New Risk • May 20
New major risk - Revenue and earnings growth Earnings have declined by 3.2% 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 Earnings have declined by 3.2% per year over the past 5 years. Market cap is less than US$10m (฿150.0m market cap, or US$4.59m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Feb 26
Full year 2025 earnings released: ฿0.03 loss per share (vs ฿0.008 profit in FY 2024) Full year 2025 results: ฿0.03 loss per share (down from ฿0.008 profit in FY 2024). Revenue: ฿315.3m (down 12% from FY 2024). Net loss: ฿17.9m (down 461% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
LDC Dental Public Company Limited, Annual General Meeting, Apr 24, 2026 LDC Dental Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Location: somprasong meeting room, ldc building, no.395-395, /1, moo 5,srinakarin road., samrong nuea subdistrict, mueang samut prakan district, samut prakan province., Thailand Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.008 loss per share (vs ฿0.002 loss in 3Q 2024) Third quarter 2025 results: ฿0.008 loss per share (further deteriorated from ฿0.002 loss in 3Q 2024). Revenue: ฿78.6m (down 12% from 3Q 2024). Net loss: ฿4.57m (loss widened 241% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Aug 28
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 Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (฿228.0m market cap, or US$7.05m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0.005 profit in 2Q 2024) Second quarter 2025 results: ฿0.007 loss per share (down from ฿0.005 profit in 2Q 2024). Revenue: ฿78.4m (down 14% from 2Q 2024). Net loss: ฿4.04m (down 237% from profit in 2Q 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. Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.002 loss per share (vs ฿0.004 profit in 1Q 2024) First quarter 2025 results: ฿0.002 loss per share (down from ฿0.004 profit in 1Q 2024). Revenue: ฿82.1m (down 14% from 1Q 2024). Net loss: ฿1.15m (down 150% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 36% per year. New Risk • Nov 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿348.0m (US$9.92m) 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (฿348.0m market cap, or US$9.92m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). New Risk • Sep 26
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 10% 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 (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (฿414.0m market cap, or US$12.7m). Reported Earnings • Aug 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿90.9m (down 11% from 2Q 2023). Net income: ฿2.94m (down 66% from 2Q 2023). Profit margin: 3.2% (down from 8.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Jul 31
LDC Dental Public Company Limited announced that it has received THB 254.08 million in funding LDC Dental Public Company Limited announced a private placement of 100,000,000 common shares at issue price of THB 2.5408 per share for gross proceeds of THB 254,080,000 to the existing shareholders on July 29, 2024. The transaction took place in two tranches of 50,000,000 common shares each, the first tranche with par value of THB 1.63 per share and second tranche with par value of THB 1.56 per share. Announcement • May 15
LDC Dental Public Company Limited Appoints Thammanoon Korkiatwanich as the Chairman the Audit Committee LDC Dental Public Company Limited announced the Audit Committee Meeting of the company was held on May 10, 2024 appointment of Mr. Thammanoon Korkiatwanich as the chairman the audit committee in the vacant position with effect from May 10, 2024. His tenure is equal to the remaining term of office for her directorship. Therefore, the Audit Committee will comprise three independent directors as follows: Mr. Thammanoon Korkiatwanich, Chairman of the Audit Committee; Mrs. Supaporn Ratchatasuwan, Member of the Audit Committee; Mr. Amornsak Daengsaengthong, Member of the Audit Committee. Reported Earnings • May 14
First quarter 2024 earnings released First quarter 2024 results: Revenue: ฿95.4m (down 11% from 1Q 2023). Net income: ฿2.32m (down 61% from 1Q 2023). Profit margin: 2.4% (down from 5.5% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Apr 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿360.0m (US$9.88m) 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 High level of non-cash earnings (44% accrual ratio). Market cap is less than US$10m (฿360.0m market cap, or US$9.88m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Announcement • Feb 23
LDC Dental Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable Within May 27, 2024 LDC Dental Public Company Limited at its AGM to be held on April 29, 2024 proposed dividend of THB 0.011 per share for the year ended December 31, 2023. It is further approved by the Board of Directors' Meeting to propose to determine the date for determining the names of shareholders who are entitled to receive the dividends (Record Date) on March 8, 2024 and the date for payment of dividends within May 27, 2024. However, the right to receive dividends is still uncertain because it is subject to the approval of the AGM 2024. Announcement • Feb 22
LDC Dental Public Company Limited, Annual General Meeting, Apr 29, 2024 LDC Dental Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and certify the Minutes of 2023 Annual General Meeting of Shareholders; to consider and acknowledge the report of the Company's operating 2023; to consider and approve the financial statements for the year ended December 31, 2023; and to transact such other business matters. New Risk • Feb 22
