Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.77, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 11x in the Consumer Finance industry in Thailand. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿1.59, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 9x in the Consumer Finance industry in Thailand. Total loss to shareholders of 20% over the past three years. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Director Narathip Wirunechatapant was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 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 8.9% 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 (11% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿1.14, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 9x in the Consumer Finance industry in Thailand. Total loss to shareholders of 47% over the past three years. New Risk • Feb 14
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: 14% Last year net profit margin: 21% 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: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Announcement • Feb 11
SG Capital Public Company Limited, Annual General Meeting, Apr 22, 2026 SG Capital Public Company Limited, Annual General Meeting, Apr 22, 2026, at 10:00 SE Asia Standard Time. Location: the meeting room on no. 72, nt bangrak tower, floor 30, charoen krung road, bangkok Thailand Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿1.09, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 13x in the Consumer Finance industry in Thailand. Total loss to shareholders of 25% over the past year. New Risk • Apr 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 10% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Board Change • Mar 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Pisit Puapan was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿1.03, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 13x in the Consumer Finance industry in Thailand. Total loss to shareholders of 27% over the past year. Announcement • Feb 11
SG Capital Public Company Limited, Annual General Meeting, Apr 22, 2025 SG Capital Public Company Limited, Annual General Meeting, Apr 22, 2025, at 10:00 SE Asia Standard Time. Location: the meeting room on no. 72, nt bangrak tower, floor 30, charoen krung road, bangrak, bangkok 10500 Thailand Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.02, the stock trades at a trailing P/E ratio of 59.7x. Average trailing P/E is 13x in the Consumer Finance industry in Thailand. Total loss to shareholders of 31% over the past year. New Risk • Oct 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 91% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 117% Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.31, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 12x in the Consumer Finance industry in Thailand. Total loss to shareholders of 24% over the past year. New Risk • Aug 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Paying a dividend despite being loss-making. Large one-off items impacting financial results. New Risk • Jun 05
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 6.1% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 210% Earnings have declined by 66% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Announcement • Apr 19
SG Capital Public Company Limited Approves Non-Distribution of Dividend for the Year Ended December 31 December 2023 SG Capital Public Company Limited at the AGM held on April 18, 2024 approved non-distribution of dividend from the operating result in respect of the year ended 31 December 2023. New Risk • Apr 17
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 6.0% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 41% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Announcement • Jan 02
SG Capital Public Company Limited Announces Board Changes SG Capital Public Company Limited announced resignation of Miss Nattaya Uppamaame as Senior Vice President of Accounting, Effective Date of termination: 31 December 2023. Appointment of Miss Pathamavadee Pruekwisetsuk as Vice President of Accounting, Effective Date of Appointment: 1 January 2024. Buying Opportunity • Dec 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ฿1.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Nov 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿1.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be ฿2.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making. Buying Opportunity • Aug 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ฿2.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Meanwhile, the company became loss making. New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ฿1.76, the stock trades at a trailing P/E ratio of 40.1x. Average trailing P/E is 16x in the Consumer Finance industry in Thailand. Buying Opportunity • Jun 26
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be ฿1.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last year. Earnings per share has declined by 79%. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿1.62, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 17x in the Consumer Finance industry in Thailand. Announcement • May 17
SG Capital Public Company Limited Appoints Miss Nattaya Uppamaame as Senior Vice President of Accounting and Finance SG Capital Public Company Limited announced appointment of Miss Nattaya Uppamaame as Senior Vice President of Accounting and Finance, Effective Date of Appointment 16-May-2023. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.20, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 16x in the Consumer Finance industry in Thailand. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.60, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 15x in the Consumer Finance industry in Thailand. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ฿3.60, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 17x in the Consumer Finance industry in Thailand. 
