Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ฿0.13. The fair value is estimated to be ฿0.16, 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 29%. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.011 (vs ฿0.005 in FY 2024) Full year 2025 results: EPS: ฿0.011 (up from ฿0.005 in FY 2024). Revenue: ฿1.31b (down 2.6% from FY 2024). Net income: ฿44.6m (up 126% from FY 2024). Profit margin: 3.4% (up from 1.5% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Mar 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Market cap is less than US$100m (฿599.8m market cap, or US$19.3m). Announcement • Feb 27
E for L Aim Public Company Limited, Annual General Meeting, Apr 09, 2026 E for L Aim Public Company Limited, Annual General Meeting, Apr 09, 2026, at 13:30 SE Asia Standard Time. New Risk • Feb 27
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 9.0% 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 (9.0% average weekly change). Minor Risks High level of debt (44% net debt to equity). Market cap is less than US$100m (฿559.8m market cap, or US$18.1m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.005 (vs ฿0.009 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.005 (down from ฿0.009 in 3Q 2024). Revenue: ฿324.2m (down 19% from 3Q 2024). Net income: ฿20.0m (down 46% from 3Q 2024). Profit margin: 6.2% (down from 9.2% 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 2% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.004 (vs ฿0.005 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.004 (up from ฿0.005 loss in 2Q 2024). Revenue: ฿352.3m (up 41% from 2Q 2024). Net income: ฿16.5m (up ฿37.0m from 2Q 2024). Profit margin: 4.7% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. 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. New Risk • Jun 04
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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (฿679.7m market cap, or US$20.8m). Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.001 loss per share (vs ฿0.006 loss in 1Q 2024) First quarter 2025 results: ฿0.001 loss per share (improved from ฿0.006 loss in 1Q 2024). Revenue: ฿296.5m (up 20% from 1Q 2024). Net loss: ฿4.52m (loss narrowed 80% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Mar 07
E for L Aim Public Company Limited, Annual General Meeting, Apr 30, 2025 E for L Aim Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:00 SE Asia Standard Time. Location: from the meeting room 6th floor, the building no., -160, ngamwongwan road, bang khen, mueang nonthaburi, nonthaburi, Thailand Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.005 (vs ฿0.003 in FY 2023) Full year 2024 results: EPS: ฿0.005 (up from ฿0.003 in FY 2023). Revenue: ฿1.34b (up 2.3% from FY 2023). Net income: ฿19.7m (up 47% from FY 2023). Profit margin: 1.5% (up from 1.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
E for L Aim Plc. Won the Lawsuit Regarding the Share Transaction of WCI Holding Co., Ltd E For L Aim Plc. and five other parties were jointly sued by the plaintiff in a civil case regarding a share sale and purchase agreement of a subsidiary. In 2017, the plaintiff petitioned the court to issue a judgment or order declaring the share purchase transaction void and demanded that the Company repay THB 275 million, along with interest at a rate of 7.50% per annum on the principal amount of THB 242 million. In 2019 and 2020, respectively, the Court of First Instance and the Court of Appeal ruled that the share purchase agreement was void and ordered the Company to refund the plaintiff as claimed in the lawsuit. However, the Company disagreed with these rulings, as it firmly believed that the share transaction between the plaintiff and the Company was conducted properly and in accordance with the law. Consequently, the Company filed a petition with the Supreme Court to appeal the decisions of the Court of First Instance and the Court of Appeal. On February 24, 2025, the Supreme Court reversed the previous rulings and dismissed the case. The case is now considered final, with the Company winning this lawsuit. As a result, the Company is not required to refund the plaintiff in any manner. New Risk • Nov 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (0.06% net profit margin). Market cap is less than US$100m (฿1.12b market cap, or US$32.3m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: ฿0.021 loss per share (vs ฿0.004 profit in 2Q 2023) Second quarter 2024 results: ฿0.021 loss per share (down from ฿0.004 profit in 2Q 2023). Revenue: ฿249.2m (down 31% from 2Q 2023). Net loss: ฿20.5m (down 244% 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 35 percentage points per year, which is a significant difference in performance. Announcement • Jul 26
E for L Aim Public Company Limited Announces CFO Changes E for L Aim Public Company Limited announced termination of Mr. Apirak Kanchanakongkha as Acting Chief Financial Officer, Effective July 31, 2024. The company also announced appointment of Mr. Thammachai Srichantra as Chief Financial Officer, effective August 1, 2024. New Risk • Jul 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿319.9m (US$8.83m) This is considered a major 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (฿319.9m market cap, or US$8.83m). Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.006 loss per share (vs ฿0.005 loss in 1Q 2023) First quarter 2024 results: ฿0.006 loss per share (further deteriorated from ฿0.005 loss in 1Q 2023). Revenue: ฿247.8m (down 14% from 1Q 2023). Net loss: ฿22.3m (loss widened 7.4% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Announcement • May 01
