Buy Or Sell Opportunity • Mar 09
Now 34% undervalued Over the last 90 days, the stock has risen 16% to ฿0.71. The fair value is estimated to be ฿1.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 05
Full year 2025 earnings released: ฿0.64 loss per share (vs ฿0.29 loss in FY 2024) Full year 2025 results: ฿0.64 loss per share (further deteriorated from ฿0.29 loss in FY 2024). Revenue: ฿2.42b (down 22% from FY 2024). Net loss: ฿672.2m (loss widened 120% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • Feb 27
Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2026 Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2026, at 14:00 SE Asia Standard Time. Location: physical meeting, at the meeting room of mud and hound plc. no. 206, soi pattanakan 20, suan luang sub-district, suan luang district, bangkokno. 206, soi pattanakan 20, suan luang sub-district, Thailand Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.24 loss per share (vs ฿0.093 loss in 3Q 2024) Third quarter 2025 results: ฿0.24 loss per share (further deteriorated from ฿0.093 loss in 3Q 2024). Revenue: ฿536.8m (down 28% from 3Q 2024). Net loss: ฿248.8m (loss widened 154% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Oct 30
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (฿1.03b market cap, or US$31.8m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.06 loss per share (vs ฿0.052 loss in 2Q 2024) Second quarter 2025 results: ฿0.06 loss per share (further deteriorated from ฿0.052 loss in 2Q 2024). Revenue: ฿649.9m (down 15% from 2Q 2024). Net loss: ฿62.8m (loss widened 15% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.032 loss per share (vs ฿0.022 loss in 1Q 2024) First quarter 2025 results: ฿0.032 loss per share (further deteriorated from ฿0.022 loss in 1Q 2024). Revenue: ฿640.2m (down 20% from 1Q 2024). Net loss: ฿33.9m (loss widened 46% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • May 15
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. 6 experienced directors. 6 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Benjapol Benjapalakorn was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 13
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. 6 experienced directors. 6 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Benjapol Benjapalakorn was the last independent director to join the board, commencing their role in 2020. 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 • Mar 02
Full year 2024 earnings released Full year 2024 results: Revenue: ฿3.08b (down 13% from FY 2023). Net loss: ฿306.3m (loss widened ฿294.2m from FY 2023). Announcement • Feb 26
Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2025 Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Location: at mud and hound plc. no. 206, soi pattanakan 20, suan luang sub-district, bangkokno. 206 bangkok 10250, bangkok Thailand New Risk • Feb 03
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 6.7% 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: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (฿1.16b market cap, or US$34.1m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.052 loss per share (vs ฿0.009 profit in 2Q 2023) Second quarter 2024 results: ฿0.052 loss per share (down from ฿0.009 profit in 2Q 2023). Revenue: ฿792.7m (down 13% from 2Q 2023). Net loss: ฿54.5m (down ฿63.9m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Jun 15
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 8.7% 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 Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk Market cap is less than US$100m (฿1.45b market cap, or US$39.6m). Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.022 loss per share (vs ฿0 in 1Q 2023) First quarter 2024 results: ฿0.022 loss per share (further deteriorated from ฿0 in 1Q 2023). Revenue: ฿804.6m (down 7.0% from 1Q 2023). Net loss: ฿23.3m (down ฿23.4m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.01 loss per share (vs ฿0.023 profit in FY 2022) Full year 2023 results: ฿0.01 loss per share (down from ฿0.023 profit in FY 2022). Revenue: ฿3.55b (up 12% from FY 2022). Net loss: ฿12.1m (down 150% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 29
Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2024 Mud & Hound Public Company Limited, Annual General Meeting, Apr 23, 2024, at 10:00 SE Asia Standard Time. Location: No. 206, Soi Pattanakan 20, Suan Luang Sub-district, Suan Luang District Bangkok Thailand Agenda: To certify the minutes of the General Meeting of Shareholders for the year 2023 held on Wednesday 26 April, 2023; to consider acknowledging the annual report and the report of the Board of Directors for the year 2023; to consider and approve the Company's audited statement of financial position and the profit and loss statement for the year ended December 31, 2023; o consider and approve the allocation of the net profit as legal reserve and omission of the dividend payment; to consider and approve the appointment of directors to replace the directors who retired by rotation; and to discuss other matters. New Risk • Dec 08