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: 4.2% Last year net profit margin: 7.3% 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 High level of non-cash earnings (36% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (฿420.0m market cap, or US$11.7m). Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: ฿0.03 (vs ฿0.052 in FY 2022) Full year 2023 results: EPS: ฿0.03 (down from ฿0.052 in FY 2022). Revenue: ฿413.1m (down 4.1% from FY 2022). Net income: ฿17.3m (down 45% from FY 2022). Profit margin: 4.2% (down from 7.3% in FY 2022). 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 20% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.018 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.01 (down from ฿0.018 in 3Q 2022). Revenue: ฿104.1m (down 5.0% from 3Q 2022). Net income: ฿3.45m (down 68% from 3Q 2022). Profit margin: 3.3% (down from 9.8% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be ฿0.94, 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. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿474.0m market cap, or US$13.4m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.01 (up from ฿0 in 2Q 2022). Revenue: ฿101.6m (down 8.5% from 2Q 2022). Net income: ฿8.53m (up ฿8.67m from 2Q 2022). Profit margin: 8.4% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. 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 3% per year, which means it is significantly lagging earnings growth. New Risk • Jul 27
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 7.4% 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 (7.4% average weekly change). Market cap is less than US$100m (฿504.0m market cap, or US$14.8m). Announcement • May 17
Ldc Dental Public Company Limited Announces Appointment of Supoj Kaewmanee as Chairman of the Audit Committee The Audit Committee Meeting of LDC Dental Public Company Limited No.2/2023 was held on May 11, 2023 appointment of Mr. Supoj Kaewmanee as the Chairman the Audit Committee in the vacant position with effect from May 11, 2023. His tenure is equal to the remaining term of office for her directorship. Therefore, the Audit Committee will comprise three independent directors as follows: 1. Mr. Supoj Kaewmanee: Chairman of the Audit Committee 2. Mrs. Supaporn Ratchatasuwan: Member of the Audit Committee 3. Mr. Thammanoon Korkiatwanich: Member of the Audit Committee. Reported Earnings • Feb 27
Full year 2022 earnings released: EPS: ฿0.05 (vs ฿0.04 loss in FY 2021) Full year 2022 results: EPS: ฿0.05 (up from ฿0.04 loss in FY 2021). Revenue: ฿430.7m (up 17% from FY 2021). Net income: ฿31.3m (up ฿55.1m from FY 2021). Profit margin: 7.3% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.016 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.02 (up from ฿0.016 loss in 3Q 2021). Revenue: ฿109.6m (up 49% from 3Q 2021). Net income: ฿10.7m (up ฿20.0m from 3Q 2021). Profit margin: 9.8% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 1 experienced director. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Supaporn Rachatasuwan was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿1.38, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 14x in the Healthcare industry in Thailand. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 22% share price gain to ฿1.57, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 15x in the Healthcare industry in Thailand. Total returns to shareholders of 62% over the past three years. Buying Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ฿1.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 21%. Buying Opportunity • Jul 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.4%. The fair value is estimated to be ฿1.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.014 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.02 (up from ฿0.014 loss in 1Q 2021). Revenue: ฿115.5m (up 16% from 1Q 2021). Net income: ฿10.3m (up ฿18.8m from 1Q 2021). Profit margin: 8.9% (up from net loss in 1Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Board Change • Apr 27
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. 1 experienced director. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Supaporn Rachatasuwan was the last independent director to join the board, commencing their role in 2016. 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 • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.04 loss per share (down from ฿0.029 loss in FY 2020). Revenue: ฿367.4m (down 13% from FY 2020). Net loss: ฿23.8m (loss widened 35% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 15% 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 • Nov 13
Third quarter 2021 earnings released: ฿0.02 loss per share (vs ฿0.007 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: ฿73.8m (down 39% from 3Q 2020). Net loss: ฿9.30m (down 313% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Full year 2020 earnings released: ฿0.03 loss per share (vs ฿0.045 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ฿422.8m (down 22% from FY 2019). Net loss: ฿17.6m (loss narrowed 35% from FY 2019). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 04
New 90-day low: ฿1.23 The company is down 4.0% from its price of ฿1.28 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ฿1.36 The company is up 12% from its price of ฿1.21 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: ฿1.28 The company is up 80% from its price of ฿0.71 on 07 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is down 12% over the same period.