • Jul 12
Make to Win Holding Public Company Limited Announces Appointment of Thunsiree Danrungroj as Chief Financial Officer Make To Win Holding Public Company Limited announced appointment of Miss THUNSIREE DANRUNGROJ as Chief Financial Officer. Effective Date of Appointment is July 1, 2023. Announcement • Jun 02
Make to Win Holding Public Company Limited Announces Resignation of Parama Rattanaubon as Chief Financial Officer Make To Win Holding Public Company Limited announced resignation of Parama Rattanaubon as Chief Financial Officer. Effective Date of Termination: 01 June 2023. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿2.90, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 18x in the Luxury industry in Thailand.