Announcement • Nov 15
WSOL Public Company Limited to Report Q3, 2025 Results on Nov 14, 2025 WSOL Public Company Limited announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 20
Second quarter 2025 earnings released: ฿0.11 loss per share (vs ฿1.75 loss in 2Q 2024) Second quarter 2025 results: ฿0.11 loss per share (improved from ฿1.75 loss in 2Q 2024). Revenue: ฿545.2m (down 66% from 2Q 2024). Net loss: ฿272.4m (loss narrowed 91% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 24 percentage points per year, which is a significant difference in performance. Board Change • Jun 26
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Nawat Itsaragrisil is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • May 19
First quarter 2025 earnings released: ฿0.56 loss per share (vs ฿1.14 loss in 1Q 2024) First quarter 2025 results: ฿0.56 loss per share (improved from ฿1.14 loss in 1Q 2024). Revenue: ฿504.9m (down 73% from 1Q 2024). Net loss: ฿1.37b (loss narrowed 30% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
An undisclosed buyer acquired 80% stake in SABUY Money Company Limited from Sabuy Technology Public Company Limited (SET:SABUY). An undisclosed buyer acquired 80% stake in SABUY Money Company Limited from Sabuy Technology Public Company Limited (SET:SABUY) on April 28, 2025.
An undisclosed buyer completed the acquisition of 80% stake in SABUY Money Company Limited from Sabuy Technology Public Company Limited (SET:SABUY) on April 28, 2025. Reported Earnings • Mar 07
Full year 2024 earnings released: ฿3.44 loss per share (vs ฿0.11 loss in FY 2023) Full year 2024 results: ฿3.44 loss per share (further deteriorated from ฿0.11 loss in FY 2023). Revenue: ฿5.38b (down 44% from FY 2023). Net loss: ฿6.24b (loss widened ฿6.05b from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Announcement • Mar 04
Sabuy Technology Public Company Limited, Annual General Meeting, Apr 28, 2025 Sabuy Technology Public Company Limited, Annual General Meeting, Apr 28, 2025, at 13:00 SE Asia Standard Time. Announcement • Mar 03
Sabuy Technology Public Company Limited Announces Board and Committee Changes Sabuy Technology Public Company Limited announced resignation of Mr. Chakkrit Parapuntakul: Position in company: Chairman. Effective Date: 09 July 2018. Expire Date: 28 February 2025. Position in company: Independent Director Effective Date: 09 July 2018, Expire Date: 28 February 2025. Position in company: Chairman of the Audit Committee Effective Date: 09 July 2018, Expire Date: 28 February 2025 and appointment of Mr. Pornchai Rujiprapa: Position in company: Chairman, Board of Director, Effective Date: 28 February 2025. Position in company: Director, Effective Date: 28 February 2025. Position in company: Independent Director, Effective Date: 28 February 2025. Resignation of Mr. Wilert Orawanwong as Director, Effective Date: 28 January 2025, Expire Date: 28 February 2025 and appointment of Mr. Jirayut Rungsrithong Position in Company: Independent Director, Effective Date: 28 February 2025. Position In Company: Chairman, Audit Committee, Effective Date: 28 February 2025. The Audit Committee is consisted of Chairman, Audit Committee - Mr. Jirayut Rungsrithong, Audit Committee - Mr. Pitak Pruittisarikorn, Mrs. Veeranuch. Audit Committee – Thammavaranucupt. New Risk • Jan 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.34b market cap, or US$39.7m). Announcement • Jan 30
Sabuy Technology Public Company Limited Announces Resignation of Wilert Orawanwong as Independent Director Sabuy Technology Public Company Limited announced the resignation of Mr. Wilert Orawanwong from his position as an Independent Director effective from 28 January 2025. However, Mr. Wilert Orawanwong will continue to serve as a Director of Sabuy Technology Public Company Limited. Announcement • Jan 24