E for L Aim Public Company Limited Announces Directorate and Committee Changes E for L Aim Public Company Limited at its AGM held on April 30, 2024, has passed a resolution to appoint Mr. Somchai Treeratanaphitak, who possesses qualifications as an independent director, to the position of independent director, the Audit Committee, and the Nomination and Remuneration Committee, replacing Mr. Jitkasem Sangsingkeo, who expressed no intention to extend his term. New Risk • Apr 10
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 9.3% 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 (1.3x net interest cover). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿799.7m market cap, or US$22.0m). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.003 (vs ฿0.013 in FY 2022) Full year 2023 results: EPS: ฿0.003 (down from ฿0.013 in FY 2022). Revenue: ฿1.31b (down 12% from FY 2022). Net income: ฿13.4m (down 75% from FY 2022). Profit margin: 1.0% (down from 3.6% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 24% per year. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0.002 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.004 (up from ฿0.002 in 2Q 2022). Revenue: ฿363.4m (down 7.3% from 2Q 2022). Net income: ฿14.3m (up 51% from 2Q 2022). Profit margin: 3.9% (up from 2.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 19% 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (฿879.7m market cap, or US$25.3m). Reported Earnings • May 18
First quarter 2023 earnings released: ฿0.021 loss per share (vs ฿0.004 profit in 1Q 2022) First quarter 2023 results: ฿0.021 loss per share (down from ฿0.004 profit in 1Q 2022). Revenue: ฿287.0m (down 16% from 1Q 2022). Net loss: ฿20.8m (down 236% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ฿0.42, 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. Meanwhile, the company has become profitable. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.003 (vs ฿0.17 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.003 (down from ฿0.17 in 3Q 2021). Revenue: ฿369.1m (down 42% from 3Q 2021). Net income: ฿10.3m (down 98% from 3Q 2021). Profit margin: 2.8% (down from 103% in 3Q 2021). 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.003 (vs ฿0.17 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.003 (down from ฿0.17 in 3Q 2021). Revenue: ฿369.1m (down 42% from 3Q 2021). Net income: ฿10.3m (down 98% from 3Q 2021). Profit margin: 2.8% (down from 103% in 3Q 2021). 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 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ฿0.002 (vs ฿0.024 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.002 (down from ฿0.024 in 2Q 2021). Revenue: ฿391.9m (down 35% from 2Q 2021). Net income: ฿9.46m (down 89% from 2Q 2021). Profit margin: 2.4% (down from 14% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0 (vs ฿0.011 in 1Q 2021) First quarter 2022 results: EPS: ฿0 (down from ฿0.011 in 1Q 2021). Revenue: ฿341.4m (down 18% from 1Q 2021). Net income: ฿15.3m (down 57% from 1Q 2021). Profit margin: 4.5% (down from 8.6% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.017 (vs ฿0.002 in 3Q 2020) Third quarter 2021 results: Revenue: ฿636.7m (up 41% from 3Q 2020). Net income: ฿657.6m (up ฿603.4m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 19
Chairman of the Board Witoon Simachokedee has left the company On the 13th of August, Witoon Simachokedee's tenure as Chairman of the Board ended after 1.1 years in the role. We don't have any record of a personal shareholding under Witoon's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿600.5m (up 38% from 2Q 2020). Net income: ฿84.6m (up 358% from 2Q 2020). Profit margin: 14% (up from 4.2% in 2Q 2020). The increase in margin 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 44% per year, which means it is significantly lagging earnings growth. Executive Departure • May 26
Independent Director has left the company On the 13th of May, Sampan Hunpayon's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Sampan's name. Sampan is the only executive to leave the company over the last 12 months. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ฿0.001 (vs ฿0.012 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿418.0m (up 29% from 1Q 2020). Net income: ฿35.8m (up ฿427.5m from 1Q 2020). Profit margin: 8.6% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿0.009 loss per share (vs ฿0.008 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: ฿1.67b (down 13% from FY 2019). Net loss: ฿303.8m (loss widened 11% from FY 2019). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS ฿0.002 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿452.9m (down 11% from 3Q 2019). Net income: ฿54.2m (up ฿65.1m from 3Q 2019). Profit margin: 12% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.