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 8.8% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risk Market cap is less than US$100m (฿2.25b market cap, or US$63.8m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.003 loss per share (vs ฿0.021 profit in 3Q 2022) Third quarter 2023 results: ฿0.003 loss per share (down from ฿0.021 profit in 3Q 2022). Revenue: ฿882.2m (up 11% from 3Q 2022). Net loss: ฿2.94m (down 113% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Aug 22
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 8.6% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risk Market cap is less than US$100m (฿2.36b market cap, or US$67.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.009 (vs ฿0.003 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.009 (up from ฿0.003 loss in 2Q 2022). Revenue: ฿912.6m (up 19% from 2Q 2022). Net income: ฿9.45m (up ฿12.3m from 2Q 2022). Profit margin: 1.0% (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 increased by 73% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Jul 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 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 Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿2.61b market cap, or US$75.3m). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0 (vs ฿0.028 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0 (improved from ฿0.028 loss in 1Q 2022). Revenue: ฿865.4m (up 25% from 1Q 2022). Net income: ฿65.0k (up ฿29.0m from 1Q 2022). Profit margin: 0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Benjapol Benjapalakorn was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.003 loss per share (vs ฿0.027 loss in 2Q 2021) Second quarter 2022 results: ฿0.003 loss per share (up from ฿0.027 loss in 2Q 2021). Revenue: ฿769.1m (up 44% from 2Q 2021). Net loss: ฿2.83m (loss narrowed 90% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.028 loss per share (vs ฿0.027 loss in 1Q 2021) First quarter 2022 results: ฿0.028 loss per share (down from ฿0.027 loss in 1Q 2021). Revenue: ฿694.1m (up 32% from 1Q 2021). Net loss: ฿29.0m (loss widened 3.1% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Benjapol Benjapalakorn was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 25
Mud & Hound Public Company Limited, Annual General Meeting, Apr 27, 2022 Mud & Hound Public Company Limited, Annual General Meeting, Apr 27, 2022, at 10:00 SE Asia Standard Time. Agenda: to consider Approval of the capital decrease and increase/share allotment by relevant governmental agency and conditions thereto, to consider Objectives of the capital increase and the use of proceeds received from the capital increase, and to discuss other issues. Buying Opportunity • Jan 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be ฿2.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% per annum over the last 3 years. Earnings per share has declined by 98% per annum over the last 3 years. Executive Departure • Dec 03
Company Secretary & Director Limly Thipphongpraphas has left the company On the 1st of December, Limly Thipphongpraphas' tenure as Company Secretary & Director ended after 1.5 years in the role. We don't have any record of a personal shareholding under Limly's name. Limly is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.42 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2021 earnings released: ฿0.05 loss per share (vs ฿0.005 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿502.3m (down 20% from 3Q 2020). Net loss: ฿52.4m (down ฿57.7m 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 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.027 loss per share (vs ฿0.06 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿533.9m (up 21% from 2Q 2020). Net loss: ฿28.6m (loss narrowed 55% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: ฿0.027 loss per share (vs ฿0.057 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ฿524.3m (down 17% from 1Q 2020). Net loss: ฿28.1m (loss narrowed 54% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿0.38 loss per share (vs ฿0.018 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿2.32b (down 24% from FY 2019). Net loss: ฿395.1m (loss widened ฿376.2m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 89% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 15
New 90-day low: ฿1.82 The company is down 7.0% from its price of ฿1.95 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 25
New 90-day low: ฿1.84 The company is down 7.0% from its price of ฿1.98 on 27 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 37% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.005 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿627.1m (down 17% from 3Q 2019). Net income: ฿5.25m (down 36% from 3Q 2019). Profit margin: 0.8% (down from 1.1% 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 34% 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. Is New 90 Day High Low • Oct 01
New 90-day high: ฿2.02 The company is up 27% from its price of ฿1.59 on 03 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 12% over the same period.