Sabuy Technology Public Company Limited Announces Board and Committee Changes Sabuy Technology Public Company Limited at the Board of Directors Meeting No. 1/2025, held on January 23, 2025, approved the Mr. Juthipan Mongkolsuthree and Mr. Wirach Morakotkarn as Director. The company approved appointment of Police Major General Athip Pongsiwaphai - Independent Director. Approved the appointment of Mrs.Veeranuch Thammavaranucupt, as an Independent Director and to be a member of the Audit Committee. Approved the appointment sub-committees as follows: Audit Committee: Mr. Chakkrit Parapuntakul - Chairman of Audit Committee; Mr. Pitak Pruittisarikorn - Audit Committee; Mrs. Veeranuch Thammavaranucupt - Audit Committee. Nomination and Remuneration Committee: Mr. Pitak Pruittisarikorn - Chairman of Nomination and Remuneration Committee; Mr. Ithichai Poolvaraluck - Nomination and Remuneration Committee. Risk Management Committee: Mr. Pumipat Sinacharoen - Chairman of Risk Management Committee; Mr. Ithichai Poolvaraluck - Risk Management Committee; Mr. Thaphop Kleesuwan - Risk Management Committee. Executive Committee: Mr. Ithichai Poolvaraluck - Chairman of Executive Committee; Mr. Nawat Issarakrisil - Vice Chairman of Executive Committee; Mr. Thaphop Kleesuwan - Executive Committee. After appointing, Board of Directors of the Company are: Mr. Chakkrit Parapuntakul Chairman, Independent Director, Chairman of Audit Committee; Pol,Maj.Gen Athip Pongsiwaphai Independent Director; Mr. Pitak Pruittisarikorn Independent Director, Audit Committee, Chairman of Nomination and Remuneration Committee; Mr. Ithichai Poolvaraluck Director, Chairman of Executive Committee, Nomination and Remuneration Committee, Risk Management Committee; Mr. Nawat Issarakrisil Director, Vice Chairman of Executive Committee; Mr. Thaphop Kleesuwan Director, Risk Management Committee, Executive Committee; Mr. Pumipat Sinacharoen Director, Chairman of Risk Management Committee; Mr. Wilert Orawanwong Independent Director; Mrs. Veeranuch Thammavaranucupt Independent Director, Audit Committee.Effective from January 23, 2025 onwards. Announcement • Aug 30
Sabuy Technology Public Company Limited announced that it expects to receive THB 760 million in funding Sabuy Technology Public Company Limited announced a private placement of 760,000,000 common shares at the price of TBH 1 per share for gross proceeds of TBH 760,000,000 on August 29, 2024. The transaction has been approved by the board of directors of the company. The transaction included participation from new investors Kesara for 350,000,000 shares; Holding L for 360,000,000 shares; and Waris for 50,000,000 shares. Reported Earnings • Aug 17
Second quarter 2024 earnings released: ฿1.75 loss per share (vs ฿0.13 profit in 2Q 2023) Second quarter 2024 results: ฿1.75 loss per share (down from ฿0.13 profit in 2Q 2023). Revenue: ฿1.61b (down 37% from 2Q 2023). Net loss: ฿2.91b (down ฿3.09b from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 79% to ฿1.03. The fair value is estimated to be ฿1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 17
First quarter 2024 earnings released: ฿1.14 loss per share (vs ฿0.10 profit in 1Q 2023) First quarter 2024 results: ฿1.14 loss per share (down from ฿0.10 profit in 1Q 2023). Revenue: ฿1.89b (down 25% from 1Q 2023). Net loss: ฿1.96b (down ฿2.13b from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Announcement • May 16
Sabuy Technology Public Company Limited Approves Board Changes The Board of Directors Meeting of Sabuy Technology Public Company Limited held on May 15, 2024 approved the the appointment of directors to replace the resigned directors. Mr. Santithorn Bunchua as a director replacing Mr. Narongchai Wongtanavimok. Mr. Kittipol Thanasit as a director replacing Mr. Worawit Chailimpamontri. Effective from May 16, 2024 onwards, continuing the term from the former directors. Announcement • Apr 30
Sabuy Technology Public Company Limited Approves Omission of Dividend Payments for the Year 2023 Sabuy Technology Public Company Limited approved at its Annual General Shareholders Meeting held on April 29, 2024, the non-allocation of profits and the omission of dividend payments for the year 2023. New Risk • Apr 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.61b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 (12% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.61b market cap, or US$98.6m). Announcement • Mar 16
Sabuy Technology Public Company Limited Proposes Omission of Dividend Payments for the Year 2023 Sabuy Technology Public Company Limited at its board meeting held on March 15, 2024, approved to propose at its Annual General Shareholders' Meeting to be held on April 29, 2024, the non-allocation of profits and the omission of dividend payments for the year 2023. Announcement • Mar 14
