New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 28% 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 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 28% per year over the past 5 years. Market cap is less than US$10m (฿264.0m market cap, or US$8.09m). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Revenue is less than US$5m (฿66m revenue, or US$2.0m). New Risk • Mar 25
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 7.9% 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 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. Market cap is less than US$10m (฿277.2m market cap, or US$8.53m). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Revenue is less than US$5m (฿70m revenue, or US$2.2m). Buy Or Sell Opportunity • Mar 25
Now 32% overvalued Over the last 90 days, the stock has fallen 24% to ฿0.63. The fair value is estimated to be ฿0.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿316.8m (US$9.78m) 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 Risk Market cap is less than US$10m (฿316.8m market cap, or US$9.78m). Minor Risk Revenue is less than US$5m (฿70m revenue, or US$2.2m). New Risk • Mar 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risk 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. Minor Risks Revenue is less than US$5m (฿70m revenue, or US$2.2m). Market cap is less than US$100m (฿347.6m market cap, or US$11.0m). Reported Earnings • Mar 03
Full year 2025 earnings released: ฿0.039 loss per share (vs ฿0.069 profit in FY 2024) Full year 2025 results: ฿0.039 loss per share (down from ฿0.069 profit in FY 2024). Revenue: ฿69.9m (down 36% from FY 2024). Net loss: ฿17.4m (down 178% from profit in FY 2024). Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.008 loss per share (vs ฿0.015 profit in 3Q 2024) Third quarter 2025 results: ฿0.008 loss per share (down from ฿0.015 profit in 3Q 2024). Revenue: ฿20.2m (down 26% from 3Q 2024). Net loss: ฿3.64m (down 180% from profit in 3Q 2024). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.014 loss per share (vs ฿0.015 profit in 2Q 2024) Second quarter 2025 results: ฿0.014 loss per share (down from ฿0.015 profit in 2Q 2024). Revenue: ฿16.6m (down 39% from 2Q 2024). Net loss: ฿6.08m (down 234% from profit in 2Q 2024). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿1.03, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 18x in the Healthcare industry in Thailand. Reported Earnings • May 14
First quarter 2025 earnings released: ฿0.009 loss per share (vs ฿0.046 profit in 1Q 2024) First quarter 2025 results: ฿0.009 loss per share (down from ฿0.046 profit in 1Q 2024). Revenue: ฿19.1m (down 47% from 1Q 2024). Net loss: ฿4.03m (down 130% from profit in 1Q 2024). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.02, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 19x in the Healthcare industry in Thailand. Buy Or Sell Opportunity • Apr 18
Now 22% overvalued Over the last 90 days, the stock has fallen 30% to ฿1.01. The fair value is estimated to be ฿0.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Apr 17
Inspire IVF Public Company Limited Approves Dividend, Payable on April 23, 2025 Inspire IVF Public Company Limited at its AGM held on April 17, 2025, approval of a dividend payment at a rate of THB 0.024 per share for 440,000,000 shares, amounting to a total of THB 10,560,000, will be made to shareholders eligible for the dividend as per the list on the Record Date of March 14, 2025. The payment is scheduled for April 23, 2025, along with a legal reserve of THB 572,272.61 to be allocated, with the remaining funds retained as retained earnings of the company. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.07 (vs ฿0.19 in FY 2023) Full year 2024 results: EPS: ฿0.07 (down from ฿0.19 in FY 2023). Revenue: ฿108.3m (down 11% from FY 2023). Net income: ฿22.2m (down 46% from FY 2023). Profit margin: 20% (down from 34% in FY 2023). The decrease in margin was primarily driven by lower revenue. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.22, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 19x in the Healthcare industry in Thailand. Buy Or Sell Opportunity • Jan 15
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at ฿1.58. The fair value is estimated to be ฿1.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.55, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 21x in the Healthcare industry in Thailand. Buy Or Sell Opportunity • Dec 20
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at ฿1.60. The fair value is estimated to be ฿1.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Dec 11
Third quarter 2024 earnings released Third quarter 2024 results: EPS: ฿0.015. Net income: ฿4.55m (up ฿4.55m from 3Q 2023). 