Sabuy Technology Public Company Limited Appoints Khanat Kruthakul as an Independent Director SABUY Technology Public Company Limited at its Board of Directors Meeting held on March 11, 2024, approved appointment of Mr. Khanat Kruthakul, Director as an Independent Director. Approved the appointment of sub-committees as follows: Audit Committee: Mr. Chakkrit Parapanthakul Chairman of the Audit Committee Mrs. Umawadee Rattanaudom Audit Committee Member and Mr. Khanat Kruthakul Audit Committee Member. Announcement • Mar 13
Sabuy Technology Public Company Limited Announces Chief Executive Officer Changes Sabuy Technology Public Company Limited at its board meeting held on March 11, 2024 approved the appointment of Mr. Wirach Morakotkarn as the new Chief Executive Officer to replace Mr. Chookiat Rujanapornpajee. Announcement • Mar 12
SABUY Technology Public Company Limited Announces Board Changes SABUY Technology Public Company Limited at its board meeting held on March 11, 2024 Approved the appointment of Mr. Narongchai Wongthanavimok, currently serving as a CFO, has been approved to replace Mr. Saran Supaksaran, who holds the positions of Independent Director, Audit Committee member, and Chairman of the Nomination and Remuneration Committee; Approved the appointment of sub-committees as follows: Audit Committee: Mr. Chakkrit Parapanthakul Chairman of the Audit Committee, Mrs. Umawadee Rattanaudom Audit Committee Member, Mr. Khanat Kruthakul Audit Committee Member. Nomination and Remuneration Committee: Mrs. Umawadee Rattanaudom Chairman of the Nomination and Remuneration Committee, Mr. Worawit Chailimpamontri Member of the Nomination and Remuneration Committee, Dr. Kanat Kruthakul Member of the Nomination and Remuneration Committee. Executive Committee: Mr. Worawit Chailimpamontri Executive Committee, Mr. Wirach Morakotkarn Member of the Executive Committee, Mr. Santithorn Bunchua Member of the Executive Committee, Mr. Narongchai Wongthanavimok Member of the Executive Committee, Ms. Tachanun Kangwantrakool Member of the Executive Committee. Risk Management Committee: Mr. Worawit Chailimpamontri Chairman of the Risk Management Committee, Mr. Wirach Morakotkarn Member of the Risk Management Committee, Mr. Santithorn Bunchua Member of the Risk Management Committee, Mr. Wachirathon Kongsuk Member of the Risk Management Committee, Mr. Narongchai Wongthanavimok Member of the Risk Management Committee, Mr. Poonpat Sripleng Member of the Risk Management Committee. Reported Earnings • Mar 02
Full year 2023 earnings released: ฿0.11 loss per share (vs ฿1.07 profit in FY 2022) Full year 2023 results: ฿0.11 loss per share (down from ฿1.07 profit in FY 2022). Revenue: ฿9.63b (up 81% from FY 2022). Net loss: ฿189.8m (down 113% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
SABUY Technology Public Company Limited, Annual General Meeting, Apr 29, 2024 SABUY Technology Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider Omitted dividend payment; to consider and certify the minutes of the extraordinary general meeting of shareholders No. 2/2023, held on 25 August 2023; to consider and acknowledge the operating results of the company in the year 2022; to consider financial position and the statement of comprehensive income for the fiscal year ending 31 December 2023; to consider and approve the appointment of directors to replace those retiring by rotation for the year 2023; to consider and approve the determination of remuneration of directors and sub-committees for the year 2024; and to consider other related matters. Announcement • Dec 20
SABUY Technology Public Company Limited (SET:SABUY) announces an Equity Buyback for 95,000,000 shares, representing 5.12% for THB 617.5 million. SABUY Technology Public Company Limited (SET:SABUY) announces a share repurchase program. Under the program, the company will repurchase up to 95,000,000 shares, representing 5.12% of its issued share capital, for THB 617.50 million. The repurchase price must not exceed 115% of the average closing share price of 5 business days prior to each repurchase date. The purpose of the share repurchases is to ensure the company's excess liquidity management and to increase the Return on Equity ratio, Earnings Per Share ratio and book value per share to build confidence for shareholders. The program will run through March 21, 2024. As of December 18, 2023, the company had 1,853,696,504 shares in outstanding. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿6.05, the stock trades at a trailing P/E ratio of 11.9x. Average forward P/E is 12x in the Diversified Financial industry in Asia. Total returns to shareholders of 248% over the past three years. New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.0% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.34 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.02 (down from ฿0.34 in 3Q 2022). Revenue: ฿2.47b (up 111% from 3Q 2022). Net income: ฿37.3m (down 93% from 3Q 2022). Profit margin: 1.5% (down from 43% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿5.85, the stock trades at a trailing P/E ratio of 7.6x. Average forward P/E is 11x in the Diversified Financial industry in Thailand. Total loss to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿8.55, the stock trades at a trailing P/E ratio of 10.4x. Average forward P/E is 11x in the Diversified Financial industry in Thailand. Total loss to shareholders of 45% over the past year. Announcement • Aug 17
Sabuy Technology Public Company Limited (SET:SABUY) acquired an unknown stake in Asia Vending Machine Operation Co., Ltd. Sabuy Technology Public Company Limited (SET:SABUY) acquired an unknown stake in Asia Vending Machine Operation Co., Ltd. on June 2, 2023. The value of consideration is 14.57%.Sabuy Technology Public Company Limited (SET:SABUY) completed the acquisition of an unknown stake in Asia Vending Machine Operation Co., Ltd. on June 2, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.26 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.10 (down from ฿0.26 in 2Q 2022). Revenue: ฿2.57b (up 205% from 2Q 2022). Net income: ฿179.6m (down 50% from 2Q 2022). Profit margin: 7.0% (down from 42% in 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 9.5% decline forecast for the Diversified Financial industry in Asia. New Risk • Aug 08
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: 2.1% 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 Interest payments are not well covered by earnings (1.8x net interest cover). High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿9.35, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Diversified Financial industry in Asia. Total loss to shareholders of 54% over the past year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿12.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Diversified Financial industry in Asia. Total loss to shareholders of 48% over the past year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.071 in 1Q 2022) First quarter 2023 results: EPS: ฿0.10 (up from ฿0.071 in 1Q 2022). Revenue: ฿2.53b (up 209% from 1Q 2022). Net income: ฿166.9m (up 56% from 1Q 2022). Profit margin: 6.6% (down from 13% in 1Q 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Asia. Upcoming Dividend • May 06
Upcoming dividend of ฿0.16 per share at 0.2% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 2.6% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (1.5%). Announcement • May 05
Sabuy Technology Public Company Limited (SET:SABUY) announces an Equity Buyback for 87,200,000 shares, representing 5.01% for THB 1,090 million. Sabuy Technology Public Company Limited (SET:SABUY) announces a share repurchase program. Under the program, the company will repurchase up to 87,200,000 shares, representing 5.01% of its issued share capital, for THB 1,090 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity. The program will run through July 14, 2023. As of March 27, 2023, the company had 1,741,678,788 shares in outstanding. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ฿11.30, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Diversified Financial industry in Asia. Total loss to shareholders of 48% over the past year. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.026 per share at 0.3% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 2.6% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (1.6%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Chakkrit Paraphanthakul was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ฿0.34 (vs ฿0.054 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.34 (up from ฿0.054 in 3Q 2021). Revenue: ฿1.17b (up 74% from 3Q 2021). Net income: ฿500.7m (up ฿444.6m from 3Q 2021). Profit margin: 43% (up from 8.3% in 3Q 2021). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 30% growth forecast for the IT industry in Thailand. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.70, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 27x in the IT industry in Thailand. Total returns to shareholders of 21% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿13.30, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the IT industry in Thailand. Total returns to shareholders of 14% over the past year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿15.90, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 30x in the IT industry in Thailand. Total returns to shareholders of 45% over the past year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.26 (vs ฿0.046 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.26 (up from ฿0.046 in 2Q 2021). Revenue: ฿843.4m (up 113% from 2Q 2021). Net income: ฿356.3m (up ฿309.2m from 2Q 2021). Profit margin: 42% (up from 12% in 2Q 2021). Over the next year, revenue is forecast to grow 59%, compared to a 45% growth forecast for the industry in Thailand. Major Estimate Revision • Jun 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.38 to ฿0.50. Revenue forecast unchanged at ฿4.26b. Net income forecast to grow 208% next year vs 20% growth forecast for IT industry in Thailand. Consensus price target of ฿50.00 unchanged from last update. Share price rose 6.4% to ฿19.90 over the past week. Major Estimate Revision • May 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.58 to ฿0.38. Revenue forecast unchanged from ฿4.26b at last update. Net income forecast to grow 208% next year vs 21% growth forecast for Online Retail industry in Thailand. Consensus price target of ฿50.00 unchanged from last update. Share price rose 5.3% to ฿26.00 over the past week. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.088 (up from ฿0.033 in 1Q 2021). Revenue: ฿835.4m (up 124% from 1Q 2021). Net income: ฿107.3m (up 219% from 1Q 2021). Profit margin: 13% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 68%, compared to a 32% growth forecast for the industry in Thailand. Buying Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be ฿34.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 159% in 2 years. Earnings is forecast to grow by 454% in the next 2 years. Buying Opportunity • Apr 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ฿34.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 159% in 2 years. Earnings is forecast to grow by 454% in the next 2 years. Buying Opportunity • Mar 07
Now 27% undervalued Over the last 90 days, the stock is up 70%. The fair value is estimated to be ฿36.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.20 (up from ฿0.11 in FY 2020). Revenue: ฿2.34b (up 55% from FY 2020). Net income: ฿213.6m (up 109% from FY 2020). Profit margin: 9.1% (up from 6.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 82%, compared to a 34% growth forecast for the retail industry in Thailand. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.054 (vs ฿0.023 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿675.0m (up 70% from 3Q 2020). Net income: ฿56.1m (up 171% from 3Q 2020). Profit margin: 8.3% (up from 5.2% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 19% share price gain to ฿10.60, the stock trades at a trailing P/E ratio of 76x. Average trailing P/E is 20x in the Online Retail industry in Asia. Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 18 August 2021. Payment date: 02 September 2021. Trailing yield: 0.3%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (0.9%). Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS ฿0.046 (vs ฿0.023 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: ฿395.6m (flat on 2Q 2020). Net income: ฿47.1m (up 128% from 2Q 2020). Profit margin: 12% (up from 5.2% in 2Q 2020). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 23% share price gain to ฿8.25, the stock trades at a trailing P/E ratio of 72.5x. Average trailing P/E is 23x in the Online Retail industry in Asia. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 21% share price gain to ฿7.00, the stock trades at a trailing P/E ratio of 62x. Average trailing P/E is 25x in the Online Retail industry in Asia. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 23% share price gain to ฿6.00, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 24x in the Online Retail industry in Asia. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.62, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Online Retail industry in Asia. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 27% share price gain to ฿3.96, the stock trades at a trailing P/E ratio of 35.1x, up from the previous P/E ratio of 27.6x. Average P/E is 26x in the Online Retail industry in Asia. 
